Monthly dollar payments from the UK

SkyeEstate

Hello. I’m looking to pay a new organisation monthly, however, they are in the USA and obviously use dollars. Currently the bank I use regularly is the Bank of Scotland, but they would add additional charges for the exchange. Would I be better creating another account (maybe with Chase Banking or alike) or just accept the charges? Not sure if someone can help that has more experience with this. (These monthly payments will be around $50)

PRAISETHESUN

You're better off using a specialist currency conversion service, such as Wise, rather than using your high street bank (which will charge you big fees and use a poor exchange rate, especially for such a small amount).

Open a Wise account and open both GBP and USD balances. You transfer GBP from your BoS account to your Wise GBP account, then convert the balance from GBP to USD through Wise. You can then send USD to the recipient using the domestic USD clearing system. I've used Wise as an example, but any of the specialist currency services will likely be a similar experience.

Cairnpapple

For regular payments in US dollars I just use a Halifax Clarity credit card, which doesn't charge fees. I would think that any of the travel cards would work, so yes Chase would be fine. 

https://www.moneysavingexpert.com/credit-cards/travel-credit-cards/

wmb194

SkyeEstate said:

Hello. I’m looking to pay a new organisation monthly, however, they are in the USA and obviously use dollars. Currently the bank I use regularly is the Bank of Scotland, but they would add additional charges for the exchange. Would I be better creating another account (maybe with Chase Banking or alike) or just accept the charges? Not sure if someone can help that has more experience with this. (These monthly payments will be around $50)

Debit/credit card or bank transfer? 

FlorayG

I pay a couple of foreign subscriptions through my bank; I've never been charged for it and I've done it with three different banks

ColdIron

If it's a recurring bill payment I'd use one of the many Fx free cards. Chase, Starling (both easy to open) or First direct, Chase would be my choice as you could get 1% cashback on the deal. Alternatively one of the Fx free credit cards might be worth a look. Santander Edge would be my choice because of the easy 2% cashback

SkyeEstate

wmb194 said:

SkyeEstate said:

Hello. I’m looking to pay a new organisation monthly, however, they are in the USA and obviously use dollars. Currently the bank I use regularly is the Bank of Scotland, but they would add additional charges for the exchange. Would I be better creating another account (maybe with Chase Banking or alike) or just accept the charges? Not sure if someone can help that has more experience with this. (These monthly payments will be around $50)

Debit/credit card or bank transfer? 

Monthly from a debit card, not bank transfer. Thanks

BlueonBlue

FlorayG said:

I pay a couple of foreign subscriptions through my bank; I've never been charged for it and I've done it with three different banks

Thats possibly what the bank wants you to believe .......if they hide the charges in the unfavourable currency conversion .