USD incoming/outgoing, bank account?

USD incoming/outgoing, bank account?

Author
Discussion

roger440

Original Poster:

160 posts

242 months

Monday 25th September 2017
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Currently i receiving an increasing amount of payments to my business in USD. I also pay my main supplier in USD.

As a consequence, i opened a USD account with Metro bank, as my existing bank, Lloyds, didn't want to help me, at least not for a remotely sensible cost.

Sadly Metro are utterly hopeless, wont bore you with the details, but my time there is at an end. Didn't work out all that well cost wise either.

So moving on, what are my options these days to do this in a cost effective manner? Im guessing it wont be using a "regular" bank?

Is an account based in another country the solution. Surely i cant be unusual in wanting to do this?

Any good ideas gratefully received!

anonymous-user

53 months

Monday 25th September 2017
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Pretty mainstream stuff these days really

Citi would be one to look at, HSBC too, but all the majors offer something.

uber

855 posts

169 months

Monday 25th September 2017
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roger440

Original Poster:

160 posts

242 months

Monday 25th September 2017
quotequote all
uber said:
Interesting. Use their transfer service already for GBP to USD transactions. Didn't find that when searching. Thanks smile

Though that said, they wont let me transfer USD to an Aussie company. Only AUD. If that applies to this account, its wont help me much. Will find out.




Edited by roger440 on Monday 25th September 21:16

Mr Overheads

2,436 posts

175 months

Monday 25th September 2017
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Revolut

What level of transactions?
Do you need to ever convert it back to GBP or does it mostly go back out again in dollars too?

roger440

Original Poster:

160 posts

242 months

Monday 25th September 2017
quotequote all
Mr Overheads said:
Revolut

What level of transactions?
Do you need to ever convert it back to GBP or does it mostly go back out again in dollars too?
Several hundreds of thousands a year. Dont need to convert back to GBP.

menguin

3,762 posts

220 months

Monday 25th September 2017
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I'll second revolut. Fantastic app, services, best exchange rates. No idea what kind of sums they'll go up to though as I only use it for personal banking.

cheekymeerkat

152 posts

80 months

Monday 25th September 2017
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Plenty to choose from these days.
I use Worldfirst who provide me with a USD bank account to receive my USD PayPal disbursements.
You can then pay other people in the same currency, or convert.

I would have went with my bankers HSBC but they were complete idiots about it, and the charges were unbelievable!

SDarks

180 posts

91 months

Monday 25th September 2017
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I do all of my buying and selling in USD. I Use Barclays and have a £ and $ account running side by side works pretty well but the charges are £5.00 to make a payment and usually when we receive payment it’s 5-50 dollars short depending on the amount.

I never use the bank to change currency, i do that through brokers.


roger440

Original Poster:

160 posts

242 months

Monday 25th September 2017
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Thanks chaps. Some stuff for me to look at tommorow,

Mr Overheads

2,436 posts

175 months

Tuesday 26th September 2017
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Hope this isn't too out of place. I think my post count is high enough to to do a very light pitch now.

I'm generally known on here for the more tangible costs like logistics, mobiles, comms, energy etc. But we have a lot of success with auditing past transactions of Forex.

From the client viewpoint it's the easiest service we offer, just need historic transactions (date and even better time of day) and I can tell you how much extra margin there was to be knocked off and lock in that deal for you going forwards with an alternative provider.

If you want your historic transactions auditing, send me a pm with transaction details.

roger440

Original Poster:

160 posts

242 months

Thursday 28th September 2017
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uber said:
Sadly, it seems not. They cant pay out USD to a bank/person located outside the USA.

So i dont really understand the point of it?

roger440

Original Poster:

160 posts

242 months

Thursday 28th September 2017
quotequote all
Mr Overheads said:
Hope this isn't too out of place. I think my post count is high enough to to do a very light pitch now.

I'm generally known on here for the more tangible costs like logistics, mobiles, comms, energy etc. But we have a lot of success with auditing past transactions of Forex.

From the client viewpoint it's the easiest service we offer, just need historic transactions (date and even better time of day) and I can tell you how much extra margin there was to be knocked off and lock in that deal for you going forwards with an alternative provider.

If you want your historic transactions auditing, send me a pm with transaction details.
Thanks for the offer. I may well take that up, but my immediate concern is having a bank account with USD, that i can pay to my supplier in USD that are NOT in the USA. Not an unusal occurence, but not one that seems to be catered for.

essayer

9,011 posts

193 months

Thursday 28th September 2017
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HSBC will open an account in USD, then you can use a broker to transfer to GBP or make payments as required. Fees aren’t bad, although will add up if you do lots of transactions.

It might help to book an appointment at a branch that’s used to the process (City/Canary Wharf etc)

roger440

Original Poster:

160 posts

242 months

Thursday 28th September 2017
quotequote all
essayer said:
HSBC will open an account in USD, then you can use a broker to transfer to GBP or make payments as required. Fees aren’t bad, although will add up if you do lots of transactions.

It might help to book an appointment at a branch that’s used to the process (City/Canary Wharf etc)
But i want to pay out in USD only. I have no requirement to convert currency.

The problem i contantly trip up on, is the fact i need to pay a USD account that is NOT in the USA.

Sadly i do lots of transactions, so the costs rack up real quick.


Edited by roger440 on Thursday 28th September 14:57

essayer

9,011 posts

193 months

Thursday 28th September 2017
quotequote all
Sure, you can pay internationally.

I’ve paid suppliers in China/HK from our HSBC UK-based USD account without issue

Fees - approx £11/mo and £30 per payment out, £6 in

roger440

Original Poster:

160 posts

242 months

Thursday 28th September 2017
quotequote all
essayer said:
Sure, you can pay internationally.

I’ve paid suppliers in China/HK from our HSBC UK-based USD account without issue

Fees - approx £11/mo and £30 per payment out, £6 in
Well thats good to know smile

Quite why Metro are making such an arse of it i dont know. There charges are not dissimilar, though still quite a lot compared to someone like transferwise.

zoomy

80 posts

154 months

Friday 29th September 2017
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Have you tried Moneycorp.
Worth a phone call to them

ComoEstas

63 posts

100 months

Friday 29th September 2017
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World First have just launched their "World Account" - could be just what you need.

+49

77 posts

187 months

Thursday 5th October 2017
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Hi all,

Just come across this page... going to throw some insight on to whom I have used for a few years for personal and business uses which may or may not help someone out

I have used a guy for a few years whos firm looks after XE.com's currency and a few big firms. Helped me out with some contracts and few odd spot payments. Without breaching Pistons rules If anyone wants to have a look I dont mind a PM

P.s I hope brexit and GBP hasn't affected everyone too bad lol

Edited by +49 on Thursday 5th October 09:36