What service / bank account to receive occasional payments in USD? Is Wise my best option?

SouthLondonUser

@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?

gt94sss2

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?

Do read the webpage at https://www.hsbc.co.uk/international/currency-account/ which includes a fee document at https://www.hsbc.co.uk/content/dam/hsbc/gb/pdf/hca-fee-information-document-usd.pdf

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 

SouthLondonUser

@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!

Marchitiello

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. 

username

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.

ivormonee

Wise have told me they are going to be deactivating my USD account details unless I either set up a direct debit or receive a payment into the account using the US account details. I don't have any option for doing either of these though at the moment. Also, I am not sure what charges might be incurred to send/ receive a US transaction. Ideally, I'd like to keep my US account details for future use, as it is a local account with a US partner bank, so has all the US optionality. If anyone has any thoughts or guidance I'd appreciate hearing it. Thanks.

gt94sss2

ivormonee said:

Wise have told me they are going to be deactivating my USD account details unless I either set up a direct debit or receive a payment into the account using the US account details. I don't have any option for doing either of these though at the moment. Also, I am not sure what charges might be incurred to send/ receive a US transaction. Ideally, I'd like to keep my US account details for future use, as it is a local account with a US partner bank, so has all the US optionality. If anyone has any thoughts or guidance I'd appreciate hearing it. Thanks.

You may be able to open a Revolut account (and get local USD account details from them) as well. You could then send $1 from them to Wise and vice versa.

ivormonee

gt94sss2 said:

You may be able to open a Revolut account (and get local USD account details from them) as well. You could then send $1 from them to Wise and vice versa.

Brilliant! This is a great help and a good solution that should do the trick! Thank you so much.