UK Resident, going to be paid in USD

ennigaldi
ennigaldi Posts: 4 Newbie
in Budgeting & bank accounts
Hi MSE,

I can't find any recent information on this. My new freelance contract is going to pay out in USD. There may be the option to be paid in EUR but definitely not GBP. Paypal may be an option.

Will there be charges on this payment coming into my UK bank account (Natwest)? Does anyone have any advice for me, I'd be really grateful?
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Comments

  • Tallaght
    Tallaght Posts: 1,632 Forumite
    First Anniversary Combo Breaker First Post
    What is your job with the freelance contract ?
    Does it involve you receiving then sending on money for the people who gave you the contract ?
  • 18cc
    18cc Posts: 2,120 Forumite
    https://personal.natwest.com/personal/ways-to-bank/online-banking/do-more-with-online-banking/sending-money-abroad.html

    This link covers natwest charges for sending and receiving money from abroad
  • eDicky
    eDicky Posts: 6,573 Forumite
    First Anniversary Name Dropper First Post
    ennigaldi wrote: »
    Will there be charges on this payment coming into my UK bank account (Natwest)?
    Yes, charges and a terrible exchange rate. See this recent thread:

    https://forums.moneysavingexpert.com/showthread.php?t=5875309
    Evolution, not revolution
  • ennigaldi
    ennigaldi Posts: 4 Newbie
    Tallaght wrote: »
    What is your job with the freelance contract ?
    Does it involve you receiving then sending on money for the people who gave you the contract ?

    No, this just involves me receiving USD. I've looked into TransferWise from the linked thread, it seems like it may be an option. The personal USD account doesn't come with a SWIFT/IBAN, which is what I'm being asked to provide. I am waiting on a business account.
  • Picard91
    Picard91 Posts: 67 Forumite
    First Anniversary Name Dropper Photogenic First Post
    I have the same situation as you... I live/reside in the UK but work for an American Company and get paid in USD.

    Wells Fargo will let you setup a USD account even if you reside in another country, but no online banking as you don't have a Social Security Number. What you would need to do is go into branch explain the situation, present contracts of future work etc. and they setup you up with an account.

    I did try Transferwise also as I thought it would be easier but they would not accept payments from my work.

    Not sure about Paypal.

    Hope that helps?
  • xylophone
    xylophone Posts: 44,387 Forumite
    Name Dropper First Anniversary First Post
    https://www.metrobankonline.co.uk/business/current-accounts/products/foreign-currency/

    USD business account with Metrobank?
  • eDicky
    eDicky Posts: 6,573 Forumite
    First Anniversary Name Dropper First Post
    Picard91 wrote: »
    I did try Transferwise also as I thought it would be easier but they would not accept payments from my work.
    Perhaps that was before the introduction of their Borderless Account, which can be used to receive payments from other parties such as an employer.
    xylophone wrote: »
    https://www.metrobankonline.co.uk/business/current-accounts/products/foreign-currency/

    USD business account with Metrobank?
    Without opening the pdf for details I see already monthly and other fees, and the devil is in the exchange rate they will impose when you need to convert to pounds etc. I would be pleasantly surprised if they don't shaft you like all the mainstream banks do with their 'currency' accounts.
    Evolution, not revolution
  • Picard91
    Picard91 Posts: 67 Forumite
    First Anniversary Name Dropper Photogenic First Post
    eDicky wrote: »
    Perhaps that was before the introduction of their Borderless Account, which can be used to receive payments from other parties such as an employer.

    Nope that was with a Borderless Account. It depends what method the company use to pay you.
  • ennigaldi
    ennigaldi Posts: 4 Newbie
    Picard91 wrote: »
    Wells Fargo will let you setup a USD account even if you reside in another country, but no online banking as you don't have a Social Security Number.

    Thanks, will look into Wells Fargo. Also found Fineco Bank from another thread, can't post link as I am a newbie.

    I am trying to determine the payment type from my employer. What was your payment type that was rejected by TransferWise?
  • ennigaldi
    ennigaldi Posts: 4 Newbie
    Picard91 wrote: »
    Not sure about Paypal.

    Paypal is prohibitively expensive, I've now found.
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