USD Account

erestor_2

Hi there,

I've recently started working, in the shipping industry, for a Chinese company who pay in US Dollars. I live in the UK, however spend allot of time when not at sea travelling so i'm figuring that it's probably worth my while having the money paid into a USD account rather than loosing on exchange rate converting to Sterling and then again to the local currency of wherever i happen to be.

So far i've come across Citibank and the UK high-street names offshore arms, but most of the offshore either have very little information - phone this number to discuss your needs type of thing - or are aimed at very high earners with large deposits.

Ideally i'm looking for something that i can keep my wages in, or a proportion of, that has no charges for transfer into a Sterling account and a good exchange rate.

I'd also be interested if anyone knows anything about savings accounts in USD so i can earn some interest while holding on for a good exchange rate when changing over to Sterling for bills etc.

Thanks in advance!

jonesMUFCforever

I bet your british bank will offer offshore currency accounts in USD (togethre with all the terms and charges).
Have a look at their website.

rockitup

erestor wrote: »

Hi there,

I've recently started working, in the shipping industry, for a Chinese company who pay in US Dollars. I live in the UK, however spend allot of time when not at sea travelling so i'm figuring that it's probably worth my while having the money paid into a USD account rather than loosing on exchange rate converting to Sterling and then again to the local currency of wherever i happen to be.

So far i've come across Citibank and the UK high-street names offshore arms, but most of the offshore either have very little information - phone this number to discuss your needs type of thing - or are aimed at very high earners with large deposits.

Ideally i'm looking for something that i can keep my wages in, or a proportion of, that has no charges for transfer into a Sterling account and a good exchange rate.

I'd also be interested if anyone knows anything about savings accounts in USD so i can earn some interest while holding on for a good exchange rate when changing over to Sterling for bills etc.

Thanks in advance!

Don't know if this will be of any help in your situation but may be worth considering.

Banks normally give very poor exchange rates on smallish amounts even if you have both GBP & USD accounts with them.

If your salary is going to be the same every month for a year at a time, then you could try setting up a regular conversion to the currency of your choice whether that be Sterling or Chinese Yuan. Some people retiring abroad do this with pension payments.

If this is suitable, talk with a few currency providers who have been around for a long time, I have used Hargreaves Lansdown and Smart Currency Exchange on many occasions but there are lots more to choose from. If you tell them how much salary payments are expected to be they can either fix the rate for the year or let it move in line with the foreign exchange rates, so that is your gamble.