Starling Bank account receiving USD to GBP account.

Hi I have contacted starling but can't seem to get an exact answer so can anyone help. I want to have money sent from a share dealing account in the USA via swift to my GBP starling account. ( not a business account ) . What I can not seem to understand from starling customer services is what the charges are for the transfer and to exchange the USD to GBP.  They have told me so far that there is no charge and they use the master card conversion rates for the currency conversion but then when I read the terms of a UK current account they state that a 2% charge will be applied if receiving in the wrong currency,  but they are yet to explain this statement .  Their online documentation only states charges for outgoing payments . Can anyone help  ? 

Comments

  • DullGreyGuy
    DullGreyGuy Posts: 9,202
    First Anniversary First Post Name Dropper
    Forumite
    edited 3 January at 4:06PM
    Their FAQ state its a 2% fee for receipt of monies... if you go into the Payments tab there is then an exchange rate, go into the info button and it gives you the exchange rate (obv ignore the rest as the fees are in relation to sending money).

    They claim they refresh the FX rate exceptionally frequently using the service from Currency Cloud (think my past advisor was more clued up than yours)
  • PEGBUSD
    PEGBUSD Posts: 2
    First Post
    Newbie
    Hi thanks I hadn't seen this tab so I can see the conversion rate  and I have just found a document in the app that specifies that a transaction requiring a foreign exchange conversion a 2% margin will be applied . Seems their customer service are not aware of this don't blame them as it's taken me ages to find this . Thanks for your help . 
  • penners324
    penners324 Posts: 2,603
    First Anniversary First Post Name Dropper
    Forumite
    Sounds like they mis interpreted your question. The Mastercard rate is in relation to debit card spending
  • LadyWithAPlan
    LadyWithAPlan Posts: 2,031
    First Post First Anniversary Name Dropper
    Forumite
    I set up a Barclays Dollar account which receives $ in. I then can transfer it to my main £ barc acct when I need it. There are no charges for the transfer or indeed the $ account - they make their money on the forex rate  - has worked fine for years
    There will always be a (beautiful stilettoed) foot in fabulous in LaPlan's life.
    I am choosing to be fabulously frugal to support some wonderful life changing and affirming financial goals including buying a London home I love.

    DON'T BUY STUFF (from Frugalwoods)
    No seriously, just don’t buy things. 99% of our success with our savings rate is attributed to the fact that we don’t buy things. You can’t really hack your way to frugal. You can and should take advantage of discounts, coupons, rewards points, and the like. But at the end of the day, the only way to truly save money is to not buy stuff.    Money doesn’t walk out of your wallet on its own accord.

    My March  streaks to track
    Track Minimalist game  items (Nov 310)   (Dec  95)  (Jan 90)   Feb 50
    Exercise streak  
    YNAB days:: Target 50 days -Age of money 29
    Track my NSD's - Target 13 days/ 0/13

    https://forums.moneysavingexpert.com/discussion/6289577/future-proofing-my-life-deposit-saving-then-mfw-journey-in-under-13-years#latest
  • grumbler
    grumbler Posts: 58,629
    Name Dropper First Post Photogenic First Anniversary
    Forumite
    edited 7 January at 8:38PM
    I set up a Barclays Dollar account which receives $ in. I then can transfer it to my main £ barc acct when I need it. There are no charges for the transfer or indeed the $ account - they make their money on the forex rate  - has worked fine for years
    Whatever you call it, charges or fees, it costs you.
    Many banks don't charge any flat fee for receiving foreign currency transfers directly to a £ account. They make money on the currency exchange rate. You need a $ account only if you want to keep $$ and exchange them when you want.

Meet your Ambassadors

Categories

  • All Categories
  • 341.9K Banking & Borrowing
  • 249.7K Reduce Debt & Boost Income
  • 449.2K Spending & Discounts
  • 234K Work, Benefits & Business
  • 606.2K Mortgages, Homes & Bills
  • 172.5K Life & Family
  • 246.9K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.8K Discuss & Feedback
  • 15.1K Coronavirus Support Boards