US dollar accounts

I occasionally receive US dollar cheques due to a research scholarship I've got and I'm a little fed up with being stung by exorbitant bank charges. Does anybody know of any good US dollar accounts offered by UK banks?

Many thanks,

Andy

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Reply to
Andy
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Ask to be paid in £.

Oh sorry google don't do that do they. When you fill in your tax return (I assume google with comply with the IR's request for info as easily as ebay did) then you put the fees down as expenses and deduct them.

I am assuming the URL in your sig file is yours. If not how much do you charge for having a URL in your sig file? I'd pay in £.

Reply to
mogga

Easy enough to get. Problem is that they don't clear checks (Amer. Spelling) through the Federal Reserve System and checks don't clear at par. I'm not sure how much cheaper the fees would be than what you pay now. (US banks in London, which will clear US$ checks without additional fee, won't do business with you.)

Two choices, really: (1) a savings account with a US bank, and a debit card to withdraw the funds via a UK cash machine, or (2) a Canadian dollar account (assuming you had business in Canada) because Canadian banks clear US checks very cheaply.

The ideal option you have no access to: Visiting Forces' "Community Banks" on RAF bases, which deal in both currencies at minimal commission.

Reply to
Stormlx

Some people have mentioned Citibank in the past. I've never used them though.

Reply to
Jonathan Bryce

What's wrong with Citibank?

Either a US dollar account:

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| Write or deposit US Dollar cheques free of charge. Because we | clear through Citibank in New York we save you time and money.

(20$ a month unless you have a 2000 UKP balance with Citibank)

Or even just a plain old UK current account with them, where dollar cheques are deposited fee free:

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Jim.

Reply to
Jim Ley

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p

Nothing. I have not seen that. But chances are the OP will find it uneconomic and a US savings account cheaper. Unless his business is more active/profitable/wealthy than appeared to me.

In my past experience (some years ago) such deals were only available to staff of embassies and of firms that do substantial business with the American bank in question. In the 60s and 70s and early 80s, anybody could open an account with Citibank, Bankers Trust (as it then was), Riggs or one of innumerable US banks in London and get that deal. No longer.

I think I recommended the cheapest option, though. Doubtless there are other possibilities.

Reply to
Stormlx

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>> sp

but it's a normal free to run current account, with all the normal like features, only 0.5% interest I guess, but if the differenece between that interest rate and the interest rate on your other current accounts is significant, then shifting the cash into savings accounts will be worth more.

Nope, you just apply, anyone can apply to open one.

But your option had fees? Citibank has none (on the sterling account), and no obvious other charges, what am I missing?

Jim.

Reply to
Jim Ley

To have a savings account in the USA? No fee at all. Just the usual exchange commission that Cirrus and Plus charge (interbank rate + 2% or something like that). Best choice would be a US credit union. Like a cooperative (mutual) building society, membership limited to some field of endeavour. But that can be finessed. Anybody can join some club or other. And quit the next day but keep the credit union membership.

Reply to
Stormlx

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