Money transfer from US to UK bank advice please.

theanalyst_2

Hi folks.
Am hoping I can get some savvy advice from the members on here

In summary, I am selling a business interest I hold to a USA company for a significant amount in dollars.

My problem is they will only pay me in dollars, and if they do an international transfer to my Uk bank account I will get stiffed for a 3-5% charge on the currency exchange if my research serves me correct. Which is a lot of money to give away when tax is added by the venerable HMRC.
My accountant is a bit out of his depth with the international factor, as am I to be honest!! so I have found some currency exchange companies that offer 1% rates, however I have not yet been able to ring them (last minute issue!) so am wondering if anyone has any advice they can offer please!

Thanks!

coyotemoon

I have had this dilemma and ended up opening an international dollar account with HSBC. This allowed me to keep the dollars until the exchange rate became more favourable. I was able to exchange some as and when I needed it without any penalties.
I hope this helps.

theanalyst_2

Thanks!
I am looking into this option right now, I think its the best route to take! thanks again

calypso_rhapsody

Look at Citibank too for a dollar account - they may be even cheaper than HSBC - they are for Euro ...