Paid in USD to UK Bank Account and Withdrawing in USD

Nikko672

Hi MSE. I was hoping to get some advice. I am starting a new job in Lebanon, where I will be paid in USD to a UK-based bank account. Whilst in Lebanon, I will be making card payments and frequently withdrawing cash in USD.

What's the best way for me to avoid losing out on too many currency conversions and fees?

At the moment I am thinking I might ask them to pay me into my GBP Starling account, as I can then withdraw cash in USD without being charged each time. However, it seems kind of mad to be paid in USD, have it converted into GBP, and then withdraw in USD. And I'm worried I would lose out because of so many conversations.

Is there a better alternative?

Thank you in advance for any help.

Ben8282

Why will you be withdrawing in USD and not LEP?
You have made your required Starling mention but wouldn't it be better to open an account with a local bank at least for your day to day spending?

PRAISETHESUN

I'd personally get them to pay USD into a USD account of some sort, and then you can control when and at what rate you exchange to GBP (or simply just withdraw directly as USD). A transferwise Borderless account of a Revolut might be help here. Otherwise your above solution will work, just you may get a poor exchange rate for when your salary is paid into Starling as the rate will be determined by the sender's bank.

Nikko672

Ben8282 wrote: »

Why will you be withdrawing in USD and not LEP?
You have made your required Starling mention but wouldn't it be better to open an account with a local bank at least for your day to day spending?

Thanks for your response. They're going through something of a financial crisis in Lebanon at the moment, with the Lebanese Pound depreciating against the dollar and dollars being difficult to withdraw from national banks. So I have been advised to go with USD at the moment

PRAISETHESUN wrote: »

I'd personally get them to pay USD into a USD account of some sort, and then you can control when and at what rate you exchange to GBP (or simply just withdraw directly as USD). A transferwise Borderless account of a Revolut might be help here. Otherwise your above solution will work, just you may get a poor exchange rate for when your salary is paid into Starling as the rate will be determined by the sender's bank.

Thanks for your response. The downside of the Transferwise Borderless account seems to be the fact that I will be getting charged for each withdrawal after the first (the equivalent of) £200 a month. I am expecting to be withdrawing more than that each month so I think I'd be losing out there.

Sobraon

Check out Fineco Bank multi currency accounts, you cant get Euro, GBP and USD Debit cards through them.

sal_III

Nikko672 wrote: »

Thanks for your response. The downside of the Transferwise Borderless account seems to be the fact that I will be getting charged for each withdrawal after the first (the equivalent of) £200 a month. I am expecting to be withdrawing more than that each month so I think I'd be losing out there.

At the very least you can use the Transferwise borderless to feed your Starling GBP account for minimal fees and them use the Starling card to get more cash.

There is no going around double conversion fees, without USD account with debit card and i don't think they are available in the UK and probably not the smartest thing to get one in Lebanon. So you might as well minimize the conversion fees with Transferwise

Ben8282

PRAISETHESUN wrote: »

I'd personally get them to pay USD into a USD account of some sort, .

Very sensible advice.

Nikko672 wrote: »

Thanks for your response. They're going through something of a financial crisis in Lebanon at the moment, with the Lebanese Pound depreciating against the dollar and dollars being difficult to withdraw from national banks. So I have been advised to go with USD at the moment

.

That may be so. But the ATM's of the banks in Lebanon dispense USD do they? Your reply above (and common sense) would confirm that they don't. So how and where do you actually intend to make these USD withdrawals?

Nikko672 wrote: »

Whilst in Lebanon, I will be making card payments and frequently withdrawing cash in USD.
.

So what ATM do you intend to use with your Starling Revoult or TransferWise card in Lebanon which will dispense USD notes? Similarly, when you make these card payments that you refer to they will presumably be made in local shops, restaurants etc who will charge you in guess what ... LEP! How to you intend to persuade local shops and restaurants etc to debit your card in USD? Perhaps they will be able to offer DCC from LEP to USD at the time of making the purchase although that will add a third conversion.

Taking into account Lebanese history and geographical location, I would have thought that the preferred 'hard' currency would have been the Euro rather than the US Dollar.

Nikko672

Hi Ben,

I just realised I had missed a couple of responses, including yours.

I wanted to make sure I replied to you because of how staggeringly condescending and yet also factually incorrect your reply was.

So let’s get started shall we?

Ben8282 wrote: »

That may be so. But the ATM's of the banks in Lebanon dispense USD do they? Your reply above (and common sense) would confirm that they don't. So how and where do you actually intend to make these USD withdrawals? So what ATM do you intend to use with your Starling Revoult or TransferWise card in Lebanon which will dispense USD notes?

ATMs in Lebanon typically give you the choice or withdrawing cash in either USD or LEP. In fact, some dispense ONLY USD.

Ben8282 wrote: »

Similarly, when you make these card payments that you refer to they will presumably be made in local shops, restaurants etc who will charge you in guess what ... LEP! How to you intend to persuade local shops and restaurants etc to debit your card in USD? Perhaps they will be able to offer DCC from LEP to USD at the time of making the purchase although that will add a third conversion.

Taking into account Lebanese history and geographical location, I would have thought that the preferred 'hard' currency would have been the Euro rather than the US Dollar.

Lebanon uses both LEP and USD, pegged at around 1 USD to 1500 LEP. Most places quote prices in both currencies and, indeed, some establishments and some landlords accept only USD.

I have messaged you personally about this issue but, for the sake of others who might come across this thread, I just want to caution people not to give advice (particularly in a way that is intended to belittle others) when you do not know what you’re talking about.

:beer:

maninthestreet

Have you considered Transferwise?

born_again

maninthestreet wrote: »

Have you considered Transferwise?

#3 and discounted #4

Ben8282

Nikko672 wrote: »

Hi Ben,

I just realised I had missed a couple of responses, including yours.

I wanted to make sure I replied to you because of how staggeringly condescending and yet also factually incorrect your reply was.

So let’s get started shall we?



ATMs in Lebanon typically give you the choice or withdrawing cash in either USD or LEP. In fact, some dispense ONLY USD.



Lebanon uses both LEP and USD, pegged at around 1 USD to 1500 LEP. Most places quote prices in both currencies and, indeed, some establishments and some landlords accept only USD.

I have messaged you personally about this issue but, for the sake of others who might come across this thread, I just want to caution people not to give advice (particularly in a way that is intended to belittle others) when you do not know what you’re talking about.

:beer:

Thank you for the PM.
Quite an amusing and somewhat contadictory and factualy incorrect reply. It appears to have become a regular occurence for 1 post newbies to feign anger and post agressive comments on my replies to their threads which to be honest I find quite amusing..
If you are so well informed I really wonder why you joined this forum to make your one and only contribution to it. To advertise Staring possibly?l