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I am planning a trip to the USA, for which I will need spending money. I have a brokerage account that is denominated in U.S. dollars and I would like, if possible, to use the proceeds from this so that I won't have to pay currency conversion fees. To do that I would have to withdraw the money to an account denominated in dollars. I am a UK citizen permanently resident in the UK and already hold a UK bank account denominated in sterling. Would a British bank allow me to open another account, held in the UK but denominated in U.S. dollars, and if so, which ones?

There are plenty of questions about opening a bank account with a bank in the U.S.. I don't want to do that, as it appears that generally one has to physically present at the bank in question to open an account. I am asking about opening an account with a British bank, but denominated in a currency other than sterling.

Tom W
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    Have you asked your bank? – phoog May 21 '17 at 15:47
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    Of course they will. I have been doing it for years, $, £, and RUB. Just ring them up and have them send you the forms. Vaguely relevant https://travel.stackexchange.com/questions/51849/my-application-was-refused-due-to-lack-of-evidence-of-funds-are-there-hidden/51863#51863 – Gayot Fow May 21 '17 at 16:14
  • @phoog I haven't; I have looked online and their information seems to be for businesses and non-doms only, and a blurb on another site seemed to say that this particular bank had closed all its foreign currency accounts several years ago. I also know from experience that they are somewhat of a nuisance for making marketing calls when I'd rather not take them, and my local branch is never open when I'm not at work. – Tom W May 21 '17 at 16:30
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    I'm voting to close this question as off-topic because it is about personal finance, not travel. – David Richerby May 21 '17 at 17:12
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    Even PayPal lets you set up multiple accounts in different currencies! UK banks certainly can do the same. – alephzero May 21 '17 at 17:41
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    @DavidRicherby it's about planning for a trip abroad, and without that context, the Personal Finance stackexchange might well answer the question but without considering any pitfalls inherent in doing so - such as "Yes, but there's still a charge for using the currency in a country other than that which it's held" - just off the top of my head for a detail that would qualify as a travel-related problem. – Tom W May 21 '17 at 18:08
  • There's no problem doing this, but you may find it is more expensive to maintain the bank account and deposit funds from the US than paying the currency conversion fee. There are also several UK credit cards that offer fee-free (market rate) foreign spending such as the Halifax Clarity card and the Lloyds Avios Rewards card. – Calchas May 21 '17 at 22:32
  • Have you tried using a credit card which has free currency usage in any foreign currency. I am not sure about UK but in Germany there are several online cards available although they don't have actual banks located in Germany. Select one which has no additional charges over foreign use and calculate based on the VISA/Mastercard daily rates. Some even allow you to withdraw cash at no extra cost but those cards are hard to find. – Max Payne May 22 '17 at 06:41
  • You can walk into your high street bank and open a foreign currency account. That's not the problem. The problem is that they will charge you to put money in and charge you again to take it out. – Separatrix May 22 '17 at 13:52
  • Contact a US brokerage firm like eTrade. Many of them issue checkbooks and ATM cards. You can even transfer securities, sell those and have US cash. – Harper - Reinstate Monica May 22 '17 at 16:38

2 Answers2

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Most banks will open an account in a major currency, however for travel purposes you're better off with getting an account in a "virtual" bank, such as Revolut. You apply online, receive a card through the mail and then convert your money to USD using interbank rates or directly top-up USD - either through an existing bank card or via wire transfer. No fees, no charges - unlike what you will usually see with UK banks when attempting to spend your money abroad.

Revolut is technically a British bank, so the answer is yes - it's possible.

JonathanReez
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Yes absolutely, but there might be restrictions.

For example Lloyd's Bank International will set up a current account (checking account) in Pounds, Euros or USD. I believe there may be restrictions on who can apply, but you would have to ask the bank.

DJClayworth
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    Worth noting that many banks will charge you for non-GBP accounts even if you qualify for fee-free GBP accounts. – Aleks G May 21 '17 at 21:03
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    Well if it's a British Bank it would be a chequing account :P – Clonkex May 21 '17 at 23:45
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    @Clonkex: um, no, the point is that in Britan it's called a "current account", and the poster helpfully added the American equivalent, which is "checking account". It's not called a "chequing account" anywhere. – Brian Chandler May 22 '17 at 06:42
  • @BrianChandler Huh, well I stand corrected. I'm Australian so I was just going on the spelling (as in, if it were called a chequing account in Britain it would be spelled that way). I'm not sure what it would be called here; I would assume the British name but I've never heard it before (though that could just be my ignorance :P ). – Clonkex May 22 '17 at 06:59
  • While they will technically open an account, they will make you jump through too many hoops. I once spent 5 weeks filling in forms before just giving up (with a different bank). – Shantnu Tiwari May 22 '17 at 10:59
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    @BrianChandler In Canada it's called a chequing account. – Ari Brodsky May 22 '17 at 12:25
  • @AriBrodsky Also called a current account in Canada, especially for business accounts. – Spehro Pefhany Sep 11 '17 at 18:55