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Frank Mason

Usd Bank Accounts In The Uk

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Hi all,

Just a quick question, I am in the UK and I've got some US shares I want to sell and then pay the cheque into a USD a/c, anyone recommend one? Or should I just bite the bullet and convert it to GBP/Euros?

What do you do?

Thanks in advance

Frank

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Just a thought;

Could you open an FX account with Oanda, set the leverage to 1:1, and then go short GBP/USD?

Your balance gets interest paid. It's the equivalent of holding US dollars in exchange for your pounds. And when the US rate goes higher than GB's rate, you also earn the difference.

Not only that, but if you wanted to put funds into another currency, you could open another position, say long EUR/GBP, just as an example. Just make sure you keep the leverage at 1:1, so as to simulate the effects of doing a "straight swap" with the currencies.

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Its worth checking out Citibank UK as well. I have a US $ deposit account with them. You draw from it using a Visa debit, which is good if travelling in the US. I have a current account with them as well, just with a modest amount in it. It allows you transfer electronically between accounts and to/from domestic/overseas banks inexpensively.

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Its worth checking out Citibank UK as well. I have a US $ deposit account with them. You draw from it using a Visa debit, which is good if travelling in the US. I have a current account with them as well, just with a modest amount in it. It allows you transfer electronically between accounts and to/from domestic/overseas banks inexpensively.

Hi,

Had a good look at the Citibank $ a/c but was put off by the $20 charge if the balance went below £2K, my intention is to use it to clear funds from the US and then GBP them when the exchange rate is better.

How do you use it?

Thanks

Frank

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Its the US $ deposit (Savings) account I have rather than US $ cheque. I have always kept more than $5,000 in that account anyway ("just in case"). With CB any US $ cheque transfers in are free and when in states you can withdraw from their atm's. I use it in conjunction with the UK current account. Its little used to be honest. The interest rates are miserly and I no longer buy or sell US shares or travel that much.

If you prefer to keep things simple,try to keep your money in highest IR possible, don't travel or need US in cash or make many transfers then its probably not worth bothering with.

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  • 301 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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