Low cost US$ account with debit card
planforfuture
Posts: 103
Forumite
Please advice for low costs US$ account with debit card in the UK. I have stocks trading in a US bank and am receiving regular dividends which I would like to transfer to a US$ account in the UK and convert them into £ when the exchange rate is right.
What I need is very low transfer fee from US to UK account and a debit card so that I can use it when in the US or abroad to save exchange fees. Someone suggested Fineco but I think it is more an investment bank and it's more geared up for Euro.
What I need is very low transfer fee from US to UK account and a debit card so that I can use it when in the US or abroad to save exchange fees. Someone suggested Fineco but I think it is more an investment bank and it's more geared up for Euro.
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Comments
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Fineco Bank UK is quite useable without the investment function, but I don't think they offer a USD debit card.
You could use the TransferWise Borderless account (now being renamed 'Wise'). It's not a 'real' bank with FSCS protection, but they seem to be a thriving outfit.
Revolut might be worth looking at, very versatile app, but their customer service is currently dismal.
Channel Island or IoM offshore branches of main banks such as Santander (who used to provide a USD account with debit card, I'm not sure whether they still do) could be useful, if you can deposit more than the minimum needed to avoid their fees, but their exchange rates are less favourable than Wise etc.Evolution, not revolution1 -
HSBC Expat / Jersey offer USD accounts as well with USD debit card.
These are over-specced options IMHO for your use case (unless dividends are in several tens/hundreds of thousands).
Revolut/Transferwise Borderless account is good for your use case I think.
Transferwise is better as it does ACH/domestic clearing in the US... so likely that the broker wont charge you for it.
Others likely to be via SWIFT and you may get charged for the transfer as well.1 -
avis said:
Revolut/Transferwise Borderless account is good for your use case I think.
Transferwise CS has been consistently excellent.
I found Fineco CS sort of acceptable, but rather slow, and having language issues.0 -
Another thumbs up for TransferWise. Really easy to use and switch between currencies.1
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Hi @planforfuture - who is your broker? Many of the US ones will issue a US$ debit card for cash holdings. Might be worth checking.
I’m a Forum Ambassador and I support the Forum Team on the Credit Cards and Budgeting & Bank Accounts boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com.
All views are my own and not the official line of MoneySavingExpert.0 -
Charles Schwab. Think their debit cards are available only for US residents it it not?0
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eDicky said:Fineco Bank UK is quite useable without the investment function, but I don't think they offer a USD debit card.
You could use the TransferWise Borderless account (now being renamed 'Wise'). It's not a 'real' bank with FSCS protection, but they seem to be a thriving outfit.
Revolut might be worth looking at, very versatile app, but their customer service is currently dismal.
Channel Island or IoM offshore branches of main banks such as Santander (who used to provide a USD account with debit card, I'm not sure whether they still do) could be useful, if you can deposit more than the minimum needed to avoid their fees, but their exchange rates are less favourable than Wise etc.0 -
planforfuture said:Charles Schwab. Think their debit cards are available only for US residents it it not?I’m a Forum Ambassador and I support the Forum Team on the Credit Cards and Budgeting & Bank Accounts boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com.
All views are my own and not the official line of MoneySavingExpert.1 -
I live in the UK so can only open a Schwab One International investment account. Account with debit card is not available for UK residents. If you go to the Schwab UK website, you can see what accounts are available .0
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Strange - this UK page mentions the debit card: https://www.schwab.co.uk/brokerage-account Have you called them? I'm in the UK BTW.
Maybe (Transfer)Wise would work for you?I’m a Forum Ambassador and I support the Forum Team on the Credit Cards and Budgeting & Bank Accounts boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com.
All views are my own and not the official line of MoneySavingExpert.0
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