USD Cash into a UK account

mhuk01

Hello

I currently work abroad and am paid in USD cash. I would like to know the most cost effective way of getting this money into a UK bank account in GBP.
I have a US account and could pay the money into that and then transfer, however I'd like to know if there is a better way of doing this.

Thanks

Martin

agrinnall

Using your US bank to do the transfer is likely to be convenient but not the cheapest method, an online broker (I've never used one so wouldn't like to suggest a name, but other people probably will be able to) will be cheaper. One thing you can do whatever method you use is to minimise the number of transfers you do, as the charges are invariably per transaction. So if you can let the money accumulate for a few months in the USA and transfer it once or twice a year you'll make a big saving on charges.

Mikhail

Open CitiBank deposit account in London in USD and preferably a Citibank account where you, transfers between Citibanks are free. (http://www.citibank.co.uk/personal/banking/international/deposits.htm?merchant=citi)

Currency exchange.
Don't use an online broker at least not this one: https://www.hifx.com - everything is FREE with them, but it's not really. The currency converter you will see on the front page indeed offers even better exchange rates than xe.com but when you open an account with them you will never find that rates! Transferring money between my Citibank account in different currencies using the Citibank exchange rate is considerably cheaper!!!

mhuk01

thanks for the advice.

are you able to tell me what the current rate is with citibank usd account to convert usd into gbp?

property.advert

You want a multi currency account. HSBC have them in Guernsey and as mentioned above, Citibank have them. Others will as well but you need to interrogate the charging structure.

You also need to question just how often you need to convert money.

rockitup

mhuk01 wrote: »

thanks for the advice.

are you able to tell me what the current rate is with citibank usd account to convert usd into gbp?

Best for you to call Citi and ask them because there are different exchange rates depending on how much you wish to transfer. On top of this Citi update their rates normally once every 30 minutes where on the markets the rates is changing every second or so.

If you have a large enough amount of currency to change I would try Hargreaves Lansdown Currency Service or Smart Currency Exchange, have used both companies for years and they will negotiate on the FX rate when you have opened the account with them. (you do need to fax or scan/email over proof of id and address to a broker for ML purposes when opening an account)

mhuk01

rockitup wrote: »

If you have a large enough amount of currency to change I would try Hargreaves Lansdown Currency Service or Smart Currency Exchange, have used both companies for years and they will negotiate on the FX rate when you have opened the account with them. (you do need to fax or scan/email over proof of id and address to a broker for ML purposes when opening an account)

Thanks for the advice. Just to clarify, my USD is in cash, so I need a way of paying it into an account and converting it at the best possible rate. I think the companies you mentioned deal with money that is already in a bank account.

rockitup

mhuk01 wrote: »

Thanks for the advice. Just to clarify, my USD is in cash, so I need a way of paying it into an account and converting it at the best possible rate. I think the companies you mentioned deal with money that is already in a bank account.

Ok you have the accounts already don't you? At least you mention the US Account. Wire the US$ from the american account to HL, they convert it on the day you wish to make the transaction and then send the money without charges (if over £10k) to your Sterling bank account.

This works in exactly the same way for transferring GBP to USD, just in reverse and from UK Accounts you send money by CHAPS Transfer (equivalent to wire)

mhuk01

I do have a US account with some money in, but most of my USD is in cash, and as I'm not currently in the US I am unable to pay it in to my US account...