opening an American Bank Account

[Ali and boyz]

has anyone done this ?

know how to do it?

and is it easy ?

 

[mikki.young]

I haven't opened a US Bank account but I do have a US$ account with a check book and debit card from Citibank in the UK. It is really useful and easy. I think the only criteria is having to keep a certain balance in it or pay a monthly fee. We usually buy dollars when the rate is good so have no problem maintaining the balance.

 

[kristieuk]

We also have a Citibank account - you either have to maintain a $ equivalent of £2000 in the account, or pay a $20 monthly fee. Alternatively, the account is free if you open a Citibank £ current account 'Plus' which costs £10 per month, but gives you free travel insurance.

It's very convenient, and you can instantly transfer $ into the account from the sterling account to immediately take advantage of a good $ rate - plus they convert at something close to the Interbank rate.

If you go to www.citibank.co.uk you can apply for the accounts online

 

[oceanscape]

It's very convenient, and you can instantly transfer $ into the account from the sterling account to immediately take advantage of a good $ rate - plus they convert at something close to the Interbank rate.

Is there a charge to move money from the sterling account to the $USD account? Also, do you get a debit card or anything that can be used in the US without any charge?

Thanks!

 

[kristieuk]

Is there a charge to move money from the sterling account to the $USD account? Also, do you get a debit card or anything that can be used in the US without any charge?

Thanks!

No, there is no charge. I transferred £250 last week, and ended up with practically $500 (I think just over 498.50) - the rate being $1.9940. It had just gone below $2 on the currency markets.

You get a debit card and PIN that you just use as you normally would, to pay and withdraw cash, and there is no charge for that either.

The only downside of the account I can think of is that it doesn't earn interest. There is a $ savings account that is interest bearing, but I don't think it's suitable as a current account, and I'm pretty sure you don't get a cheque book or debit card.

 

[mikki.young]

I opened up deposit accounts as well and just transfer the money to the current account when I want to use it. I love using the debit card in America - so much easier than loads of cash or travellers cheques! The online banking side of it is pretty good so it is easy to keep track of.

 

[Minniespal]

We have a deposit and a current account. As Mikki said it is very easy to transfer money from the deposit account when you want to use the current account.

The main use for us if for paying DVC dues.