US dollar salary into UK bank

jicms

"I suspect that Nationwide may have charged you for receiving Australian Dollars into a Sterling account, they would have also used generic tourist rates to convert the Australian $ into Sterling."

Thomas Exchange state "Please be aware that receipt of funds from Thomas Exchange UK Ltd into your nominated bank abroad or within the UK may result in charges being applied by the receiving beneficiary bank. For details of any charges applied by the receiving bank please contact your bank directly."

Sounds as if this isn't the solution.

catokelly

jicms wrote: »

Thomas Exchange state "Please be aware that receipt of funds from Thomas Exchange UK Ltd into your nominated bank abroad or within the UK may result in charges being applied by the receiving beneficiary bank. For details of any charges applied by the receiving bank please contact your bank directly."

Sounds as if this isn't the solution.

That warning applies when you are transferring international funds to a bank account abroad or a Euro account in the UK etc.. (some banks abroad do charge a fee for receiving international payments even if they are sent in Euros etc, regardless if your bank or an fx broker sent it, spanish banks are usually the worst offenders for this).

However when you are sending funds from abroad to thomas exchange, to one of their currency accounts, they will not charge any fee for receiving the inbound payment.

JuicyJesus

catokelly wrote: »

I suspect that Nationwide may have charged you for receiving Australian Dollars into a Sterling account, they would have also used generic tourist rates to convert the Australian $ into Sterling.

Unlikely that they'd have used a "tourist exchange rate". Bank transfer rates are usually quite close to wholesale, a lot more so than cash.

However, they may well have charged for receiving AUD into a GBP account, yes.

catokelly

JuicyJesus wrote: »

Unlikely that they'd have used a "tourist exchange rate". Bank transfer rates are usually quite close to wholesale, a lot more so than cash.

However, they may well have charged for receiving AUD into a GBP account, yes.

Bank transfer rates are only close to wholesale rates when dealing with large transfers of £10k and above, having said that, banks rates are still always worse than using a specialist forex broker.