USD TO GBP Bank Account

lkettles
lkettles Posts: 4 Newbie
Name Dropper First Post
edited 6 March 2024 at 3:53PM in Budgeting & bank accounts
Looking for some advise, my partner works for a US company and gets paid in USD, he then has an high street bank. the EX rate isn't great, and with him getting paid every two weeks, he seems to be losing quite a bit of money. I was wondering if there was a bank account that would be better for him, especially with the EX rate. 
Thank you :)

Comments

  • sorry just realised this was posted in the wrong area. 
  • paulttt
    paulttt Posts: 27 Forumite
    Fifth Anniversary 10 Posts Name Dropper
    I use wise for my transfers.  You can pay in in practically any currency and exchange at very good rates compared to high street. 
  • ToastLady
    ToastLady Posts: 447 Forumite
    Tenth Anniversary 100 Posts Name Dropper
    What about a Revolut account? Can be paid in dollars and transfer to Sterling, then onto UK bank if required. Not sure of the difference between Revolut and Wise rates.
  • WastedWords
    WastedWords Posts: 100 Forumite
    Third Anniversary 10 Posts Name Dropper
    HSBC USD Currency account to receive. Move USD into HSBC Global Money Account and convert at rates similar to or better than Wise and you will have FSCS protection. You will need an HSBC current account to open both the Currency and GMA.

    Revolut have a poor reputation for customer service. Probably the cheapest to convert <1000 GBP per month but then you will pay charges or need to move to one of their premium accounts.
  • HSBC USD Currency account to receive. Move USD into HSBC Global Money Account and convert at rates similar to or better than Wise and you will have FSCS protection. You will need an HSBC current account to open both the Currency and GMA.

    Revolut have a poor reputation for customer service. Probably the cheapest to convert <1000 GBP per month but then you will pay charges or need to move to one of their premium accounts.
    HSBC UK doesn't offer domestic USD banking details so there may be further charges compared with Wise or Revolut that actual offer those details.
  • eDicky
    eDicky Posts: 6,835 Forumite
    Ninth Anniversary 1,000 Posts Name Dropper
    lkettles said:
    gets paid in USD, he then has an high street bank.

    So it's currently paid directly into a UK bank account? From where?
    Evolution, not revolution
  • @eDicky it’s paid from his American employer into his UK bank account 
  • eDicky
    eDicky Posts: 6,835 Forumite
    Ninth Anniversary 1,000 Posts Name Dropper
    lkettles said:
    @eDicky it’s paid from his American employer into his UK bank account 

    So better conversion rates are obtained using the solutions mentioned, rather than directly to the bank giving adverse rates.
    Evolution, not revolution
  • PRAISETHESUN
    PRAISETHESUN Posts: 4,706 Forumite
    Sixth Anniversary 1,000 Posts Photogenic Name Dropper
    edited 21 March 2024 at 1:38PM
    +1 for Wise or HSBC options. I recommend against Revolut for their poor customer service. But otherwise all the suggestions are good. Provide the US employer with USD account details, and then manage the currency conversion yourself. Don't get USD paid directly into your GBP account.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 349.8K Banking & Borrowing
  • 252.6K Reduce Debt & Boost Income
  • 453K Spending & Discounts
  • 242.8K Work, Benefits & Business
  • 619.6K Mortgages, Homes & Bills
  • 176.4K Life & Family
  • 255.7K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 15.1K Coronavirus Support Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.