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  • FIRST POST
    • Petals
    • By Petals 21st Jan 18, 5:28 PM
    • 14Posts
    • 12Thanks
    Petals
    US Dollar Account with Debit Card for UK Resident
    • #1
    • 21st Jan 18, 5:28 PM
    US Dollar Account with Debit Card for UK Resident 21st Jan 18 at 5:28 PM
    I work for a US company and receive share options which, when sold, are paid to me in US Dollars. I generally pay fees and suffer from the offered exchange rate in order to transfer the funds to my UK GBP account.

    In August we're travelling around California for 3 weeks, before which I should be receiving another share allocation, so I've been trying to find a US$ account with a debit card that I can pay my share income into and then spend / withdraw from while we're in the US, otherwise I have to go through the steps of USD -> GBP -> USD and lose out significantly on the double exchange rates and fees.

    All the UK-based US$ accounts I've found either require a large balance and/or a significant monthly fee or only offer a cheque book or the facility to transfer funds to a UK account, so I was wondering whether anyone on here is aware of an organisation offering this type of account?

    Thanks, in anticipation!
Page 1
    • dj1471
    • By dj1471 21st Jan 18, 5:57 PM
    • 1,301 Posts
    • 904 Thanks
    dj1471
    • #2
    • 21st Jan 18, 5:57 PM
    • #2
    • 21st Jan 18, 5:57 PM
    Have a look at Revolut, they provide a free USD current account and a visa card for spending.
    • sausage_time
    • By sausage_time 21st Jan 18, 6:56 PM
    • 135 Posts
    • 38 Thanks
    sausage_time
    • #3
    • 21st Jan 18, 6:56 PM
    • #3
    • 21st Jan 18, 6:56 PM
    Check the brokerage that your employer uses for your stock transactions. I have worked for US companies that use E*Trade and Schwab, and both have offered Visa Debit cards to access the cash balance. Schwab reimburses US ATM fees (which is nice) and both cards offer 1% FX fees (so using a UK ATM can be a good way of transferring smaller amounts back here). There's something really nice about spending US$ in the US. Enjoy California!
    • eDicky
    • By eDicky 22nd Jan 18, 4:21 AM
    • 3,806 Posts
    • 1,981 Thanks
    eDicky
    • #4
    • 22nd Jan 18, 4:21 AM
    • #4
    • 22nd Jan 18, 4:21 AM
    Apart from the 'offshore' accounts that provide a USD debit card but require a large balance, there's unlikely to be such a card available. HSBC Singapore or Hong Kong may accept you if you say you intend to upgrade later.

    Revolut is a very useful multi-currency tool, but you will not have actual account details in your own name to receive USD from a third party, so unlikely to be acceptable.

    Your USD payments can be received into an account with Fineco Bank UK and converted at a rate very close to the interbank, or TransferWise Borderless Account and converted at interbank rate for 0.5% fee, then the pounds sent to a fee-free card for overseas use such as Starling Bank, Loot.io or Revolut, or use a 'travel' credit card in the normal way.
    • benjus
    • By benjus 22nd Jan 18, 11:02 AM
    • 5,197 Posts
    • 3,213 Thanks
    benjus
    • #5
    • 22nd Jan 18, 11:02 AM
    • #5
    • 22nd Jan 18, 11:02 AM
    Would the new TransferWise Borderless Debit Card work?

    I know this is only on limited release at the moment and I'm not yet entirely sure how it works, but it looks like it's designed to avoid any currency conversion if you spend in a currency that you already hold in your Borderless account.
    Let's settle this like gentlemen: armed with heavy sticks
    On a rotating plate, with spikes like Flash Gordon
    And you're Peter Duncan; I gave you fair warning
    • SPalin
    • By SPalin 23rd Jan 18, 3:31 PM
    • 171 Posts
    • 43 Thanks
    SPalin
    • #6
    • 23rd Jan 18, 3:31 PM
    • #6
    • 23rd Jan 18, 3:31 PM
    There's something really nice about spending US$ in the US. Enjoy California!
    Originally posted by sausage_time
    What currency do you usually spend in the US? Trump Pesos?
    • sausage_time
    • By sausage_time 23rd Jan 18, 3:50 PM
    • 135 Posts
    • 38 Thanks
    sausage_time
    • #7
    • 23rd Jan 18, 3:50 PM
    • #7
    • 23rd Jan 18, 3:50 PM
    What currency do you usually spend in the US? Trump Pesos?
    Originally posted by SPalin
    I mean spending US$ on a US$ Visa Card in the US. No bothersome FX rates to worry about.
    • Petals
    • By Petals 9th Jul 18, 9:03 PM
    • 14 Posts
    • 12 Thanks
    Petals
    • #8
    • 9th Jul 18, 9:03 PM
    • #8
    • 9th Jul 18, 9:03 PM
    Would the new TransferWise Borderless Debit Card work?

    I know this is only on limited release at the moment and I'm not yet entirely sure how it works, but it looks like it's designed to avoid any currency conversion if you spend in a currency that you already hold in your Borderless account.
    Originally posted by benjus
    A big thank you to everyone for all the suggestions. Having checked all the options out, the best one appeared to be the TransferWise debit card so I set up an account accordingly and received the card in the post.

    However, I've now run into an issue trying to transfer funds from my UK HSBC USD account into the TransferWise USD account as it asks for my Routing Number but HSBC have told me that these are only associated with US accounts (as opposed to UK based USD accounts).

    Is anyone aware of any way to find a value for a UK account that will serve as a routing number? The alternative is to do a wire transfer but this will apparently convert the USD to GBP before converting it back to USD (according to HSBC again), which is exactly the problem I was trying to avoid in the first place!

    Thanks, in anticipation...
    • eDicky
    • By eDicky 9th Jul 18, 9:35 PM
    • 3,806 Posts
    • 1,981 Thanks
    eDicky
    • #9
    • 9th Jul 18, 9:35 PM
    • #9
    • 9th Jul 18, 9:35 PM
    So the HSBC UK USD account is even more useless than I thought.

    I don't know what account details TransferWise provide for receiving USD. You should try to insist that HSBC send the funds as USD, it should be possible.

    I use Revolut, dollars are received to the IBAN / BIC of their USD account at Lloyds UK.
    • JGUK
    • By JGUK 9th Jul 18, 9:38 PM
    • 152 Posts
    • 22 Thanks
    JGUK
    The TransferWise USD part of the account is held with a US bank . . .

    AUD is with an Australian bank, EUR is with a European bank and so on.

    You can't do an international payment from HSBC to TW?
    Thanks
    JG
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