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Business bank account with low foreign currency fees?

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Business bank account with low foreign currency fees?

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I'm starting a new business which requires me to make regular purchases in non UK sterling currency. As I understand it, I can't really use personal bank accounts and credit cards for the business as I need to open up specific ones intended for business. It seems to be relatively easy to find personal credit cards/bank accounts that have free or low fees for foreign currency but I cannot find any for business bank accounts.

Does anyone know if there are any good ones I can use? Or any ideas for what I can do to minimise the foreign currency fees when I make regular transactions?
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Replies

  • Voyager2002Voyager2002 Forumite
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    If your supplier accepts Mastercard (debit) payments, get yourself a Curve card and link it to any debit or credit card that you use for your business.
  • DCFC79DCFC79 Forumite
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    Starling do a business account, dont know if they have 0% conversion fees but have a look.
  • sliphisliphi Forumite
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    tallac said:
    I'm starting a new business which requires me to make regular purchases in non UK sterling currency. As I understand it, I can't really use personal bank accounts and credit cards for the business as I need to open up specific ones intended for business. It seems to be relatively easy to find personal credit cards/bank accounts that have free or low fees for foreign currency but I cannot find any for business bank accounts.

    Does anyone know if there are any good ones I can use? Or any ideas for what I can do to minimise the foreign currency fees when I make regular transactions?
    What foreign currency are you required to make regular purchases in?
  • tallactallac Forumite
    57 posts
    10 Posts
    sliphi said:
    tallac said:
    I'm starting a new business which requires me to make regular purchases in non UK sterling currency. As I understand it, I can't really use personal bank accounts and credit cards for the business as I need to open up specific ones intended for business. It seems to be relatively easy to find personal credit cards/bank accounts that have free or low fees for foreign currency but I cannot find any for business bank accounts.

    Does anyone know if there are any good ones I can use? Or any ideas for what I can do to minimise the foreign currency fees when I make regular transactions?
    What foreign currency are you required to make regular purchases in?
    US dollars.
  • martindowmartindow Forumite
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    I usually use a money transfer company for foreign transactions as their fees and conversion rates are better than my bank offers.  They quote a price for the trade, I make a faster payments transfer and it's done.

    I would choose your business banking according to your needs - whether you need to pay in cash or cheques, if you want a local branch, etc. and not worry about their arrangements for international payments.
  • sliphisliphi Forumite
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    tallac said:
    sliphi said:
    tallac said:
    I'm starting a new business which requires me to make regular purchases in non UK sterling currency. As I understand it, I can't really use personal bank accounts and credit cards for the business as I need to open up specific ones intended for business. It seems to be relatively easy to find personal credit cards/bank accounts that have free or low fees for foreign currency but I cannot find any for business bank accounts.

    Does anyone know if there are any good ones I can use? Or any ideas for what I can do to minimise the foreign currency fees when I make regular transactions?
    What foreign currency are you required to make regular purchases in?
    US dollars.
    Probably best to get yourself an account in that particular currency. There are numerous banks that offer USD business accounts in the UK. Off the top of my head, I know Barclays & HSBC can provide these.
    Metro also claim to offer such an account, but it's quite restricted with no cheque book, no debit card, etc.
  • Highland76Highland76 Forumite
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    I can confirm the Starling Business account doesn't charge for forex transactions, same as their personal accounts - I have both.
  • doningtonphildoningtonphil Forumite
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    why not use American Express FX.  You buy the currency at an agreed rate and provide the IBAN details of the recipient in the foreign country.  You then settle by BACS for free.  Easypeasy
  • CKhalvashiCKhalvashi Forumite
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    I'd pair the bank you're with (with a Business account, obviously) and Transferwise if making payments to the US.

    HSBC charge 2.75% on business foreign currency transactions, and Transferwise can usually come within 1% plus a small fee.

    Other (cheaper) options may be available, but I have a personal preference for security by using names I've heard of and trust.
    "I kada sanjamo san, nek bude hiljadu raznih boja" (L. Stamenkovic)

    Call me Remainer or Romaniac, but not Remoaner. It's insulting and I have the right to have my voice heard too.

    I can spell, my iPad can't.
  • TobleToble Forumite
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    I'd pair the bank you're with (with a Business account, obviously) and Transferwise if making payments to the US.

    HSBC charge 2.75% on business foreign currency transactions, and Transferwise can usually come within 1% plus a small fee.

    Other (cheaper) options may be available, but I have a personal preference for security by using names I've heard of and trust.
    Sorry - so you pay both fees?
    Or just transferwise.
    How would you suggest setting up whereby you buy products and sell products in USD/America but will need to withdraw it to a UK account obviously at some point (probably often). 
    Thanks
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