Sending foreign currency costs

paulcan38

Starting new business importing from China (very small scale and just dipping my toe in water first).
The deal is that I have to pay them in $US once I have the Bill of Lading papers.
Question is, I have never transfered money from my sterling current account to another country that requests payment in $US.
Is there any charges for this service, if so, what are they? and what rate would the bank convert at? will I loose out to further hidden charges like a less attractive conversion rate? (currently £ - $US dollar is trading at $1.98 Apr.2).

I currently bank with Barclays.

jonesMUFCforever

You need to speak to a business adviser at Barclays- especially if you will dealing with Bills of lading and Bills of exchange etc.
I'm surprised that they will send these papers direct to you as the foreign bank has no guarantee that you will pay.
They normally send them to your bank with instructions not to release them until they have your payment.

There are many other costs involved in this kind of trade other than exchange rates. Your bank might even refuse to deal with them and send them back unless your account with them is of a sufficient quality.

You need to speak to Barclays ASAP!