Dollar Offshore Account For Seafarers

completelackofsurprise

I am a UK citizen and normally live in the UK. I am a seafarer and therefore do not pay income tax in the UK as I am out of the country for the majority of the year. I get paid each month in US Dollars and each month this goes into my UK current account with RBS. I get charged 7 GBP for this and get a pretty poor exchange rate. I then pay my UK mortgage and bills from this money. When I dock in a new country, I withdraw cash from my UK current account, so I lose out yet again on the exchange from Sterling.

Does anyone have any advice on how I can change my banking to avoid getting hit with poor exhange rates? i was thinking about opening an offshore dollar account, but I'm not sure if it will make my life any easier.

All advice appreciated.

Del.

gt94sss2

Nationwide wont charge you a fee if they receive foreign currency payments in their current account.

Also, taking cash out using a Nationwide debit card abroad will be cheaper than using a RBS one as you will get a better exchange rate (no fx loading)

Otherwise, any high street bank will offer USD accounts and you can then choose when to convert the money to GBP yourself..

Regards
Sunil