Foreign Currency Bank Accounts Recommendations

GaryMitchell

Does anyone use a foreign currency bank account? I currently get paid in USD into my UK GBP bank account then I have to send money abroad. I get hit with charges and exchange rates every time I am paid and every time I send money abroad. Does anyone have a recommendation for a multi-currency account I can use to cut down on costs?

jonesMUFCforever

Where are you based?

worried_jim

GaryMitchell wrote: »

Does anyone use a foreign currency bank account? I currently get paid in USD into my UK GBP bank account then I have to send money abroad. I get hit with charges and exchange rates every time I am paid and every time I send money abroad. Does anyone have a recommendation for a multi-currency account I can use to cut down on costs?

Revolut.

https://www.revolut.com/

eDicky

USD can be paid in to a Revolut account by SWIFT transfer to their USD account at Lloyds with your personal reference number to identify it, but there is currently no facility to receive USD to your own name and account details (as there is with GBP and EUR), which may be necessary for receiving salary payments.

Alternatives are Fineco Bank UK (a real bank) and the TransferWise Borderless Account.

GaryMitchell

I go between the UK and Thailand but I work for an American based Oil and Gas company. Hence why I'm paid in dollars but have to transfer money abroad

GaryMitchell

I tried TransferWise to send money a while ago but my bank cancelled the transaction for some reason. Has anyone used revolut to send money? I'm a bit apprehensive about receiving my salary into something other than a bank

eDicky

GaryMitchell wrote: »

I tried TransferWise to send money a while ago but my bank cancelled the transaction for some reason. Has anyone used revolut to send money? I'm a bit apprehensive about receiving my salary into something other than a bank

You should ask your bank why the payment to TransferWise was cancelled. In general it's not wise to be reliant on only one bank.

With the TransferWise Borderless Account your regular bank is not involved, except to receive funds already converted to pounds.

I've been using Revolut for three years; a couple of payments, one to Puerto Rico, were rejected by the receiving bank and Revolut immediately credited back my funds when notified of their non arrival. But as I said, you may not be able to receive your salary directly without USD account details in your name (?), and their conversion to Thai baht is not at their usual perfect interbank rates.

Have you looked into Fineco Bank? They will (I believe) provide personal USD account to have salary paid in and conversion at rates very close to interbank. If their facilities/cost for transfers is not suitable it could perhaps be combined with Revolut or TransferWise.