How to receive US$ payment into GB£ bank account?

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  • How to receive US$ payment into GB£ bank account?
  • mnbv
    Member

    Hello,

    A business partner (credit card processor) can only pay me in US$. They could pay direct into my business account but I know hsbc will take the michael with the exchange rate and slap on another charge for fun.

    Does anyone know a practical workaround? It’s effectively about 3 months’ salary so would like to minimise any fees.

    Thanks!

    mnbv

    deadlydarcy
    Member

    I think google is your friend here. There’s quite a bit of competition for companies who want you to use them for relatively large cross currency transactions. Sebastian Chabal has even been advertising one of them on tv.

    Premier Icon Cougar
    Subscriber

    I got a message only the other day from HSBC saying they were going to start applying a Because We Can tax on non-sterling transactions. Which is a bit of an arseache if you shop on the Internet.

    Greybeard
    Member

    I use currencyfair.com to pay money into foreign accounts. It’s peer to peer, so you get the mid-market rate, and they take 0.3% commission for facilitating it. I can make payments on my account but doesn’t appear that that I can receive money. I think your partner would need to open an account with them, pay the money into that in US$, convert it within their system and send it to you. Try emailing theteam@currencyfair.com for more information. I have no connection with the company other than being a satisfied customer and wanting to spread the word about how to avoid being ripped off by the banks.

    DrJ
    Member
    Premier Icon chipps
    Subscriber

    A second for Paypal – that’s how we pay many of our US/foreign contributors.
    When I used to freelance for US mags, I’d get sent US$ cheques and I had a word with my bank. As it was going to be only a few times a year, they let me pay them into my local branch and I’d get a (presumably punitive) exchange rate and a small fee (£15?), but that was the simplest option.

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