USD account

Mands

PRAISETHESUN said:

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.

That's pretty much my plan. Receive somewhere, convert to GBP, drop into FD and then shoot it over to NS&I.

Wise looks to be a good solution, thanks.

Mands

Thanks folks, it looks like a new Wise account is the answer. This transaction may or may not happen but having some resilience if Revolut goes bad seems a good solution. 

I appreciate the suggestions,
Mands

plantation_2

Mands said:

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. 

What bank guarantee limit? Revolut and Wise aren't banks so are not covered by deposit insurance so best to use as many transfer mechanisms and avoid holding large balances over extended periods if you are worried about risk

Mands

plantation_2 said:

Mands said:

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. 

What bank guarantee limit? Revolut and Wise aren't banks so are not covered by deposit insurance so best to use as many transfer mechanisms and avoid holding large balances over extended periods if you are worried about risk

Lithuanian-backed guarantee up to 100k euro. I don't love it, I wouldn't trust it with this large USD transaction, as I made clear. But I am also limited on options, hence the request for help.

https://www.revolut.com/en-CY/legal/business-deposit-insurance-information/