Receiving salary in a foreign currency

TeessideMag · 13 May at 2:17AM

I get paid in Norwegian kroner. With First Direct closing First Directory I'm looking to switch banks but I can't get any clear information on how they would compare in terms of whether I would get better or worse exchange rates. The question I'm asking them is this: "On 28th April I got paid X in NOK and on 29th April I received Y in GBP into my bank account. What would I have received in GBP on that date if my account had been with you?" I cannot get a straight answer. The best response so far was from Nationwide, who could at least point me to an explanation of how they handle the currency exchange.

Does anyone have any suggestions as to how I can find out how much I'd have received if my account had been in a different bank?

Since even a relatively small difference in the exchange rate and/or fees could make a big difference over the long term I want to get this right. I have thought about using providers like Wise or Currency Fair but this would add a day or two between salary payment and arrival in my bank. And of course I would still need a UK bank account.

Isthisforreal99 · 13 May at 6:07AM

To be honest, I can't see any bank answering that hypotherical situation. Most high street banks have poor currency exchange rates when sending money overseas so I'm assuming it's the same when receiving money.

Have you looked at Wise, Revolut or any other online only bank?

flaneurs_lobster · 13 May at 7:32AM

Keep the First Direct account.

Open another account with the insurance package you want.

Are you resident outside the UK? Might make opening a new account problematic if you are.

caprikid1 · 13 May at 7:43AM

Can you get paid it into Norwegian bank and transfer as the rates fit.

PRAISETHESUN · 13 May at 7:51AM

https://forums.moneysavingexpert.com/discussion/comment/81996543#Comment_81996543

I would also recommend something similar to this. Get paid into a NOK account of some description, and then use a specialist currency conversion service such as Wise to manage the conversion and pay that into your GBP account (either with Wise, or another UK bank). Allowing some extra time (admittedly not very much time as it's very fast) to manage the currency conversion nd transfer yourself is worth it IMO for the money you'll save in the long run.

sausage_time · 13 May at 7:54AM

I can't see that using the likes of Wise would be any slower than the current arrangement (payment into FD). Conversions within and Payments from Wise are pretty much instantaneous.

grumpy_codger · 13 May at 8:44AM

https://forums.moneysavingexpert.com/discussion/comment/81996504#Comment_81996504

Don't know about Wise, but Revolut needs more research for NOK.

E.g. they list ISK among "Supported currencies for holding", but one cannot receive bank transfers in this currency:

While you can hold and exchange Icelandic króna in your Revolut account, we don't provide local ISK account details at the moment. This is why you're seeing "Account details coming soon".
However, you can still receive ISK from an external bank account. The sender will need to use your international SWIFT details for another currency account, like your GBP account for example. The sender's bank or an intermediary bank will handle the currency conversion before the funds reach your Revolut account.