Seeking Foreign Currency Current Account

english_rose

Hi all

I'm seeking to open a foreign currency account (US dollars). I do freelance work and am paid for this in dollars, although not always from the US (also African countries). I get charged a lot my bank when I receive this money, so I'm looking for a US dollar account so I can avoid these charges. I’m a UK citizen.

I found one with Citi Bank that seems perfect – no monthly fee and you can transfer between the US dollar account and the GBP account with no charge. However, they’re only open 9-5 mon-fri and are in London. I live in Cambridge and have a full time job so wouldn’t be able to go to the branch to open the account (can’t open it online). Also they have quite strict requirements. To prove my residency I have to provide my tenancy agreement, but it has to be made by a particular housing association, which it isn’t. So I don’t think I could provide the right paperwork anyway.

Does anyone have an alternative suggestion? I’m looking for accounts without monthly fees, as my freelance work isn’t regular enough to warrant that.

Thanks in advance!

Voyager2002

Last time I looked, most major banks offered dollar accounts -- NatWest certainly did. In the event I opened the Citibank account you mention, and did so without having to visit London. I closed it when they introduced a monthly fee, so am interested that you believe it to be fee-free.

Incidentally, did you know that Citibank charge to receive certain payments, including Wire Transfers (common from African clients)?

english_rose

They said it was fee free on the condition that you had at least £3500 in it and 2 direct debits going out of it.

I spoke with them on the phone yesterday and they said you have to go in person to open the account.

I'll have a look into Natwest and my current account provider.

Thanks!

agrinnall

Most banks these days either charge for a USD account or require a very high balance, or even both! The Citi option is probably the best one. I suspect you may have misunderstood something about the tenancy agreement requirement, I don't see how they could possibly demand that it is made by anyone other than the actual landlord of the property you rent. You'll probably have to take a half day off and travel into London to open the account.

english_rose

agrinnall wrote: »

Most banks these days either charge for a USD account or require a very high balance, or even both! The Citi option is probably the best one. I suspect you may have misunderstood something about the tenancy agreement requirement, I don't see how they could possibly demand that it is made by anyone other than the actual landlord of the property you rent. You'll probably have to take a half day off and travel into London to open the account.

Maybe the person I spoke with meant authorised by a housing association? He listed them all and I think my tennacy is just a word document between the landlord and tennants. I was quite disappointed when he said that because I'm not sure if there's anything I can do about it.

grumbler

english_rose wrote: »

....
I found one with Citi Bank that seems perfect – no monthly fee and you can transfer between the US dollar account and the GBP account with no charge.

It's hard to believe that CitiBank doesn't charge anything. Most likely, it does charge for conversion - like all other banks - and about the same 2.5-3%.
I believe, that it doesn't charge for incoming transfers from abroad, but neither do many other banks.

So, if you convert $ to £, I don't think that for you Citibank is much different from many other banks. However the latter are likely to charge you a monthly fee - like, I think, Citibank does for all new foreign currency accounts.