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Receiving USD Payments in UK, from Outside USA

numbers
numbers Posts: 45 Forumite
in Savings & investments
This relates to some low value freelance work in which payment will be received in USD from outside the USA.

Looking at Transferwise they would not accept such payments. Do folk know what would be the most cost effective account to set up for this to limit costs?

Thanks

numbers :)

Comments

  • numbers
    numbers Posts: 45 Forumite
    Any suggestions? ..... It looks like a Nationwide Flex account avoids the £7 ish receipting fee and will likely have a reasonable exchange rate, however even Nationwide call center struggled to answer my question.
  • Pincher
    Pincher Posts: 6,552 Forumite
    1,000 Posts Combo Breaker
    numbers wrote: »
    low value

    Somebody with HSBC Premier accounts in both countries with USD accounts at both ends can transfer back and forth for free. Ask another contractor who has one. Probably ruin their day if the HMRC audits them, though.
  • numbers
    numbers Posts: 45 Forumite
    Pincher wrote: »
    Somebody with HSBC Premier accounts in both countries with USD accounts ............
    Due to the low value and low volume of the work, the plan is to simply open an account where receiving payment is most cost effective.
  • Pincher
    Pincher Posts: 6,552 Forumite
    1,000 Posts Combo Breaker
    numbers wrote: »
    Due to the low value and low volume of the work, the plan is to simply open an account where receiving payment is most cost effective.

    Paypal?

    If you can manage to get a USD denominated PayPal account, customers paying in is free. Maybe spend from that account without converting.
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