Business Banking International Fees

woolgar.c

Hi,

I have just moved from Sole Trader to setting up a Ltd Company, so I now need to open a business bank account.

I know there is advice on MSE about small business bank accounts, but I can't find anything regarding international payments. I don't need a foreign currency account as I am paid in sterling, but it comes from UAE, & hence banks still classify it as an International Payment.

Does anyone know which business bank accounts have the lowest fees for International Payments (these don't seem to be covered by any banks in their start-up fee free offers).

Many Thanks!

bengalknights

For receiving cash usually its either free to receive or upto 10p charge (Depending on the account)

You however get rubbish rates

woolgar.c

Thanks

I get paid in GBP so the rate isn't an issue (& otherwise I think I would use World First to protect against the fluctuations).

Most banks I have checked seemed to charge £7 for each International Payment received

I've just checked back through payments & they all seem to be CHAPS, therefore I think they may come under the initial free banking rather than International Payments. Phew.

bengalknights

woolgar.c wrote: »

Thanks

I get paid in GBP so the rate isn't an issue (& otherwise I think I would use World First to protect against the fluctuations).

Most banks I have checked seemed to charge £7 for each International Payment received

I've just checked back through payments & they all seem to be CHAPS, therefore I think they may come under the initial free banking rather than International Payments. Phew.

Are you sure its £7 for receiving as usually this is for sending money

looknohands

Bank of Scotland
U.S transfer is £15.00 per transaction paid in sterling so don't lose any conversion.

jonesMUFCforever

It is standard for a fee between £5 and £12 to receive an international inward payment that has not been sent through SEPA in the EU.