UK Resident, going to be paid in USD

londoninvestor

tony190879 wrote: »

So, in order to open a Lloyds international bonus saver account you have to be ordinarily resident in the channel islands or the isle of man - which I am not. So that account is also off limits.

Ah, it sounds like they've changed the naming. The one that is for non-CI/IOM residents is the International Bonus Savings Account - this one. I have this account, and I'm a UK resident and always have been.

eDicky

tony190879 wrote: »

After executing a transaction out of my USD currency account to my Revolut account, HSBC first convert it to GBP at an unfavorable exchange rate then transfer it on to my USD revolut, which of course receives GBP in to a USD account and incurs a fee.

I neglected to warn you about this, although I do often warn against using foreign currency accounts with any of the regular UK banks. They stiff you at any move you make with your money and don't provide a debit card in order to spend in that currency. If you do want the relative security of holding funds in dollars or euros with HSBC, open your account in Singapore or Hong Kong where at least you can have a debit card.

londoninvestor

tony190879 wrote: »

Just on a side note as a warning about the HSBC current account.

After executing a transaction out of my USD currency account to my Revolut account, HSBC first convert it to GBP at an unfavorable exchange rate then transfer it on to my USD revolut, which of course receives GBP in to a USD account and incurs a fee. It is good that I tested it with a small amount first as a large amount would incur a large fee.

That's very aggravating. I think this might be worth a complaint to HSBC based on the account T&C (link)

Note page 11 - "You can use Currency Account Transfers, SEPA credit transfers, Worldpay payments, Priority Payments and Global Transfers to make payments in a foreign currency to other UK accounts or to make payments abroad."

And page 12 - "you can ask us to convert a payment into a different currency before we send it".

That doesn't seem to entitle HSBC to forcibly convert your USD to GBP.

trailingspouse

As a freelance, I'm assuming you negotiate your own remuneration package? When we do similar, we decide how much we're prepared to work for, then set the rate at an amount that will provide that after all costs etc have been taken into account.
This means that effectively the client is paying the costs.

And if they won't pay us that much? We don't work for them.

english_rose

tony190879 wrote: »

Yes so trailingspouse answer was one of the most helpful I have seen. But anyway.
The answer after experiencing it.
Have the USD paid in to the revolut account and hammer it home to the people executing the transaction that the reference number associated with the account must be used. Then it's fine no charges or anything and the money can be converted to GBP inside the revolut account and sent to a UK bank account.

Did you find a solution to this? I'm in a similar situation, UK national about to start working for a US NGO and paid in USD. I've been doing some research (MSE and elsewhere) and am quite overwhelmed, it all seem so complicated!

eDicky

english_rose wrote: »

Did you find a solution to this? I'm in a similar situation, UK national about to start working for a US NGO and paid in USD. I've been doing some research (MSE and elsewhere) and am quite overwhelmed, it all seem so complicated!

The solution of using Revolut is in the post you quoted, if the NGO will agree to sending your salary to an account that is not in your own name and include the identifying reference.

If they will insist that the account must be in your name, use TransferWise Borderless account or Fineco Bank UK to receive your salary, convert to GBP and send to your regular GBP account.

Butch_Dingle

tony190879 wrote: »

Fineco is based in Italy so it looks like swift charges are incurred during the transfers.

For Fineco SWIFT transfers to UK banks/BS, Fineco themselves don't charge anything - though they charge around £20 per SWIFT transfer if sending funds outside the EU.

Only thing thing to be aware when receiving GBP funds from Fineco is that your UK bank/BS may charge - this is around £6 per incoming transfer for amounts > £100. However some banks/BS such as Nationwide or Starling Bank don't charge to receive SWIFT transfers in GBP so well worth opening an account with one of these if you will be making regular transfers from Fineco > UK.

tony190879

The answer is to use a revolut account. Free currency exchanges, a fiver to open the account.
Now the US dollar accounts are individual, you get a swift number, etc etc the account is fantastic.
If all the money in your account I'd in USD and you use you card in another country it automatically does the conversion.
Use Revolut!

Rincewindwiz

So I have read all these posts and very interesting they are too.
I thought Id try Revolut but they are impossible to contact.


The telephone support number is totally automated but does eventually give you [EMAIL="Feedback@revolut.com"]Feedback@revolut.com[/EMAIL] (generates automated response) and [EMAIL="Complaints@Revolut.com"]FormalComplaints@Revolut.com[/EMAIL] (you can tell I was getting irritated!)

Most contact stuff refers you to chat in the app. But to access chat in the app you have to log in / sign up (photos, phone numbers etc) and Im not prepared to do all that when they may turn out to be not what I want.


Also speaks volumes of the support I might get if I ever signed up.


Pity as it sounded promising. Does anyone have a sensible way of Contacting Revolut?

eDicky

Rincewindwiz wrote: »

Pity as it sounded promising. Does anyone have a sensible way of Contacting Revolut?

When you have an account you can contact them through the app. Why do you want to contact Revolut when you don't have an account with them? Have you looked at their website and all the FAQs etc and still cannot find what you want to know..?