receiving Us dollars

snowballscold

Hello all, I am due to receive approximately $90,000 Us dollars for compensation and was hoping on any advice on changing this to pounds? I have spoken with 2 companies who state their rates can be up to 5% better than what my bank will offer. Currencies direct and FC exchange. I obviously have some concerns transferring such a large amount to an account not in my name. Any help or advice would be most appreciated.

thanks

eDicky

You probably need to check what kind of methods the party who now hold the funds are prepared to use in order to pay it to you.

snowballscold

They want bank account details, so i assume wired transfer.

eDicky

snowballscold wrote: »

They want bank account details, so i assume wired transfer.

So it's unlikely that a currency broker can be used initially, if they will only send it to a bank account in (I assume) your own name.

Then it would be best for you to have a USD account to receive it, in the US ideally, or in the UK. Search this board for previous threads about dollar accounts. When it is in your hands you can then choose how and when to convert it to GBP.

snowballscold

The currency brokers can offer USD account and I would be registered with a unique code, the moneys would then be transferred to their account with my unique code, they exchange it and in turn post the moneys to my own personal account as and when I decide it is the most beneficial or immediately.
At least this is what I have been told. could be a potential saving of £3500 over the banks rates.

eDicky

Ok, but will the party now holding the funds agree to send it to an account, that of the broker, which is not actually in your name?

By all means avoid your bank's lousy exchange rates, but for that amount I still think it's worth looking into a USD account in a real bank to receive it, then use a broker to exchange it.

snowballscold

Yeah I see your point with the dollar account in my name, probably better traceable with the paper trail as such. It will be my Lawyer releasing the funds, so they will send it to wherever directed by me.

eDicky

snowballscold wrote: »

It will be my Lawyer releasing the funds, so they will send it to wherever directed by me.

In that case you could proceed as you intended, if you are confident enough. I've no experience of the brokers and method you mention, others may have...

Other brokers may give better value (e.g. TransferWise), but not all have the facility to receive from a party not signed up with them, and then hold your funds.

US dollars are quite good to have right now...

engineer_amy

I can recommend FirmaFX, WorldFirst and MoneyCorp as offering good rates and trustworthy, we frequently use all three for transferring large sums of money, depending on who is offering the best spot rate.
But we needed to have a contract with them to send money and either send it back to one of our currency accounts or pass it on to the beneficiary. Your situation is the reverse, you are the beneficiary, so you will need to check that the broker can receive funds from the lawyer without having a contract with him, or get the lawyer to set up an account with them

maninthestreet

That much money turning up in your account is likely to make your bank think you may be a money launderer....

henm2

maninthestreet wrote: »

That much money turning up in your account is likely to make your bank think you may be a money launderer....

Keep all copies of paperwork, emails and screenshots relating to this transaction in case you are questioned by your bank. It can help avoid accounts being frozen.