Citibank US Dollar account - anyone got one?

[scottishgirl87]

As the title, has anyone got one of these accounts? How do you find it? I don't really see it highly publicised as such and I don't really know a whole lot about this account. Do you get the exchange rate on the day you load or on the day you withdraw/spend?

I'm looking for a possible alternative to my current Nationwide Flex Account which has new charges coming into effect on the 1st November. I think the general consensus is to now ditch it in favour of something else.

To be honest, I'm not looking to sign up to something right now but just trying to get information together for my spending money in NY in March.

Please don't suggest any credit card alternatives as that's not what I'm looking for Thanks!

 

[kristieuk]

We have one. It's really easy to sign up, you can fill in the forms online at cititbank.co.uk.

However, we aren't really using ours, unless we needed to write a $ cheque for house rental or something. The reason is because the exchange rate they use is now pretty poor, and something comparable that you would get on the high street, so there didn't seem a lot of point to it. You used to get something just short of the bank rate, but now, say the market rate was 1.60, you would only get maybe 1.55. The Fair FX rate is maybe 2 cents higher, and the Post Office card would give you pretty much the bank rate on the day.

It does serve a purpose though - you get a debit card and check book which was invaluable when we got married in Florida a few years back.

Hope that helps a little, but any other questions you have, ask away!

 

[scottishgirl87]

We have one. It's really easy to sign up, you can fill in the forms online at cititbank.co.uk.

However, we aren't really using ours, unless we needed to write a $ cheque for house rental or something. The reason is because the exchange rate they use is now pretty poor, and something comparable that you would get on the high street, so there didn't seem a lot of point to it. You used to get something just short of the bank rate, but now, say the market rate was 1.60, you would only get maybe 1.55. The Fair FX rate is maybe 2 cents higher, and the Post Office card would give you pretty much the bank rate on the day.

It does serve a purpose though - you get a debit card and check book which was invaluable when we got married in Florida a few years back.

Hope that helps a little, but any other questions you have, ask away!

Awww thanks for letting me know From what I'd read you were getting a rate close to the interbank rate although that must have changed! Will have to research in more detail, thanks!

 

[igk]

I have a Citibank USD account. I haven't exchanged any pounds into dollars with them recently so can't comment on the rate they quote for USD specifically.
However I also have a euro account with them and I recently converted some pounds into euros. The rate was better than the high street bureaux de change rates, and slightly worse than Fairfx. Assuming that were the case for USD as well I'd be fairly happy with that. I think it's a daily rate. You ould call them up and ask them what the day's rate was if you were thinking of opening an account.

The account itself works very well as you get a Visa debit card which I use to pay for virtually everything when in the US, and get cash from ATM machines.
Once it was all set up, getting the euro account was a matter of a phone call and then you can use that when in the Eurozone - all you do is call them and tell them which account to link the Visa card to, and they action it immediately.

Hope this helps.

 

[kristieuk]

Perhaps I am being a little harsh, but it was great when you got something close to the interbank rate, I guess I feel a little cheated now when the FairFX rate is a couple of cents higher. This year, we exchanged about $4500 to pay for our villa rental, so those couple of cents do make a difference.

The rate does vary throughout the day, according to the rise and fall or the market - I usually check the rate by doing a dummy exchange of 10.00 as to get through to anyone takes an age sometimes!

I'll have a look what the rate is today, for comparison purposes....

 

[igk]

The rate does vary throughout the day, according to the rise and fall or the market - I usually check the rate by doing a dummy exchange of 10.00 as to get through to anyone takes an age sometimes!

I'll have a look what the rate is today, for comparison purposes....

Come to think of it I remember now asking them and they said it varied throughout the day. I'd forgotten that. Makes sense I suppose to prevent you from picking them off if the rate moved a lot one day...

 

[mikki.young]

I like that you can pay in euro or dollar cash or checks to the accounts to with no conversion charge. I love having the card to use in the USA and I just buy currency when the rate is good. Have noticed that the rate wasn't quite as competetive as it used to be. Actually have a relationship manager with them that I can contact by email and they are really helpful if we ever need anything.

 

[kristieuk]

Actually, today it doesn't seem so bad. Interbank is 1.59, FairFx 1.565, Citibank 1.56, the Post Office 1.54. If you paid on a Post Office credit card, you should get something close to 1.59.

I think it does depend on the day, and on when the different companies reset their rates though.

 

[Jakey Rowling]

Actually, today it doesn't seem so bad. Interbank is 1.59, FairFx 1.565, Citibank 1.56, the Post Office 1.54. If you paid on a Post Office credit card, you should get something close to 1.59.

I think it does depend on the day, and on when the different companies reset their rates though.

For info, my transfer cleared into my Citibank account this morning at a rate of $1.59.
Exchange rate on BBC is 1.5937
Fairfx currently 1.5675.

These numbers relative to each other are pretty consistent with the last few months when I have transferred.

Don't believe the phone rates Citibank give you, it tends to be the tourist rate that they quote a lot of the time.

 

[scottishgirl87]

Thanks everyone for the replies!

Does anyone know if you have the earn above the £20k just to get the USD account? Or is that for a regular account

Still considering it as I've also realised you can have a joint account on it

 

[Jakey Rowling]

Thanks everyone for the replies!

Does anyone know if you have the earn above the £20k just to get the USD account? Or is that for a regular account

Still considering it as I've also realised you can have a joint account on it

It's £20K for the $ current account (visa debit card and cheque book).
No limit for the $ deposit account (ATM card only)

 

[scottishgirl87]

It's £20K for the $ current account (visa debit card and cheque book).
No limit for the $ deposit account (ATM card only)

Thanks, Jakey. FairFX it'll just have to be to for me