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

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Carltonsimpson
Carltonsimpson Posts: 8 Forumite
in Savings & investments
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
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  • tacpot12
    tacpot12 Posts: 7,969 Forumite
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    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.
    The comments I post are my personal opinion. While I try to check everything is correct before posting, I can and do make mistakes, so always try to check official information sources before relying on my posts.
  • Carltonsimpson
    Carltonsimpson Posts: 8 Forumite
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    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
    jimjames Posts: 17,621 Forumite
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    To avoid any fees you are probably better off just keeping it as cash. But that then brings its own problems.
    Remember the saying: if it looks too good to be true it almost certainly is.
  • Carltonsimpson
    Carltonsimpson Posts: 8 Forumite
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    I would prefer to avoid keeping as cash- there must be a way to deposit this to a card of account?
  • Voyager2002
    Voyager2002 Posts: 15,286 Forumite
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    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
    coyrls Posts: 2,432 Forumite
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    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
    Carltonsimpson Posts: 8 Forumite
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    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
    jimjames Posts: 17,621 Forumite
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    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.
    Remember the saying: if it looks too good to be true it almost certainly is.
  • steampowered
    steampowered Posts: 6,176 Forumite
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    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
    bowlhead99 Posts: 12,295 Forumite
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    edited 17 October 2016 at 1:18PM
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    This is the same question you were asking last week right? (http://forums.moneysavingexpert.com/showthread.php?t=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 :)
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