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

Discussion in 'UK Finance' started by Bryce Whiteford, Oct 22, 2004.

  1. 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 Whiteford, Oct 22, 2004
    #1
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  2. Bryce Whiteford

    Daniel Guest

    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, Oct 22, 2004
    #2
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  3. 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"?
     
    Bryce Whiteford, Oct 22, 2004
    #3
  4. Bryce Whiteford

    Daniel Guest

    You would with a current account, but if you hold a savings account, there
    is no need to maintain a minimum balance,

    Daniel
     
    Daniel, Oct 22, 2004
    #4
  5. Bryce Whiteford

    Guest

    Have you actually done this? Please explain how you have managed to
    pay US$ cheque into a Citibank Savings Account.
     
    , Oct 23, 2004
    #5
  6. Bryce Whiteford

    Daniel Guest

    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
     
    Daniel, Oct 23, 2004
    #6
  7. Bryce Whiteford

    Guest

    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?
     
    , Oct 23, 2004
    #7
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