UK Resident, going to be paid in USD

24

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  • Picard91
    Picard91 Posts: 67 Forumite
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    ennigaldi wrote: »
    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?

    I haven't had a problem with them, always very friendly and helpful.

    I believe it was an AWT, but it maybe called something else I cant be 100% sure. Id send Transferwise an Email and just ask, find out what payment type your employer will use and double check with them.. otherwise you will have to wait 14 days like I did to make sure the payment did go through, luckily my company tried after that rather than making me wait till the next pay day...

    Again, all depends on the company you work for.. but Wells Fargo was the simplest solution for me..
  • eDicky
    eDicky Posts: 6,569 Forumite
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    Picard91 wrote: »
    Wells Fargo was the simplest solution for me..
    So, living in the UK with your money as USD in a US account without online access, what's your simple arrangement to access it in GBP?
    Evolution, not revolution
  • Picard91
    Picard91 Posts: 67 Forumite
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    eDicky wrote: »
    So, living in the UK with your money as USD in a US account without online access, what's your simple arrangement to access it in GBP?

    Ring telephone banking, ask them to wire transfer through Transferwise to my UK account.
    It avoids the heavy bank fees the Bank charge and I end up with an extra 30/40 GBP each salary.

    Whole process takes less than 5 minutes.
  • Picard91
    Picard91 Posts: 67 Forumite
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    Also, If you use skype, to call Wells Fargo in the States is Free... so doesn't cost anything to call.
  • glentoran99
    glentoran99 Posts: 5,821 Forumite
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    what about a revoult card, would it help, get it paid into that?
  • eDicky
    eDicky Posts: 6,569 Forumite
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    tony190879 wrote: »
    Does anyone have a workable solution to this?
    Take a look at Fineco Bank UK.

    Wells Fargo seems to work well for Picard91.

    My TransferWise Borderless account gives me USD account details with my name as account holder, wire and ACH routing, not sure why it wouldn't work in general.
    Evolution, not revolution
  • londoninvestor
    londoninvestor Posts: 1,350 Forumite
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    eDicky wrote: »
    My TransferWise Borderless account gives me USD account details with my name as account holder, wire and ACH routing, not sure why it wouldn't work in general.

    Agreed, and using ACH means no SWIFT fees.
    tony190879 wrote: »
    I have the same problem and both Transferwise and Revolut can not accept USD wages being paid in to them as the accounts are not true individual accounts, they are group accounts.

    I can see why that might happen if you were trying to use the "old-style" Transferwise money transfer service. Have you opened a Transferwise Borderless account though, and tried to have your employer pay into that?
  • londoninvestor
    londoninvestor Posts: 1,350 Forumite
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    tony190879 wrote: »
    The additional problem with the Transferwise account is that there is a limit on the amount of USD that can be paid in per 365 days, it is limited to 10,000 dollars. So it doesn't really seem suitable to have a wage paid in to it.

    The overall limit per year is USD 1m, with a max of USD 250k for an individual transaction - see Transferwise's page here.

    Above 10,000, they will ask you about the source and purpose of funds. I wouldn't expect that to be a problem as you can clearly substantiate that it's for your employment - but in fairness I don't have personal experience of this.
  • tony190879
    tony190879 Posts: 3 Newbie
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    So after seeking clarity. I will be paid in USD through an intermediary in Europe who will only pay USD to me and will only send to an account with a swift code. So Transferwise has now been ruled out totally. The Revolut group dollar account is possible but runs the risk of the money getting "lost". So it looks now like the only option is getting reamed all ways with a HSBC currency account. How unfortunate.
  • londoninvestor
    londoninvestor Posts: 1,350 Forumite
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    1) Transferwise will give you a SWIFT code on request. That way, you are still likely to end up paying an intermediary fee on the way in, but you wouldn't be paying HSBC's markup.

    2) Another idea: open the offshore Lloyds International Bonus Saver in USD, and from there, use Revolut to transfer to your EUR account. The Lloyds account is an individual account to which money can be sent by SWIFT, and allows you to do outbound SWIFT without a charge from Lloyds.

    You'll still likely pay an intermediary fee on the way in. But Revolut use Lloyds for their USD (I think, best to double check with them), so the SWIFT from your Lloyds account to Revolut should be intra-Lloyds, with no intermediary, and therefore free of fees.
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