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What service / bank account to receive occasional payments in USD? Is Wise my best option?
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@gt94sss2 Thanks! As far as you know, is the HSBC currency account available to mere mortals, or only to people with squillions in investments and savings at HSBC?Do they charge no fees to receive USD payments?Most importantly, do you have any idea how their Global Money Account FX fees compare vs Wise?If they're not great, do you know if I can convert from HSBC USD to another UK GBP account sending the money to Wise?0
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SouthLondonUser said:@gt94sss2 Thanks! As far as you know, is the HSBC currency account available to mere mortals, or only to people with squillions in investments and savings at HSBC?Do they charge no fees to receive USD payments?Most importantly, do you have any idea how their Global Money Account FX fees compare vs Wise?
However, yes, anyone with a HSBC current account can open one - it's not an expat account - and I believe they don't charge to pay in USD.
I understand HSBC Global Money exchange rates are competitive. There are some threads on this forum which compare exchange rates.
I believe there are some others on this forum who also use a combination of a HSBC currency account and global money account
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@gt94sss2 I found the HSBC website overwhelming, with so many different options - expats, offshore, private wealth... So thanks for sharing the links to the products for cheap stingy mere mortals like me!
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One more vote for the combination of HSBC Currency Account paired with a Global Account. The HSBC website is build in a way to promote the Global Account so not easy to find the actual option for the Currency Account, but with some patience you will get there. Obviously you need to fist open a standard HSBC UK current account.
In theory HSBC mentions that you may incur fees for incoming USD payment but evidence so far for me and others that have posted in the past her ex we have not been charged.
in terms of competitive rates within the GMA , as HSBC rate include their margin and no other changes are added after that, you need to look at the net exchanges amount offered not just the rate. Recent evidence is that if this amounts are below £1000, the net exchanged amount was superior to both Wise and Fineco UK, however above £1000 it suddenly become less valuable.1 -
Beware the hard credit seach when you open an HSBC Currency Account.
I applied for a EUR one and wondered what the hard search on my credit file was, it turns out it was this. Probably doesn't matter to most people, but a heads up in case you're going for a mortgage etc.0
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