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What is the best option to open a foreign currency bank account in the UK? I have cash savings of around 5k USD that I don't plan on using and would like to keep them somewhere safe without paying excessive fees for the account or for depositing/withdrawing them.

Thanks, Tohiko

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  • Do you want to also earn interest on the USD savings, or just keep them somewhere safe + without many/any fees?
    – Gagravarr
    Sep 4, 2016 at 11:38
  • I don't need interest. Just the safety without paying the fees.
    – Tohiko
    Sep 5, 2016 at 14:37
  • Did you check with your current US bank about keeping the account open? That might be easier and/or have lower fees than an international bank account / UK-based USD account
    – Gagravarr
    Sep 5, 2016 at 15:05

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If you have sterling current account with a UK bank you can ask them about their foreign currency accounts

example

There are likely to be fees (e.g. £7/quarter if quarterly average balance < $2000 USD]. £6 per transfer).

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