$$$ USD bank account - any suggestions?
Discussion
I want to set up a USD account in this country so that I can pay in USD cheques that I get every now and then without getting hit by the exchange rate if it happens to be bad at the time (and bank charges). Does anyone have such an account, or know where to go and how to set it up? Just needs to hold money until I want to transfer it, no current account type requirements, interest would be useful though not vital.
Update - phoned HSBC, they do an account which would be suitable with £3 a month fee which seemed ok, but then they charge £28 to process any cheque drawn on a foreign bank! As one of the reasons for this was to avoid my current bank's £10 charge to pay a USD cheque into my current account, I declined. Some of cheques I get are for only about $100-$150.
Now have an application pack in the post from Citibank who do a simple USD savings account paying 0.75% and no transaction fees. No bells and whistles, no chequebook or cards etc. but I can apparently move money in and out over the net - so should be ideal - assuming there's not anything I haven't been told about.
Now have an application pack in the post from Citibank who do a simple USD savings account paying 0.75% and no transaction fees. No bells and whistles, no chequebook or cards etc. but I can apparently move money in and out over the net - so should be ideal - assuming there's not anything I haven't been told about.
Shaolin said:
Update - phoned HSBC, they do an account which would be suitable with £3 a month fee which seemed ok, but then they charge £28 to process any cheque drawn on a foreign bank! As one of the reasons for this was to avoid my current bank's £10 charge to pay a USD cheque into my current account, I declined. Some of cheques I get are for only about $100-$150.
Now have an application pack in the post from Citibank who do a simple USD savings account paying 0.75% and no transaction fees. No bells and whistles, no chequebook or cards etc. but I can apparently move money in and out over the net - so should be ideal - assuming there's not anything I haven't been told about.
My brother gets royalty cheques from US, today he had one for $20 and one for $500 the charges for each cheque was £7, is the Citibank account a way round these charges or would he still get these charges when he exchanges US$ to GB£Now have an application pack in the post from Citibank who do a simple USD savings account paying 0.75% and no transaction fees. No bells and whistles, no chequebook or cards etc. but I can apparently move money in and out over the net - so should be ideal - assuming there's not anything I haven't been told about.
As far as I know so far, there will be no "presentation fees" for cheques drawn on foreign banks, that's what the HSBC £28 is for and my current £10 (and presumeably your brothers £7).
I can't say for definite at the moment, but it seems ok.
http://www.citibank.co.uk/personal/banking/saveinv...
...back to standard current accounts, it can be cheaper if you save the cheques up (as long as they don't go out of date). My bank charge £10 per cheque, but if you have 10 or more it becomes £10 for the first one and then £1 each for subsequent.
I can't say for definite at the moment, but it seems ok.
http://www.citibank.co.uk/personal/banking/saveinv...
...back to standard current accounts, it can be cheaper if you save the cheques up (as long as they don't go out of date). My bank charge £10 per cheque, but if you have 10 or more it becomes £10 for the first one and then £1 each for subsequent.
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