Cheapest was to convert US dollar cheque to US dollar cash?


B

Bryce Whiteford

I received a cheque made out in US$, is it possible to use this to
obtain cash US$ without paying to convert the cheque to Sterling, and
then paying again to change back to dollars? Someone previously
mentioned setting up a Citibank US dollar current account, but it
appears you need to keep a balance of £2000 in this account, otherwise
you are charged $20 per month service charge. TIA.
 
D

Daniel

Bryce Whiteford said:
I received a cheque made out in US$, is it possible to use this to
obtain cash US$ without paying to convert the cheque to Sterling, and
then paying again to change back to dollars? Someone previously
mentioned setting up a Citibank US dollar current account, but it
appears you need to keep a balance of £2000 in this account, otherwise
you are charged $20 per month service charge. TIA.
Bryce,

You can open a UK or US Savings account with Citibank - No minimum balance
required.

Which ever currency account you hold with them, you can bank UK, US and Euro
cheques free of charge.

Thanks
Daniel
 
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B

Bryce Whiteford

Bryce,

You can open a UK or US Savings account with Citibank - No minimum balance
required.

Which ever currency account you hold with them, you can bank UK, US and Euro
cheques free of charge.

Thanks
Daniel
Daniel,

Thanks for that, but would I need to pay the $20 per month service
charge, their website quotes "A monthly service charge of $20 on each
US$ Current Account will be levied where the credit balance, across
your UK Citibank relationship, falls below the currency equivalent of
£2000. This will be calculated, at the end of the monthly period, by
applying the currency exchange rate on that day to the average
balances in your UK Citibank accounts"?
 
D

Daniel

Bryce Whiteford said:
Daniel,

Thanks for that, but would I need to pay the $20 per month service
charge, their website quotes "A monthly service charge of $20 on each
US$ Current Account will be levied where the credit balance, across
your UK Citibank relationship, falls below the currency equivalent of
£2000.
You would with a current account, but if you hold a savings account, there
is no need to maintain a minimum balance,

Daniel
 
S

see_reply_to_addy_but_it_aint

You would with a current account, but if you hold a savings account, there
is no need to maintain a minimum balance,
Have you actually done this? Please explain how you have managed to
pay US$ cheque into a Citibank Savings Account.
 
D

Daniel

Have you actually done this? Please explain how you have managed to
pay US$ cheque into a Citibank Savings Account.
Yes, I've only recently opened an account, but done this successfully - If
you already have an account it is in the paperwork you receive, otherwise it
is listed on their site under 'Charges and Fees'.

Basically you just post off the cheque (as you would a UK cheque) with your
account number and name on the back of it.

Thanks
Daniel
 
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S

see_reply_to_addy_but_it_aint

Yes, I've only recently opened an account, but done this successfully - If
you already have an account it is in the paperwork you receive, otherwise it
is listed on their site under 'Charges and Fees'.

Basically you just post off the cheque (as you would a UK cheque) with your
account number and name on the back of it.
Thanks, I still found it dificult to see how to do this from the
literature so I called Citibank. As you say, cheques can be sent by
post. But to an address which is *not* given in any literature I
hold.

Now getting sterling from the foreign currency account looks
expensive. Their latest rates and charges leaflet, under Foreign
Currency Charges, states that they charge 3.5% to 4% for drawing
currency different to the account currency. However under Funds
Transfer Charges they state that payments in the UK between Citibank
accounts in different currencies is charged at 0.9%

Do you have a sterling savings account as well as the foreign currency
accounts, or how do you avoid the, in my opinion, expensive currency
conversion to sterling charges?
 

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