USD account

samborambo

Hi, I'm a bit lost so hoping for some advice. I've been a self employed author for 4 years now and most of my royalties are paid in $ through Amazon because 90% of my sales are on the US site. I've been aware that to get paid in £, Amazon use their own exchange rate which usually leaves me several hundred pounds worse off each month. I could get paid via cheque in $ but it takes a long time to arrive and I have to cash it in in branch for a charge. So I was looking into getting a USD account because I can then opt for Amazon to pay me directly in USD and not lose in the transfer. However, is this worth it for me when it comes to accessing the money once its in the account? If I transfer this into my usual current account will I lose out then and is this actually possible? Thanks!

Futuristic

http://payoneer.com - I think they charge a $25 yearly fee now but if you're saving hundreds then thats fair enough

If amazon allows you to get paid by "ACH transfer" in USD then it will work as you get given a account number in a US bank.

grumbler

Banks charge typically ~3% for conversion, but you can use a currency broker that charges much less. E.g. see
http://www.mycurrencytransfer.com/money-transfer-to-UK/5000-USD
https://www.fxcompared.com/money-transfer/usa.php

Check also currencyfair.com

The only problem is that you'll have to pay a flat fee for a $ transfer from your $ account; I'd expect £10-£20.

Also, have a look at Revolut – perfect rates & £5 bonus
I think you can top it up from a $ account, convert to £ at a perfect rate and then either spend or withdraw to a £ account.

samborambo

Fantastic, thanks for the links, I'll check them out!

eDicky

grumbler wrote: »

Also, have a look at Revolut – perfect rates & £5 bonus
I think you can top it up from a $ account, convert to £ at a perfect rate and then either spend or withdraw to a £ account.

Revolut will charge no fees for this, so the only cost will be the charge by the bank providing your USD account for the transfer to your Revolut USD balance.

However, if you choose Barclays for your USD account you may find the transfer fee to the Revolut account, also with Barclays, to be less or even zero - so worth checking. Let us know. . .