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  • FIRST POST
    • numbers
    • By numbers 9th Jun 17, 12:29 PM
    • 42Posts
    • 5Thanks
    numbers
    Receiving USD Payments in UK, from Outside USA
    • #1
    • 9th Jun 17, 12:29 PM
    Receiving USD Payments in UK, from Outside USA 9th Jun 17 at 12:29 PM
    This relates to some low value freelance work in which payment will be received in USD from outside the USA.

    Looking at Transferwise they would not accept such payments. Do folk know what would be the most cost effective account to set up for this to limit costs?

    Thanks

    numbers
Page 1
    • numbers
    • By numbers 10th Jun 17, 1:09 AM
    • 42 Posts
    • 5 Thanks
    numbers
    • #2
    • 10th Jun 17, 1:09 AM
    • #2
    • 10th Jun 17, 1:09 AM
    Any suggestions? ..... It looks like a Nationwide Flex account avoids the £7 ish receipting fee and will likely have a reasonable exchange rate, however even Nationwide call center struggled to answer my question.
    • Pincher
    • By Pincher 10th Jun 17, 6:31 AM
    • 6,516 Posts
    • 2,490 Thanks
    Pincher
    • #3
    • 10th Jun 17, 6:31 AM
    • #3
    • 10th Jun 17, 6:31 AM
    low value
    Originally posted by numbers
    Somebody with HSBC Premier accounts in both countries with USD accounts at both ends can transfer back and forth for free. Ask another contractor who has one. Probably ruin their day if the HMRC audits them, though.
    • numbers
    • By numbers 10th Jun 17, 11:25 AM
    • 42 Posts
    • 5 Thanks
    numbers
    • #4
    • 10th Jun 17, 11:25 AM
    • #4
    • 10th Jun 17, 11:25 AM
    Somebody with HSBC Premier accounts in both countries with USD accounts ............
    Originally posted by Pincher
    Due to the low value and low volume of the work, the plan is to simply open an account where receiving payment is most cost effective.
    • Pincher
    • By Pincher 11th Jun 17, 9:00 AM
    • 6,516 Posts
    • 2,490 Thanks
    Pincher
    • #5
    • 11th Jun 17, 9:00 AM
    • #5
    • 11th Jun 17, 9:00 AM
    Due to the low value and low volume of the work, the plan is to simply open an account where receiving payment is most cost effective.
    Originally posted by numbers
    Paypal?

    If you can manage to get a USD denominated PayPal account, customers paying in is free. Maybe spend from that account without converting.
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