Looking at opening an account with Citi bank to use when I am in Florida as anyone used these and if so any feedback good or bad?
Any particular reason why?
Citi Bank is one of the four largest bank corporations in the States, but they don't offer particularly good deals regarding foreign exchange. The only particular advantage, I believe, would be if you have income in US dollars. What kind of account are you thinking about and to use in what way?
I have a Citibank dollar account but based in the UK - I can add money to it over the internet and I get 0.75% interest on it. I used to work in London and they had a branch along the Strand. I just have an ATM card with this one.
I also have a checking account with Wachovia (Now Wells Fargo I believe) this is an account based in the USA and I use it to pay household bills for our Florida house and to save up for the pool! This has a debit card attached. I can send money into this account via Paypal.
I didn't use the Citibank account much but will be using it more now that Crown Currency stole my money ;-)
You have my sympathy regarding Crown Currency. Regarding a US Citi account, sounds like a good idea for you.
The four largest banks in the US are Citi, Wells Fargo (since it bought Wachovia) Bank of America and JP Morgan/Chase. (Their relative positions fluctuate within the four.)
Generally, you need to use a bank's own ATMs to avoid fees, but Citi has arrangements with Publix supermarkets and with 7-Eleven stores, both with lots of locations all around Florida. They also, depending on the specific type of account, reimburse a certain amount of ATM fees from other institutions. They allow internet transfers between accounts, although you would need to verify if it would be fee-free between a UK and a US account. When it is within the Citi system transfered funds are available immediately.
There is a wide network of Wachovia branches in Florida, but I do not believe their policies are as liberal regarding ATMs other than their own.
If you use a Citi debit card in a foreign country, aside from whether or not there is an ATM fee, Citi adds a 3 percent conversion fee. (I do not know if this would apply if you draw dollars in the US on a UK dollar account.)
For travel around the world in general, I use two cards. For ATMs, a Schwab One checking account card. (The checking account has to be tied to a brokerage account, but you don't have to use the brokerage account) because they reimburse ATM fees around the world and use a published bank exchange rate with no conversion fees. For credit card transactions, I use Capital One, which also uses a straight bank rate with no conversion fee on charges.
Hope some of this helps.
Thanks for the information,I want to be able to put money into the account throughout the year and use it for paying my hotel ,shopping and resturantes whilst I am in Florida.
We have had a Washington Mutual account(now Chase) for about twenty years. It is a brilliant idea if you are going to be a regular visitor.
We pay $6 a month charges and pay in via paypal getting a good rate above the normal currency exchanges (M7S etc). Yoou pay money over when the rate is good. Nana
One other idea. If you have a Barclays account in the UK they are part of an alliance with Bank of America, which is everywhere in Florida, that provides ATM withdrawals without an ATM fee. The exchange rate is a published bank-to-bank rate, however BofA does charge a 1 percent conversion fee. I don't know whether Barclays does the same.
I thought it was hard to open a USA bank account if you live outside the USA.
I managed it as I was buying a holiday home. I don't have a social security number but they took me on anyway.
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