Receiving regular payments from the US

Starting

I'm about to start doing regular work for one or two US companies. This will require me to be paid from the US in dollars. I don't want to use Paypal and they don't want to pay the fees involved in doing a bank wire transfer each time. Does anyone have any suggestions?

Is it possible for a UK resident to open a US bank account with local US account number, routing number etc? I actually do have an American Social Security Number due to having dual nationality. Can I open a US checking account and use it even though I live permanently in the UK?

jonesMUFCforever

Google some of the American banks who have a London office and see what they can offer you.
With dual nationality it should be easier for you to do this than say just a Brit wanting to do this but the world has changed a lot in the last decade.

newfoundglory

You're problem is not opening a US dollar account - most big high street banks can provide one (HSBC, Lloyds TSB International etc), as well as American banks like Citi.

What you need to look at is how you are going to convert your $'s to £'s without paying more than you should.

If making high-value currency conversions, you will almost certainly want to use a good broker.

Citi did offer reasonable rates for online conversions between Citi accounts in different currencies, given the convenience, but you will be able to do better than this.

catokelly

You dont necessarily have to open a US Dollar Account. Have you considered using an international money transfer specialist? Most of them hold US Dollar accounts and can accept US Dollar payments into their US Dollar account. They will convert the USD into Sterling.

Once you have booked a rate, they would then transfer the Sterling equivalent to your nominated UK account. Most reputable transfer companies use live market rates not generic tourist rates that the banks use.:j

jaycube

Paypal is good option but it get delayed of 3 to5 days.

Starting

Catokelly, I'd appreciate you NOT direct messaging anymore trying to sell me products from your company. Thanks.

lime1996

Paypal is the cheapest option, I have payments from the USA every month and this is the cheapest way.