Low cost US$ account with debit card

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.

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  • eDicky
    eDicky Posts: 6,547
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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 revolution
  • avis
    avis Posts: 12
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    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. 
  • colsten
    colsten Posts: 17,597
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    edited 28 February 2021 at 2:07PM
    avis said:

    Revolut/Transferwise Borderless account is good for your use case I think. 
    I would never use Revolut, on account of their abysmal customer service.

    Transferwise CS has been consistently excellent.

    I found Fineco CS sort of acceptable, but rather slow, and having language issues.
  • Another thumbs up for TransferWise. Really easy to use and switch between currencies.
  • sausage_time
    sausage_time Posts: 729
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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.
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  • Charles Schwab. Think their debit cards are available only for US residents it it not?
  • 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.
    I am a Barclays customer and they also offer US dollar deposit account but no debit cards.
  • sausage_time
    sausage_time Posts: 729
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    Charles Schwab. Think their debit cards are available only for US residents it it not?
    I have a Schwab US$ Visa debit card (and I'm UK resident).   Mine is a brokerage account tied to my employer for stock benefits, but aside from minimum balances etc the principle should be the same - I know a few folks that have one.  It works really well for me - spend US$ in the US, and the FX rate is ~0.5% - so worth using in other countries too.  Schwab give ATM fee refunds too.  Give them a call to see if they can help out.  Another option (which I also have) is a Wise (previously TransferWise) account.  You can set up a (free!) transfer from Schwab to the virtual US bank account details you get (takes a day), and from there spend or move to whenever you want.  The Wise Debit card works in any currency, and if you spend US$ from that balance then there are no fees.  For small amounts like dividends this could work well.
    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.
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  • 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 .
  • sausage_time
    sausage_time Posts: 729
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    edited 6 March 2021 at 9:04AM
    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.
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