Where can I deposit or store $10,000 USD cash?

Carltonsimpson

Hi, I have $10,000 USD in cash. I want to keep this in USD and please let me know the best way to transfer this to an USD account, USD debit card, Holiday Money card, etc.
I don't want to currency convert this so keeping it in USD currency is essential and I would like to avoid any fees,
Many thanks in advance
Carlton

tacpot12

How long are you expecting to need to keep it, and what are you likely to do with it? These questionable might have a bearing on what might be the best options for you.

Carltonsimpson

I will be going to the US with my family next year, so would like to have USD cash available for this trip. Ideally I would like to have this in a card which I can use in the US or withdraw as cash before I go.
Many thanks in advance

jimjames

To avoid any fees you are probably better off just keeping it as cash. But that then brings its own problems.

Carltonsimpson

I would prefer to avoid keeping as cash- there must be a way to deposit this to a card of account?

Voyager2002

Do you have bank accounts in any dollar-using economy? You can pay cash dollars into dollar accounts in Cambodia and the Philippines as well as the USA, probably many other countries, but not the UK.

In order to pay them into a UK-based dollar account (eg with Citibank) you would need to exchange for sterling (fee); pay the sterling deposit into a linked bank account; convert the sterling balance into dollars (fee) and then move into your dollar account.

Where did all the cash come from: a casino?

coyrls

Voyager2002 wrote: »

In order to pay them into a UK-based dollar account (eg with Citibank) you would need to exchange for sterling (fee); pay the sterling deposit into a linked bank account; convert the sterling balance into dollars (fee) and then move into your dollar account.

Are you sure that's right? Years ago I had a UK based Citibank US dollar account and I paid US dollars directly into this account (cheques, not cash though) with no conversions or fees. However the issue for the OP will be that Citibank now charge for their US $ account (when I had one they didn't, if you also had your main UK £ current account with them).

Carltonsimpson

Thanks all for feedback. Citibank US dollar account is a no go as they charge monthly see and 2% to deposit and withdraw cash!
Any other suggestions? There must be a way to safely put away this cash in a bank of card of some kind?

jimjames

Carltonsimpson wrote: »

Thanks all for feedback. Citibank US dollar account is a no go as they charge monthly see and 2% to deposit and withdraw cash!
Any other suggestions? There must be a way to safely put away this cash in a bank of card of some kind?

Your two requirements appear to be mutually exclusive if you want a US dollar account that charges no fee.

steampowered

Many banks will offer you a dollar account. I believe HSBC and Barclays both offer UK-based dollar accounts.

Some of these accounts will have fees attached but the fees might not apply if you hold more than a certain amount in the account ($10k might be enough).

bowlhead99

This is the same question you were asking last week right? (https://forums.moneysavingexpert.com/discussion/5540327)...
The market hasn't really changed in the last week...

I hope you find a solution, and please let us know what it is if you do, because it could help others. But can I suggest that if you do have some updates you keep them to this thread or its predecessor rather than starting another new one, as it's hard for us to remember whether we've already given you our "two cents" or not