International Bank Account

NYC01

Hi, I'm looking for a free International bank account. I am buying a property in New York and need a bank account to service this property, but every one i have looked at has a monthly fee. I am based in the UK.

Can anyone tell me where i can get a free bank account with no minimum balance and no monthly fee.

I have tried HSBC and Citibank, but they all have monthly fees.

Any ideas would be great.
Thanks

Lazy_Runner

It is my understanding Citibank don't have fees if you keep a minimum amount in there.

Have a look at this thread, you may find it helpful:
http://forums.moneysavingexpert.com/showthread.html?t=438444

meggles

will you be putting $ into an account every month? if so, there are lots that don't charge fees.

just looked at my bank, BoA (bank of america). they are having a special deal where you don't pay a fee...

http://www.bankofamerica.com/deposits/checksave/

gt94sss2

NYC01 wrote: »

Hi, I'm looking for a free International bank account. I am buying a property in New York and need a bank account to service this property, but every one i have looked at has a monthly fee. I am based in the UK.

Can anyone tell me where i can get a free bank account with no minimum balance and no monthly fee.

Who do you bank with in the UK?

You should find that most big UK banks can open an account for you at a American bank - which would have no monthly fees etc.

For instance, HSBC in the UK can arrange for its customers to open a free USD current(checking)/savings account(s) for you at HSBC USA using the fact that you are a customer in the UK (which helps with all the id checks)

In your circumstances, this would be a better option than a UK based International Currency account - as local accounts can be used for standing orders/bill payments/writing checks in the US.

Regards
Sunil

guynextdoor82

gt94sss2 wrote: »

Who do you bank with in the UK?

You should find that most big UK banks can open an account for you at a American bank - which would have no monthly fees etc.

For instance, HSBC in the UK can arrange for its customers to open a free USD current(checking)/savings account(s) for you at HSBC USA using the fact that you are a customer in the UK (which helps with all the id checks)

In your circumstances, this would be a better option than a UK based International Currency account - as local accounts can be used for standing orders/bill payments/writing checks in the US.

Regards
Sunil

well that is politically incorrect...if you dont fund the account EVERY MONTH for 3 months HSBC USA imposes fees i know that for sure

techno_geek

guynextdoor82 wrote: »

well that is politically incorrect...if you dont fund the account EVERY MONTH for 3 months HSBC USA imposes fees i know that for sure

Politically incorrect! haha! :rotfl:

Anyway, Washington Mutual (https://www.WaMu.com) offer a free Checking account with a wide branch network throughout the USA. Non-US citizens can open accounts in-person

You could open a UK bank account with Citibank, and open a US$ Current account at the same time, just keep a minimum balance in there and you'll be fine, or open their Plus account which costs £10 a month and gives you a whole bunch of extras.

You're probably best off opening accounts with Citi and WaMu - Citi to transfer your £ to $, and WaMu to deal with your expenditure while you're in the USA (I don't know how easy it would be to pay your bills from your Citi account).

NYC01

Thanks for all the info.

I will be putting funds into this account every month, but it certainly will not be at there minimum limit (ie $2000).

I have looked at HSBC and they charge $30 per month and Citibank at $20 per month. The only problem is that this would be my only account with this bank.

I wonder if a savings account would do the same job.

What i need is an account that will let me transfer funds from the Uk, but also with a facility to deposit / withdraw from the US.

A cheque book and card would be good.

Your replies are greatly appreciated and any more info would go a long way.

Thanks

gt94sss2

guynextdoor82 wrote: »

well that is politically incorrect...if you dont fund the account EVERY MONTH for 3 months HSBC USA imposes fees i know that for sure

Erm.. no it doesn't - though perhaps it depends on which type of 'checking' account you have with them.

For instance, their 'Free Checking' account states:

• No monthly maintenance fees
• No minimum balance

Regards
Sunil

gt94sss2

NYC01 wrote: »

I have looked at HSBC and they charge $30 per month

As per my other post, the HSBC 'Free Checking' account states:

• No monthly maintenance fees
• No minimum balance

so I am not sure where you get the $30/month fee from. The account would also come with a cheque book and card.

The other reason I suggest HSBC is that they are one of the biggest banks in New York State - with around 400 branches..

Also, if you bank with HSBC in the UK, you may find they give you discounted money transfers to HSBC accounts abroad.

Regards
Sunil

docij

The Citibank minimum $2000 deposit is only one option. We have a Citibank sterling account which we use to deposit the money and at the same time opened a dollar account into which we transfer money from the sterling account at no cost. We can then send cheques etc to the States as needed. We can also transfer dollars into our daughter's US Citibank account at no cost to either us or her.

If you earn more that £20k a year, you can have fee free banking as long as you maintain £2000 in total across all the accounts. Having said that, we've occasionally dropped below the £2000 and have never been charged.

guynextdoor82

gt94sss2 wrote: »

Erm.. no it doesn't - though perhaps it depends on which type of 'checking' account you have with them.

For instance, their 'Free Checking' account states:

• No monthly maintenance fees
• No minimum balance

Regards
Sunil

yes Im aware of that but one of their branch managers told me that after 3 months of lack of account funding it will resort to monthly fee