Best way on receiving a payment from abroad?

mishelly

Ok, before I go into the problem i should state that I am a complete and utter novice at this with no prior experience of international currency (apart from my first foreign holiday this year and i used the travel money maximiser!) :money:

I am due to receive a payment in a month or so from abroad (from singapore but payment will be US dollars) and I am trying to see the best way of doing this. I could get it paid directly into my bank but i expect the exchange rate to be completely naff and I think they charge fees too. It will be a payment of $7500 so i need to get this right or could loose a small fortune due to being a bit [STRIKE]thick[/STRIKE] naive.

Does anyone know what the best way of approaching this would be?

Mr.Mulla

mishelly wrote: »

Ok, before I go into the problem i should state that I am a complete and utter novice at this with no prior experience of international currency (apart from my first foreign holiday this year and i used the travel money maximiser!) :money:

I am due to receive a payment in a month or so from abroad (from singapore but payment will be US dollars) and I am trying to see the best way of doing this. I could get it paid directly into my bank but i expect the exchange rate to be completely naff and I think they charge fees too. It will be a payment of $7500 so i need to get this right or could loose a small fortune due to being a bit [STRIKE]thick[/STRIKE] naive.

Does anyone know what the best way of approaching this would be?

It would be best if the person paying you has an account at a bank that has branches in your town or city.

That way, all you have to do is deposit the money into your account, and you can have it (free gratis, no fees or charges) within 60 seconds.

Voyager2002

Firstly, ask your own bank (ask them to use today's exchange rate to give you an idea how good or bad they are, then compare that with the market rate on xe). My guess is that you stand to lose twenty pounds, and in that case you might decide not to bother doing anything else.

Otherwise, you could open a dollar account (Citibank and NatWest do them: when I checked Citibank offered a better exchange rate for converting dollars to sterling) and simply have the funds deposited there, then exchange them for sterling at your convenience.