US dollar accounts in the UK

skender

Hi everyone,

I am a UK resident working for a US-based company. My salary is transfered to my UK bank (Lloyds) in US dollars, meaning that I lose a substantial amount of money due to exorbitant exchange rates and fees.

A standard £7 fee aplies to all international transfers, which is fair enough, but the exchange rate offered by Lloyds is so poor that they effectively wipe off almost 6% of the total amount!

I could open a dollar account at Lloyds and sit on the money but the exchage rate will always stay well below the market rate.

Is anyone else in the same situation, what are the alternatives?

Many thanks!

bengalknights

Try Citibank who have various branches in the uk or bank of america who have a branch in london, on top of that you could try the likes of nationwide.