Exchange Rates

[Ray&Sarah]

<blockquote id="quote" class="ffs">quote:Originally posted by E. Cosgrove
don't rub it in Sarah!![msnwink]<blockquote id="quote" class="ffs">quote:Originally posted by Ray&Sarah
<blockquote id="quote" class="ffs">quote:Originally posted by Southsider


I got $1.87 on Monday with HIFX, they said they expect it will go up again late Feb early March

Tricia
[/quote]

Thanks for that tip Tricia, we are going late February so will wait and see what happens.[msnsmile2]
[/quote]
[/quote]

Sorry Liz, just excited.[msnwink]

[Robert5988]

<blockquote id="quote" class="ffs">quote:Is it possible to open a USD bank account with a UK address?[/quote]

You can get a US$ account with CitiBank in UK. You get a debit card linked to the US$ account and a US$ chequebook(or checkbook even!!)
You can transfer between UK£ and US$, on-line or or by phone, and get a good rate. No direct Debit facility though.

I did try to open a US bank account before I owned a property and neither bank would entertain me - even though I did not want any overdraft facility. They said it was against banking regulations - money laundering etc - but I don't know if that is accurate.

[Nostromo]

Robert, let me get this right. Do I need to own property in the USA to open a $ account at Citibank-UK or can I just walk-in and do it? Do they need US references or will UK ones do?

[Robert5988]

<blockquote id="quote" class="ffs">quote:Robert, let me get this right. Do I need to own property in the USA to open a $ account at Citibank-UK or can I just walk-in and do it? Do they need US references or will UK ones do?[/quote]

Nostromo,
Anyone can open an Citibank account in UK - you can apply on line or by phone or in person - subject to status etc. USA does not come into the equation.

You open a sterling current account and then a linked dollar and/or Euro account. To avoid charges you need to have £2000 across the relationship( the equivalent in all currencies). I have a citibank UK£ savings account in which I keep the £2,000 at 4.5%.

I don't use the Sterling current account other to pay in the odd cheque. Any transfers into Citibank I do by BACS.

Robert

[Katys Grandad]

Nostromo

I also have a Citibank account. Very useful for moving in and out of US Dollar and Sterling as rates dictate.

You can also have a linked Euro account and move between Euro/£/$ as suits your need.

Can get a bit complicated if you don't keep track and there are very few branches in the UK (and in Florida for that matter) but you can do everything you need to online.

Lloyds Tsb offer an off shore USD account on the Isle of Man - open to anyone.

[Nostromo]

Thanks Robert, KG and Lal. As a matter of fact, I have a Lloyds TSB account and am one of their Premier customers. So, I'll ask their terms first and then check with Citibank to compare.

<blockquote id="quote" class="ffs">quote:Originally posted by Nostromo
Thanks Robert, KG and Lal. As a matter of fact, I have a Lloyds TSB account and am one of their Premier customers. So, I'll ask their terms first and then check with Citibank to compare.
[/quote]

The thing I liked with the Lloyds is that you can secure your rate before you transfer funds if that makes sence[?]

[Robert5988]

<blockquote id="quote" class="ffs">quote:The thing I liked with the Lloyds is that you can secure your rate before you transfer funds if that makes sense[/quote]

Lucy,
Agreed it is most useful. What are the charges/interest rates at Lloyds?

With Citibank you can phone and ask the rate or go on line and set up a transaction. Before it is finalised it says exactly how many US$ you will be getting. You press ‘continue’ if you like the rate ‘cancel’ if not. I don’t know if Lloyds are the same but they tend to fix the internet rate and it stays fixed all day. So if the pound weakens, say 2 cents, you can go on-line that evening and change money at the previous day’s rate.

On a more general point, I am surprised that more people who visit America even once a year or so, don't get a US$ account. The convenience alone - not to mention the savings - make it worth while. I wish I had done so earlier.

If you get $$s from an US ATM with a UK card you often get stung.

You can also buy in the USA on the Internet without getting a poor exchange rate and/or charges.

Some firms – and villa owners –fix their UK£ and US$ prices a long way ahead based on the, then, current exchange rates. When the exchange rates change they do not change their prices. Obviously this is understandable when all their expenses are in US$.

For instance there are Villa owners who use an exchange rate of £1 = $1.65. So, for example, the price for 3 weeks is £1,800 or US$2,970. At today’s rate Citibank will give me US$3,366 for UK£1,800. Send US cheque for $2,970 and pocket $396.

Robert

[Katys Grandad]

I rent directly from a US owner so he wants a US$ check because he doesn't have credit card facilities. I can change into US$ when the rate is favourable to me so I save money without any negative impact upon him. If I rent from a UK individual I can choose their £ or $ rate to get the best deal.

I absolutely agree with Robert that any regular visitor to the US can benefit from a US$ account