US Dollar account in UK

Daliah

Exodi said:

If they are offering the an exchange rate that isn't pre-loaded with no transaction or account fees, I can see why they'd be busy.

I may try my next transaction with them and compare the pound notes at the end, otherwise the cynic in me would always think 'what's in it for them?'

I do a lot of EUR --> GBP transfers and - provided the transfers aren't urgent - always include Fineco in my comparison before I make an exchange. Wise is now consistently third best, Starling second, and Fineco first. If I have time-critical, or small amounts to do, it's invariably with Starling, especially since Wise upped their fees earlier this year.

The fact that Fineco are not separating out any fees from their currency exchange doesn't mean they are not making money on exchanges. They also do a lot of investments, so I presume they see Banking as some sort of a sideline business. In any case, I look after my own profits, not the bank's.....

Note also that Fineco doesn't do business accounts.

Futuristic

HSBC now offer local currency accounts for free:

https://www.hsbc.co.uk/international/currency-account/

It only gives a local account number/sort code so would need to look at fees and if its possible for your sender to do payment using IBAN

Exodi

eDicky said:

With regards to Wise possibly not accepting transfers from BVI - if OP is in BVI, why doesn't he just open an account, deposit a token amount and find out?

Wise don't accept cash deposits if that's what you mean. Being in BVI is not necessary in order to send funds electronically from there. But Wise don't accept dollars from BVI so there's nothing to 'find out', Wise will return any such transfer sent.

Obviously you can't deposit cash to Wise. I mean why doesn't OP try transfer some money from his current BVI account, using Wise as an intermediary service, to a GBP account. Or even just deposit money into Wise and hold as a USD balance, it's the same experiment.

He doesn't need to literally and physically be in the BVI when doing this, but being from the BVI indicates he probably has a BVI current account, which I don't, to test this.

You say outright that Wise doesn't accept dollars from BVI, I think for the sake of potentially having a couple of dollars bounced back, it seems a small price to pay for a test for eventual transfers that could amount to hundreds of thousands over his life.

BVI_EXPAT

Exodi said:

eDicky said:

With regards to Wise possibly not accepting transfers from BVI - if OP is in BVI, why doesn't he just open an account, deposit a token amount and find out?

Wise don't accept cash deposits if that's what you mean. Being in BVI is not necessary in order to send funds electronically from there. But Wise don't accept dollars from BVI so there's nothing to 'find out', Wise will return any such transfer sent.

Obviously you can't deposit cash to Wise. I mean why doesn't OP try transfer some money from his current BVI account, using Wise as an intermediary service, to a GBP account. Or even just deposit money into Wise and hold as a USD balance, it's the same experiment.

He doesn't need to literally and physically be in the BVI when doing this, but being from the BVI indicates he probably has a BVI current account, which I don't, to test this.

You say outright that Wise doesn't accept dollars from BVI, I think for the sake of potentially having a couple of dollars bounced back, it seems a small price to pay for a test for eventual transfers that could amount to hundreds of thousands over his life.

Thanks for posting and all the useful advice. To confirm, I am no longer in the BVI and have no bank accounts there so transfers from the BVI to Wise is not an option. As stated, the BVI Social Security Board will only transfer to a recognised Bank. I re-settled in the UK in 2017. I have current accounts with Barclays, HSBC and now the new Chase account. From what members have posted here so far it's looking like the sensible option would be to open a free currency account with Barclays or HSBC to receive the monthly USD pension funds from the BVI unmolested by fees or FX then quickly onwards via Wise, Fineco or Starling and then into my GBP savings account where it can sit earning interest.

gt94sss2

Futuristic said:

HSBC now offer local currency accounts for free:

https://www.hsbc.co.uk/international/currency-account/

It only gives a local account number/sort code so would need to look at fees and if its possible for your sender to do payment using IBAN

HSBC should also be launching their Global Money  product in the UK very soon

 

Marchitiello

Some additional clarification about various points:

Fineco Uk account was launched mainly to promote it as an investment platform. The idea was to initially target the Italian population living in the UK (estimated to be around 600,000, I had already opened one after seeing a post on Facebook but within a month many of my Italian friend with an Italian Fineco account we’re sending me “referral” links for this UK account) after that they run a friend referral within the UK. 

Within the T&C they explain that their rate is already loaded with their fee, however this must be so low as at any comparison, even if the rate is slightly less then some competitor, the net amount exchanged is always higher.

OP, Fineco is also a full Bank, so should be accepted by the BVI organisation.

the problem with running a currency account from one of the main traditional British bank is that those are loaded with fee, and I suspect you will pay a fee every time you will send a payment from your US dollar account with them onto Fineco or Wise, potentially negating some of the advantage in the exchange rate.

I also suspect the Glibal Money product by HSBC will be loaded by similar fees.. Although they have a worldwide presence, they still charge you all the usual fees if you want to use their cash machine abroad (contrary to What Santander and now Chase UK instead let you do for free) 

Daliah

gt94sss2 said:

Futuristic said:

HSBC now offer local currency accounts for free:

https://www.hsbc.co.uk/international/currency-account/

It only gives a local account number/sort code so would need to look at fees and if its possible for your sender to do payment using IBAN

HSBC should also be launching their Global Money  product in the UK very soon

 

They keep "threatening" this. In the meantime, they are sending me reminders to use my HSBC Currency account. As it gives me really miserable deals, I can easily ignore those reminders. Don't mind if they close it.

BVI_EXPAT

Marchitiello said:

Some additional clarification about various points:

Fineco Uk account was launched mainly to promote it as an investment platform. The idea was to initially target the Italian population living in the UK (estimated to be around 600,000, I had already opened one after seeing a post on Facebook but within a month many of my Italian friend with an Italian Fineco account we’re sending me “referral” links for this UK account) after that they run a friend referral within the UK. 

Within the T&C they explain that their rate is already loaded with their fee, however this must be so low as at any comparison, even if the rate is slightly less then some competitor, the net amount exchanged is always higher.

OP, Fineco is also a full Bank, so should be accepted by the BVI organisation.

the problem with running a currency account from one of the main traditional British bank is that those are loaded with fee, and I suspect you will pay a fee every time you will send a payment from your US dollar account with them onto Fineco or Wise, potentially negating some of the advantage in the exchange rate.

I also suspect the Glibal Money product by HSBC will be loaded by similar fees.. Although they have a worldwide presence, they still charge you all the usual fees if you want to use their cash machine abroad (contrary to What Santander and now Chase UK instead let you do for free) 

Thanks. I've been looking at the fees on Barclays and HSBC USD Currency accounts, Barclays charge £6 to receive from outside the UK and HSBC charge $7 to receive and $7 to send. Not a lot in the big scheme of things and looks like a cost I will have to bear to bring my BVI pension into my UK savings account. Most other services on their accounts are free.

eDicky

Assuming that BVI Social Security will accept Fineco UK as a 'recognised' bank, which they should, wouldn't it be the simplest solution to have your pension sent directly to an account there, dispensing with the likes of HSBC or Barclays clumsy USD accounts..?

Daliah

BVI_EXPAT said:

Thanks. I've been looking at the fees on Barclays and HSBC USD Currency accounts, Barclays charge £6 to receive from outside the UK and HSBC charge $7 to receive and $7 to send. Not a lot in the big scheme of things and looks like a cost I will have to bear to bring my BVI pension into my UK savings account. Most other services on their accounts are free.

How will you exchange your USB into GBP, and how much will that cost you (taking Fineco as the yardstick)?