Currency accounts that let you deposit cash

Catmaspudding

Hi,

I work in a job where I travel abroad fairly often, and my job gives me a work ‘allowance’ in cash.

Unfortunately, I often end up spending a lot on card and so I normally deposit quite a lot back into my UK account with HSBC.

As I am travelling more and more, I realised that this was silly and I wanted to open an international currency account. I looked into the HSBC ones (especially as I go there to deposit dollars and euros anyway which are changed into sterling) but it looks like they don’t accept cash deposits - not does transfer wise.

Does anyone know an account that lets me deposit travel money in the form of cash?

I don’t want to keep loads of cash in the house...

colsten

The easiest would be if your employer paid your allowance into your bank account. That way you can also avoid the extra work to declare your additional income to the tax authorities as they will already know your total income.

agrinnall

Why can't your employer give you the allowance in sterling?

Catmaspudding

Because I work for a very big company and it’s ‘policy’. I would absolutely prefer a bank transfer - but they won’t change the policy. As to why - I have no idea, they do lots of things that an inefficient.

Technically it’s expense money rather than income, but Uber, Uber eats and other delivery services don’t take cash. I try to spend as much of it in cash as I can... but that’s not always possible.

The question is about if these kind of accounts exist, rather than why my company does things stupid ways. I can’t answer or change that one!

colsten

A "very big company" paying cash allowances? Pull the other one.

Catmaspudding

It’s not a ‘cash bonus’ it’s expense money that gets reconciled. I still end up with cash instead of money in my account though.

Also - you have no idea what you are talking about

penners324

I don't think it's possible to bank foreign currency into a foreign denominated account in the UK.

I'd also be very wary of what your company is doing and the tax implications of it.
If it's petty cash then any left over should be returned along with all the receipts for the cash spent. Any items that go on your card should be reimbursed through an expenses claim.

Just handing over cash could be seen as a per diem, which becomes taxable by HMRC.

At a minimum keep all those receipts somewhere safe.

eDicky

Nixia wrote: »

Does anyone know an account that lets me deposit travel money in the form of cash?

Such an account doesn't exist in UK, except perhaps Citibank for high roller clients.

It does seem strange that they would give you foreign cash to use. Just keep it for next time, or exchange it for pounds...

https://travelmoney.moneysavingexpert.com/buy-back

Catmaspudding

Thanks - I was just converting it to pounds, but I wanted to start keeping it for holidays.

Flobberchops

Nixia wrote: »

Does anyone know an account that lets me deposit travel money in the form of cash?

I don’t want to keep loads of cash in the house...

Yes; Barclays allows currency accounts that you can pay cash directly into thereby avoiding commission, FX spread, etc.

You'll need to be a Barclays current account customer to apply for a currency account. You can pay in cash over the counter Monday to Friday (NB: not weekends) and it's a 5-10 minute process each time as the cashier is required to call or initiate an online chat with a member of the international payments team. Withdrawals follow the same process but dependent on branch stocks of currency so expect to give 24 hours notice if you require currency in the thousands. Finally, USD cash handling (both in and out) incurs a 2% fee. No fee for Euros.

This is all "off the top of my head" so please visit the website to verify all this is current and accurate.


https://www.barclays.co.uk/current-accounts/international-bank-account/