Multicurrency bank account

Chemagician24

I've just signed a contract with an American company supplying expertise and my labour as an independent contractor. I started my own Ltd company and will be paid in dollars. (already approached to pay in sterling to no avail). so was looking for recommendations for a multicurrency bank account with low costs. Any ideas?

jbrassy

While not technically banks, you could set up accounts with Revolut or Wise. You can then convert US dollars into pounds within these apps and transfer to a regular UK bank account. 

DullGreyGuy

Will the US company pay internationally? Presumably they will for a contractor.

Wise is the most obvious choice but note above its not a bank and so not covered by the FSCS protection if they were to go bust whilst holding your funds. They will give you a US bank account details so it's a local transfer for the US company. 

If you don't want to risk that then there is Starling with a £5 monthly fee and 0.4% conversion charge. The challenge is that it will be hard to avoid the conversion fee as for example Wise require USD to be funded from a US bank account unless you pay the much higher fee of paying by debit card (slightly over 0.5% so no saving)

Futuristic

As mentioned already Wise or Revolut are your best bet. They offer business accounts and give you local US account so they can do local transfer to you.