Bank account for incoming payments from abroad

inside_outsider

Hello, this is my first post here,

I'm self-employed, and most of my clients are abroad. I receive payments from various parts of the world, in euros, dollars, and occasionally other currencies. I currently use the Nationwide and the Cooperative Bank for my current accounts, but I was wondering if there are other banks out there which are more cost-effective when it comes to payments from abroad. As far as I understand, the Co-op seems to take up to £6 per transaction, while the Nationwide works through intermediary banks, which take a cut on the way.

Many thanks!

System

Unless Nationwide has recently changed, they aren't members of the European Payments Association
http://epc.cbnet.info/content/adherence_database
Your customers therefore cannot pay euros into your Nationwide account by the modern cheap and quick method, a SEPA Credit Transfer.
So that people can pay you by legacy 'SWIFT' (ie, slow and expensive) transfers, Nationwide (wrongly) advise you to quote the BICs both for Nationwide and for their intermediary HSBC. This will confuse your customers and their banks.
The Co-op is a member of the EPA, and receives SEPA Credit Transfers. They do not charge an explicit fee, but do (like all banks) take a fee via a 'spread' on the exchange rate - about 2% I think.
I don't know what the Co-op charges for receiving US dollars by, alas, the only method available, a legacy 'SWIFT' transfer.
You could consider opening euro, US dollar, and GBP accounts at Citibank. You can then receive euros and dollars easily, and transfer them to GBP, subject to a spread. However, unless you have a huge credit balance, there are monthly fees. And, in my experience, Citi's customer service is dire.

inmypocketnottheirs

YoungNick wrote: »

You could consider opening euro, US dollar, and GBP accounts at Citibank. You can then receive euros and dollars easily, and transfer them to GBP, subject to a spread. However, unless you have a huge credit balance, there are monthly fees. And, in my experience, Citi's customer service is dire.

Would be my advice. If you credit the account with £1800 pm and have 2 direct debits then it's free banking,otherwise it's £8 pm. Open a euro and a dollar account and then, subject to the spread (which is comparable to any other bank) there are no other charges. You can have a visa debit card that you can switch to any account, and you can move funds in real time.

TBH the service at citi has got a lot better recently. I do all my account management on line, but the last few times I have had to call it has been UK based call centre.

Overall, in terms of convenience it's pretty hard to beat.

missile

I have a euro and sterling account with LTSB International. It costs me zip for electronic transfers into these accounts. I get a good exchange rate when transfering € to £ and no fees to transfer to my UK LTSB account.

inmypocketnottheirs

missile wrote: »

I have a euro and sterling account with LTSB International. It costs me zip for electronic transfers into these accounts. I get a good exchange rate when transfering € to £ and no fees to transfer to my UK LTSB account.

Any monthly fees for either account? Can you have a debit card that you can use on € account? Is it online and you can switch in real time between accounts?

The only fees with Citi are as I say £8 pm unless funded as explained. Transfers in and out are free, as are citi cash withdrawals in euro or dollars if using a citi ATM. the rate at LTSB and Citi will be broadly similar.