Best way to receiving USD/EUR payments?

[cheeky_chops]

Missus has some work planned this year and will get paid a couple of times in USD and EUR, not big money but couple thousand each time so about £10k in total, could be more if it grows. I dont think she needs to pay anyone in foreign currencies. Will be declared to HMRC

She has a HSBC business account so doubt they are the best rates. Something like revolut business "free" might hit the spot? Cheers

[992NewBoy]

I work in Holland and live in the UK. I have my salary (Euros) paid directly to my Revolut account which I can then convert to Sterling at my convenience and transfer out to my Sterling bank account (the transfer is instantaneous). I upgraded my Revolut account at a cost of about £70 per year so that I don't pay any currency conversion costs.
The situation works very well.

[StevieBee]

HSBC is probably your best bet. As she already has an account with them, just open a USD and EUR account.

If you want to look elsewhere, check the routing method for USD. Many of the disrupter banks use something called ACH Routing which is fine when the Dollars come from the US but not if they're being paid from elsewhere.

[2 GKC]

992NewBoy said:

I work in Holland and live in the UK. I have my salary (Euros) paid directly to my Revolut account which I can then convert to Sterling at my convenience and transfer out to my Sterling bank account (the transfer is instantaneous). I upgraded my Revolut account at a cost of about £70 per year so that I don't pay any currency conversion costs.
The situation works very well.

The conversion costs are all in the rate

[Mr Overheads]

Revolut or MoneyCorp both offer free USD accounts and are easy to open. Then you can keep it as USD and exchange it when you feel the exchange rate is favourable.

[C350Akra]

Why not contract and invoice in GBP? It is usually easier for a larger organisation to pay in a foreign currency than for a small operation to take payment in a foreign currency.

[Spinner20]

HSBC will take your pants down on the rate. TransferWise can receive USD and then you can hold in that currency or transfer to GBP at a more preferable rate. Revolut same but not sure relative rates.

[Stephanie Plum]

I do this and use TransferWise. Don’t leave money in the account as it isn’t protected. Much cheaper than any high street bank.

[Northernboy]

2 GKC said:

The conversion costs are all in the rate

Revolut seems to be pretty much bang-on screen mid when I use it.