second job being paid in usd

smallandcute

Hi all,

Need a little help with this one. So setting up my business and a part of it will mean that i am paid in gbp but for the most part it will be usd. My options for receiving the payments are bank transfer, cheque or payoneer.

Does anyone know of a good usd account i could open in the uk, must mean i have a very low or zero balance to keep it.

A good bank to put the cheques into. Am aware that i could use a currency broker, would they set up an account for me with bank info like iban etc so payments can go directly in there and be converted? Or a prepaid travel card that has account info like a bank account so funds can be added in there?


Or any other suggestions would be great. Thanks

eDicky

smallandcute wrote: »

A good bank to put the cheques into.

This is probably your biggest problem - try to avoid receiving USD cheques, cashing them in the UK will involve often hefty charges and having your revenue tied up while they clear.

Ideally you should have a US bank account (assuming that's where the payments originate), to avoid the above and other problems.

The main UK banks have USD accounts available, but most charge monthly fees unless there's a substantial balance. Search this board for more info, I don't remember which would be most suitable. Any bank will still give you a bad exchange rate on USD to GBP, even between its own accounts.

Always use a broker where possible for the exchange. Contact a few of the recommended ones to see if you can arrange inward payments as you suggest.

Prepaid travel cards cannot be loaded by a third party for business purposes. I know nothing of Payoneer. You are very fortunate to be receiving income in dollars these days..!