Citibank Account Closures USD & CHF

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  • Plus
    Plus Posts: 433 Forumite
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    eDicky wrote: »
    In fact, apart from the ability to deposit and/or write USD cheques, I can't see much use in having foreign currency accounts for personal use, when the 'home' currency is GBP and there are now so many ways to spend and withdraw foreign currency at the perfect exchange rates and without any fees. (See the relevant MSE articles.) Holding dollars or euros etc in a separate account may seem useful if you travel regularly, but in reality, unless you're lucky with exchange rate movements, it is always going to be to the banks' advantage, not yours, whenever you have to convert at their rates. When you use a GBP card that has no non-sterling fees it is good for virtually any foreign currency, whereas a USD card usually imposes hefty fees if it's used for anything other than dollars.

    There are reasons if you have any income or outgoings in another currency. For instance, you work for a US company so you have to bill your travel expenses in dollars. If you pay for them with a UK card, you may lose out because of exchange rate moves between the date you pay and the date you claim back. Or any other kind of obligation where you have a payment date in the future, but don't want to be exposed to exchange rate risk. Likewise, banking non-GBP cash in the UK without conversion is really hard.
  • eDicky
    eDicky Posts: 6,574 Forumite
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    Plus wrote: »
    There are reasons if you have any income or outgoings in another currency. For instance, you work for a US company so you have to bill your travel expenses in dollars. If you pay for them with a UK card, you may lose out because of exchange rate moves between the date you pay and the date you claim back. Or any other kind of obligation where you have a payment date in the future, but don't want to be exposed to exchange rate risk. Likewise, banking non-GBP cash in the UK without conversion is really hard.
    Yes, that's an example of a genuine need for foreign currency account, another would be if you have an overseas property with expenses to administer in that currency.

    But a better option would be to have a bank account in that country, with card and internet banking to make and receive payments in that currency, which is usually possible. Now that the Citibank and Channel isle / IoM banking is no longer practical unless you have large deposits, there's more reason to look into the in-country banking options - USA for dollars, any eurozone country for euros, etc.
    Evolution, not revolution
  • KarenStew88
    KarenStew88 Posts: 58 Forumite
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    It seems I'm not the only one who is having problems with finding a replacement bank account for Citigroup! I'm not worried about the account for company reasons, I do need at ATM machine though and preferably an account that doesn't have a fee every month. I don't have big money, so at £150,000 minimum is out of the question!

    I phoned Citibank and they extended my account another 2 months to give me more time to find a new one, so mine closes in September now. They weren't receptive to any other option though, it seems they don't want customers unless they are high net worth. :(
  • eDicky
    eDicky Posts: 6,574 Forumite
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    KarenStew88 wrote: »
    ! I'm not worried about the account for company reasons, I do need at ATM machine though (
    it's not clear, can you explain your requirements?
    Evolution, not revolution
  • System
    System Posts: 178,094 Community Admin
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    eDicky wrote: »
    it's not clear, can you explain your requirements?

    Presumably fee & surcharge free access to US ATMs.
    Citi operates ATMs at many 7-Eleven stores - this gives nationwide access.

    I'm not aware of any other (non-US) cards giving charge & surcharge free access to a large network in the states?
  • socrates
    socrates Posts: 2,889 Forumite
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    How about the Charles Schwab Account you can apply for in the UK?
  • nilocmac
    nilocmac Posts: 507 Forumite
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    KarenStew88 wrote: »
    It seems I'm not the only one who is having problems with finding a replacement bank account for Citigroup! I'm not worried about the account for company reasons, I do need at ATM machine though and preferably an account that doesn't have a fee every month. I don't have big money, so at £150,000 minimum is out of the question!

    I phoned Citibank and they extended my account another 2 months to give me more time to find a new one, so mine closes in September now. They weren't receptive to any other option though, it seems they don't want customers unless they are high net worth. :(

    Perhaps I should ask for an extension as well.

    I still haven't made any real progress but I guess I am looking for the exact same account somewhere else :-( But I guess I need to keep looking.
  • nilocmac
    nilocmac Posts: 507 Forumite
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    socrates wrote: »
    How about the Charles Schwab Account you can apply for in the UK?

    Had a quick look but need something a little simpler as the key feature need to be in USD and ATM card (also little or no fee).
  • socrates
    socrates Posts: 2,889 Forumite
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    It is a dollar account and all ATM fees are refunded - and you can draw anywhere in the world within reason - in the local currency - I have used mine in Thailand and America - amongst other countries
  • nilocmac
    nilocmac Posts: 507 Forumite
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    socrates wrote: »
    It is a dollar account and all ATM fees are refunded - and you can draw anywhere in the world within reason - in the local currency - I have used mine in Thailand and America - amongst other countries

    Oh I am starting to get excited that this may be a possibility :-)

    Sorry didn't see the banking bit when I first checked it out.
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