Foreign Currency Accounts - USD, EURO, YEN
| INTERNATIONAL CURRENCY ACCOUNTS - Best Buy Table | |||
| Provider | Minimum deposit |
Apply | |
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US$ 5,000 |
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€5,000 |
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An alternative to a currency account could be the new prepaid currency card by FairFX. You may want to have access to foreign currencies from time to time but the use of a currency account might seems inappropriate. The new prepaid Euro or USD currency card by FairFx would certainly be a nice alternative. The card works like a regular credit card or debit card, but you top it up the same way you would top up your mobile phone. The currency prepaid card from FairFx gives you instant access to Euro or US dollars with a much cheaper exchange rate than most high street bank. And most importantly, the Euro prepaid card or the US$ prepaid card give you a better exchange rate than most credit card when used abroad. This prepaid debit card is the ideal companion for your next holidays.
The Card is a new MasterCard Prepaid Debit Card service backed by the Newcastle Building Society. It provides consumers with a new way to change and spend money whilst overseas with no hidden charges and at fair exchange rates.
If you regularly receive or need to make payments in a foreign currency, a Foreign Currency Account will help you to manage your funds easily. It is a current account but instead of having a balance in sterling your account operates in a currency of your choice. Like a sterling current account, you can have a chequebook and regular statements.
- Available in most major foreign currencies traded on the London Money market (US Dollars, Euros, Swedish Krona, Australian Dollars, New Zealand Dollars, Canadian Dollars, Hong Kong Dollars, Japanese Yen, Swiss Francs, Singapore Dollars...)
- Cheque book usually available
- No minimum balance usually required
- Maintenance fees varie
- Reduced exchange risk. Whatever happens to exchange rates your balance remains the same. When you pay funds in or make withdrawals in your chosen currency, they are not affected by exchange rates because the funds are not converted into sterling.
Citibank offers Rupee Checking Account as an interest bearing bank account for NRIs, held in India in Rupees. It is a single account that meets all NRI banking needs in India.
