USD account

Mands

I may, in the future, receive very occasional USD income. 

In the past I've had the funds paid into a First Direct GPB account at a very poor exchange rate as I did not have enough notice to arrange anything else.

FD no longer offer a USD account. FD suggested opening an USD account with HSBC but I'd need to open a current account first. 

Are there any other obvious options open to me?

I have accounts with FD, Fidelity Investments (but can't add to them), NS&I and am a Revolut user. 

For context: I'm non-resident for tax purposes, rarely in the UK, unwilling to have the funds in the country in which I am tax resident. The funds, if they appear, are likely to be approaching or exceeding the bank guarantee level.

Keithy13

Try Wise. You can buy and hold any currency. I have found the rates competetive.

wmb194

Mands said:

I may, in the future, receive very occasional USD income. 

In the past I've had the funds paid into a First Direct GPB account at a very poor exchange rate as I did not have enough notice to arrange anything else.

FD no longer offer a USD account. FD suggested opening an USD account with HSBC but I'd need to open a current account first. 

Are there any other obvious options open to me?

I have accounts with FD, Fidelity Investments (but can't add to them), NS&I and am a Revolut user. 

For context: I'm non-resident for tax purposes, rarely in the UK, unwilling to have the funds in the country in which I am tax resident. The funds, if they appear, are likely to be approaching or exceeding the bank guarantee level.

Definitely try Wise and its USD account provides a US ACH account number but your big problem will be opening accounts when you’re not resident in the UK.

eDicky

You can open a Wise account as resident of various countries, most of Europe, Singapore, etc, as long as you can verify your residential address there. They provide sub-accounts in many currencies (conversion rate margins have been rising but still much better than most banks), and a debit card for general use anywhere.

You could use your Revolut to receive USD funds but with the free account I wouldn't risk having to communicate with their dire customer service.

Retain all source of funds documentation, you may well be asked for it at some point.

penners324

Revolut USD account

PRAISETHESUN

I would also recommend Wise for currency conversions, although keep in mind that any balance you keep with them is not protected by FSCS like it would be with a current account. They offer local USD account details which you can use to receive USD, convert to GBP at their much better rate, and then transfer to your GBP account with FD. Depending on the amounts involved, NS&I is probably the easiest place to keep your money long-term if you're worried about butting up against the £85k protection limit.

I personally would steer away from Revolut. They have a history of very poor customer service, and you will regret using them is you ever have the misfortune to have to rely on their customer support. Definitely wouldn't rely on them for any significant sums.

sausage_time

Another +1 for Wise.

Mands

wmb194 said:

Mands said:

I may, in the future, receive very occasional USD income. 

In the past I've had the funds paid into a First Direct GPB account at a very poor exchange rate as I did not have enough notice to arrange anything else.

FD no longer offer a USD account. FD suggested opening an USD account with HSBC but I'd need to open a current account first. 

Are there any other obvious options open to me?

I have accounts with FD, Fidelity Investments (but can't add to them), NS&I and am a Revolut user. 

For context: I'm non-resident for tax purposes, rarely in the UK, unwilling to have the funds in the country in which I am tax resident. The funds, if they appear, are likely to be approaching or exceeding the bank guarantee level.

Definitely try Wise and its USD account provides a US ACH account number but your big problem will be opening accounts when you’re not resident in the UK.

Revolut welcome customers in my location, as long as they can evidence residence and tax status. 

wmb194

Mands said:

wmb194 said:

Mands said:

I may, in the future, receive very occasional USD income. 

In the past I've had the funds paid into a First Direct GPB account at a very poor exchange rate as I did not have enough notice to arrange anything else.

FD no longer offer a USD account. FD suggested opening an USD account with HSBC but I'd need to open a current account first. 

Are there any other obvious options open to me?

I have accounts with FD, Fidelity Investments (but can't add to them), NS&I and am a Revolut user. 

For context: I'm non-resident for tax purposes, rarely in the UK, unwilling to have the funds in the country in which I am tax resident. The funds, if they appear, are likely to be approaching or exceeding the bank guarantee level.

Definitely try Wise and its USD account provides a US ACH account number but your big problem will be opening accounts when you’re not resident in the UK.

Revolut welcome customers in my location, as long as they can evidence residence and tax status. 

What about Wise, though? If possible, Revolut is best avoided.

Mands

eDicky said:

You can open a Wise account as resident of various countries, most of Europe, Singapore, etc, as long as you can verify your residential address there. They provide sub-accounts in many currencies (conversion rates have been rising but still much better than most banks), and a debit card for general use anywhere.

You could use your Revolut to receive USD funds but with the free account I wouldn't risk having to communicate with their dire customer service.

Retain all source of funds documentation, you may well be asked for it at some point.

I'm a huge fan of Revolut ... but when they go bad it is grim.

I ended up in a lengthy exchange with them regarding some larger transactions. Providing the logbook for me new-to-me car was one thing but the engraver of my husband's headstone spoke no English and didn't deal in paperwork. I ended up sending them a photo of the gravestone. I can laugh about it now ...

I'd be reluctant to test them up as far as the bank guarantee for all of the reasons voiced here. 

Wise looks to be the way to go. It'd also give me some resilience if/when Rev goes bad. 

Mands

penners324 said:

Revolut USD account

I already have a Rev USD. I wouldn't feel comfortable testing them to, or above, the bank guarantee limit.