Best way to receive US dollars into a UK account?

Mila

I need some help here guys,

I'm a Lloyds TSB customer and I've recently started a job with a USA-based company which pays in dollars once a fortnight.

I've found out that Lloyds TSB would charge me 7 pounds per transaction from abroad and it doesn't matter if I get the money into my current account (where the money will be exchanged into pounds at their rate) or if I open an international US $ account with them.

Now the question is: Is there a cheaper way to receive money from the USA?

Just to clarify, I live in Scotland and City Bank is not a great option for me, as I was told they charge you every time you withdraw money from a cash machine other than theirs. I tried other banks as well but they haven't heard what ACH is (automated clearance house) - as I was explained by the USA company I work for, a type of electronic money transfer. Nationwide, for example, offered SWIFT transfer, where they would charge my employer 20 pounds each time they transfer money - and I am not sure that would be acceptable.

I would appreciate any advice or further information as I don't know much about the matter.

Thanks in advance=:)

97trophy

Open a US$ account with Citibank UK. Get the USA company to send you a US$ check (cheque) for your wages. Pay those checks into your Citibank UK account. After they clear withdraw the money via BACS using Citi's website to your GBP account at your current bank.

Cheap and easy.

blueberrypie

I think this could be done through XE Trade. I know they will accept payment via ECH, and they'll do the exchange (they've a best rate guarantee) and deposit the pounds into any UK account you want. I've been using them for years and have always been impressed with their service, and have never heard anyone else on this forum say anything but good things about them. Their FAQ is at https://www.xe.com/fx/help/all-faq.htm and there's a link at the bottom of that page which will give you contact numbers (they have an 0800 UK number) - I think it would be worth calling to ask them if and how you could set it up.

System

97trophy wrote: »

Open a US$ account with Citibank UK. Get the USA company to send you a US$ check (cheque) for your wages. Pay those checks into your Citibank UK account. After they clear withdraw the money via BACS using Citi's website to your GBP account at your current bank.

Is it really possible to set up UK GBP bank accounts as payees via BACS from a Citibank UK $ current account? It isn't, as far as I can discover, possible to set up any on-line payees from a Citibank UK euro current account.

Mila

Thank you for your replies guys, i looked into them but what I would actually prefer, is to have a US dollars bank account, in which I can receive the dollars and to be able to both pay for my online purchases in dollars or withdraw money from it when I need it. It seems to me, that there are only savings accounts of that type available in the UK, and they want you to have between GBP 2.000 and GBP 25.000 deposite or the fees to keep the account are quite high.

blueberrypie, I liked that idea but it means that when I need to buy things from American sites, I will need to exchange my dollars into pounds and then my pounds back into dollars again...

97trophy, the City bank option won't work for me as the company I am working for won't send checks to UK, they only do ACH transfers. Besides, they only have 2 branches in London and I'm in Scotland.

Is what I want really possible here in UK?

[Deleted User]

You could always try Paypal, have them pay into paypal and transfer to your bank from there, Paypal charges for transfers to bank are very small (<£1 if I remember correctly).

97trophy

Open a US$ account with HSBC USA. You can do this via their London office. Phone number on the website.

Your employer can then direct deposit into the account.