TSB Business to Starling Switching Advice Needed

keepthegreen

I was considering switching before this weekend in any case but the troubles this week have motivated me further.

I'm looking for a new account that will give me the best rate with inbound USD transfers. Currently with TSB I'm not really sure what rates I'm paying as the money just arrives in my account as a F/FLOW TFR transaction type with no exchange rate info given. Does this mean the senders bank is performing the conversion and sending GBP? Or are TSB performing the conversion and not advertising the rate or any added fees?

I recently switched my personal account to Starling and have been very impressed but unfortunately they can't receive inbound USD transfers so I'm looking for a workaround in the meantime. If my international customer is doing the conversion with their bank I can switch straight away however.

So in summary does anybody know what exchange rate TSB applies to inbound transfers and whether I am paying this exchange rate on this transaction type?

Thanks

- Andy

eDicky

TSB, like most, will be giving you a terrible rate with no transparency. Check by comparing what you receive with what you would receive at the rates shown on XE.com

For receiving USD in your name take a look at Fineco Bank UK and TransferWise Borderless Account, good rates on conversion. Totally free (up to £5k/mth conversion, 0.5% fee thereafter) would be Revolut if you can be paid to Barclays in their name with your personal reference included.

keepthegreen

Thanks eDicky. I checked with the sender and it seems they are doing the conversion at their end and it is sent in GBP. The cost based on the exchange rate their bank quotes and the xe.com value is around 1.5%

I can live with that until Starling and my accounts package support dollar accounts.

lorico

I’m a sole trader and thinking of switching my business account from TSB to Starling. It will be purely digital, no cheques or cash involved. I will need a business debit card though. Any advice welcome