USD - GBP Conversion

Nickquigs · 14 October 2018 at 2:31AM

I'm not sure if I'm in the correct area here but if anyone can help it'll be appreciated.
I work abroad but live in the UK. I'm paid in US Dollars and I'm looking to see how I can minimise my costs when my salary is converted to GBP by my bank. I feel that I'm getting ripped off in two ways, firstly, Barclay's seem to suit themselves what interbank rate I get (it never seems to align with the rate of the moment) and I also get a double whammy with the fees, commision, etc, whatever you want to call it.
If anyone can help me keep more of MY OWN MONEY I'll be grateful.

Westin · 14 October 2018 at 7:54AM

I have similar issues with Lloyd’s and NatWest when USD$ amounts hit the business accounts. I do find the Lloyds account marginally better on their own transaction fee though.

I have started using https://transferwise.com. This might be worth you looking at. You can hold funds in multiple currencies and convert at will. Transaction costs are much lower than the main banks as well.

J_B · 14 October 2018 at 10:37AM

We use https://www.currencyfair.com/
similar to Transferwise, but flat rate fee rather than %

eDicky · 14 October 2018 at 6:54PM

Assuming that your salary needs to be paid in to an account in your own name, you can have USD account details for this with the TransferWise Borderless account, or Fineco Bank UK. With both you can then convert to GBP at rates with zero or minimal spread from the interbank, and low fees. Avoid using any mainstream UK bank, including their fairly useless and expensive USD accounts.

USD - GBP Conversion

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