Cheapest bank account to receive USD into?

Daneel

I have a substantial sum of USD that I want to transfer to the UK in GBP. I'm trying to work out what the cheapest way to do it is.

Can anyone make a recommendation? Ideally, I'd pay a fixed fee, and get the spot rate at the time of transfer.

Thanks!

grumbler

How 'substantial'?
Even currency exchange experts don't offer the 'spot' rate, let alone banks that typically charge ~3%.
You can open Citibank accounts in $ and £, but they AFAIK they don't publish their internal exchange rates that used to be better than in other banks, but reportedly deteriorated recently.

Depending on the amount consider alternatives:
http://www.fxcompared.com/Content/money-transfer-from-USA-UK-above-3000-amount-10000

MSE article: Sending Money Overseas

jonesMUFCforever

You can specify/ask for the rate to be calculated from the US side - most banks here will charge £5-£20 for the incoming wire transfer.
Any fees for the transfer can be paid at the US side. (I am assuming here money is in USA).
However if you open a new account and a substantial amount is received almost immediately, then it could get blocked due to money laundering regulations.