I want a US Dollar account held in the UK after Citibank close my account

sidewayssyd

I own IBM shares and receive a quarterly dividend. I'm a British citizen and have always lived in the UK. For many years, I've had a US$ current account held in the UK, with US bank Citibank. The dividends are paid in there with no charge and I have built up a reasonable amount of dollars in there. Every time I go to the US, I use my Citibank debit card to pay for everything and the account carries no charges. It's incredibly convenient. Today, Citibank have told me they are closing my account as in future they will concentrate on  customers with complex wealth management requirements. Does anyone know of a bank which offers a US$ current account for UK citizens, the same as my current Citibank account? Thanks

wmb194

sidewayssyd said:

I own IBM shares and receive a quarterly dividend. I'm a British citizen and have always lived in the UK. For many years, I've had a US$ current account held in the UK, with US bank Citibank. The dividends are paid in there with no charge and I have built up a reasonable amount of dollars in there. Every time I go to the US, I use my Citibank debit card to pay for everything and the account carries no charges. It's incredibly convenient. Today, Citibank have told me they are closing my account as in future they will concentrate on  customers with complex wealth management requirements. Does anyone know of a bank which offers a US$ current account for UK citizens, the same as my current Citibank account? Thanks

It isn't a bank but you could look at Wise. It offers multi currency accounts and gives you a personal US ACH account number where you should be able to have your dividend sent. 

eDicky

https://uk.finecobank.com/banking/multicurrency/

WastedWords

Fineco don't offer a USD or multi currency debit card. Only GBP or EUR.

WastedWords

sidewayssyd said:

I own IBM shares and receive a quarterly dividend. I'm a British citizen and have always lived in the UK. For many years, I've had a US$ current account held in the UK, with US bank Citibank. The dividends are paid in there with no charge and I have built up a reasonable amount of dollars in there. Every time I go to the US, I use my Citibank debit card to pay for everything and the account carries no charges. It's incredibly convenient. Today, Citibank have told me they are closing my account as in future they will concentrate on  customers with complex wealth management requirements. Does anyone know of a bank which offers a US$ current account for UK citizens, the same as my current Citibank account? Thanks

HSBC Currency account to received USD paired with HSBC Global Money Account for multi currency debit card and competitive exchange rates . Gives FSCS protection which Wise doesn't.
HSBC current account is required for GMA. HSBC are also offering £200 to switch just now

Wise may be better for high value exchanges.

https://forums.moneysavingexpert.com/discussion/6395813/hsbc-global-money-account-launched#latest

trient

Or if you qualify for Premier you can open a US HSBC account, receive money there and transfer to the UK via the GMA.

wmb194

WastedWords said:

sidewayssyd said:

I own IBM shares and receive a quarterly dividend. I'm a British citizen and have always lived in the UK. For many years, I've had a US$ current account held in the UK, with US bank Citibank. The dividends are paid in there with no charge and I have built up a reasonable amount of dollars in there. Every time I go to the US, I use my Citibank debit card to pay for everything and the account carries no charges. It's incredibly convenient. Today, Citibank have told me they are closing my account as in future they will concentrate on  customers with complex wealth management requirements. Does anyone know of a bank which offers a US$ current account for UK citizens, the same as my current Citibank account? Thanks

HSBC Currency account to received USD paired with HSBC Global Money Account for multi currency debit card and competitive exchange rates . Gives FSCS protection which Wise doesn't.
HSBC current account is required for GMA. HSBC are also offering £200 to switch just now

Wise may be better for high value exchanges.

https://forums.moneysavingexpert.com/discussion/6395813/hsbc-global-money-account-launched#latest

Does HSBC give you a local ACH US account number or would it count as an international transfer from the US to GB? I'm just thinking about whether it would cause a complication or add fees with the OP's share registrar.

Keep_pedalling

Why are you hanging on to IBM shares? Holding single company stocks is considered high risk and you will have seen a significant decline in value over the last 10 years. Maybe the closure of this account is a hint to ditch them now.

penners324

Revolut
Wise
HSBC 

Starling also offer a USD account to businesses

WastedWords

wmb194 said:

WastedWords said:

sidewayssyd said:

I own IBM shares and receive a quarterly dividend. I'm a British citizen and have always lived in the UK. For many years, I've had a US$ current account held in the UK, with US bank Citibank. The dividends are paid in there with no charge and I have built up a reasonable amount of dollars in there. Every time I go to the US, I use my Citibank debit card to pay for everything and the account carries no charges. It's incredibly convenient. Today, Citibank have told me they are closing my account as in future they will concentrate on  customers with complex wealth management requirements. Does anyone know of a bank which offers a US$ current account for UK citizens, the same as my current Citibank account? Thanks

HSBC Currency account to received USD paired with HSBC Global Money Account for multi currency debit card and competitive exchange rates . Gives FSCS protection which Wise doesn't.
HSBC current account is required for GMA. HSBC are also offering £200 to switch just now

Wise may be better for high value exchanges.

https://forums.moneysavingexpert.com/discussion/6395813/hsbc-global-money-account-launched#latest

Does HSBC give you a local ACH US account number or would it count as an international transfer from the US to GB? I'm just thinking about whether it would cause a complication or add fees with the OP's share registrar.

It doesn’t give ACH#. 

I receive dividend from co. shares held in Fidelity broker account using IBAN with no charges although HSBC website does insinuate $7 charge for incoming as well as outgoing from the currency account. 

sidewayssyd

Keep_pedalling said:

Why are you hanging on to IBM shares? Holding single company stocks is considered high risk and you will have seen a significant decline in value over the last 10 years. Maybe the closure of this account is a hint to ditch them now.

I have been disposing of them gradually - yes they have gone down in value but having worked for IBM I paid nothing like full price for them many years ago. And I still get about $3000 per year dividends.