Will a British bank allow a British citizen an account denominated in U.S. dollars?
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.
Best Answer
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.
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Answer 2
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.
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