UK Resident paid in US Dollars

Bettiva

Let me start by warning you that I am a Newbie. I have followed MES for a long time but never joined the forums.
I am aware this question has been asked a few years ago but there are new players in the market.
My son has just graduated from Uni and his first job is with an international organisation based outside the UK who pay in US dollars.
He will be living and working in the UK.
Not sure of the best way forward. Take the hit and be paid direct into UK bank or use a multi currency offering from an online organisation.
Any suggestions would be welcome. 

Daliah

A multi-currency account seems to be the obvious choice. I would start by looking at Fineco Bank, and I would definitely avoid electronic money services such as Wise or Revolut, as well as UK High Street banks.

penners324

Is he aware of the complexities in doing what he's about to?

He should be paid under PAYE regardless of how they pay him. He may need an accountant for this.

Is he the only UK employee?

Bettiva

penners324 said:

Is he aware of the complexities in doing what he's about to?

He should be paid under PAYE regardless of how they pay him. He may need an accountant for this.

Is he the only UK employee?

No he is not the only employee. It is a large international organisation and he is being employed on a self employed basis. We are aware that he will need to register with HMRC and submit tax returns. 

We are at the moment trying to find the most cost effective way of receiving his payments and which bank to do this through.
 

Bettiva

Daliah I was wondering why you would not suggest Wise & Revolut. Looking elsewhere These seem to be the 2 which most suggest using. 

Daliah

Neither of them are banks, meaning there is no deposit protection, which you obviously do get with Fineco as they are a bank. Neither of them has the best exchange rates, either, whilst Fineco does. 

Wise is ok for one-off currency transfers but I wouldn't use them on a regular basis for the above reasons. Revolut I wouldn't touch at all since their CS has a dreadful reputation. There has also been an exodus of their senior UK Management in recent months, so all's not well there.