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  • FIRST POST
    • ennigaldi
    • By ennigaldi 5th Aug 18, 4:01 PM
    • 4Posts
    • 1Thanks
    ennigaldi
    UK Resident, going to be paid in USD
    • #1
    • 5th Aug 18, 4:01 PM
    UK Resident, going to be paid in USD 5th Aug 18 at 4:01 PM
    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?
Page 1
    • Tallaght
    • By Tallaght 5th Aug 18, 4:15 PM
    • 793 Posts
    • 621 Thanks
    Tallaght
    • #2
    • 5th Aug 18, 4:15 PM
    • #2
    • 5th Aug 18, 4:15 PM
    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
    • By 18cc 5th Aug 18, 4:39 PM
    • 897 Posts
    • 604 Thanks
    18cc
    • #3
    • 5th Aug 18, 4:39 PM
    • #3
    • 5th Aug 18, 4:39 PM
    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
    • By eDicky 5th Aug 18, 5:09 PM
    • 4,007 Posts
    • 2,141 Thanks
    eDicky
    • #4
    • 5th Aug 18, 5:09 PM
    • #4
    • 5th Aug 18, 5:09 PM
    Will there be charges on this payment coming into my UK bank account (Natwest)?
    Originally posted by ennigaldi
    Yes, charges and a terrible exchange rate. See this recent thread:

    https://forums.moneysavingexpert.com/showthread.php?t=5875309
    • ennigaldi
    • By ennigaldi 5th Aug 18, 9:29 PM
    • 4 Posts
    • 1 Thanks
    ennigaldi
    • #5
    • 5th Aug 18, 9:29 PM
    • #5
    • 5th Aug 18, 9:29 PM
    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 ?
    Originally posted by Tallaght
    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
    • By Picard91 6th Aug 18, 9:23 AM
    • 32 Posts
    • 22 Thanks
    Picard91
    • #6
    • 6th Aug 18, 9:23 AM
    • #6
    • 6th Aug 18, 9:23 AM
    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
    • By xylophone 6th Aug 18, 11:56 AM
    • 27,640 Posts
    • 16,607 Thanks
    xylophone
    • #7
    • 6th Aug 18, 11:56 AM
    • #7
    • 6th Aug 18, 11:56 AM
    https://www.metrobankonline.co.uk/business/current-accounts/products/foreign-currency/

    USD business account with Metrobank?
    • eDicky
    • By eDicky 6th Aug 18, 1:14 PM
    • 4,007 Posts
    • 2,141 Thanks
    eDicky
    • #8
    • 6th Aug 18, 1:14 PM
    • #8
    • 6th Aug 18, 1:14 PM
    I did try Transferwise also as I thought it would be easier but they would not accept payments from my work.
    Originally posted by Picard91
    Perhaps that was before the introduction of their Borderless Account, which can be used to receive payments from other parties such as an employer.
    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.
    • Picard91
    • By Picard91 6th Aug 18, 4:05 PM
    • 32 Posts
    • 22 Thanks
    Picard91
    • #9
    • 6th Aug 18, 4:05 PM
    • #9
    • 6th Aug 18, 4:05 PM
    Perhaps that was before the introduction of their Borderless Account, which can be used to receive payments from other parties such as an employer.
    Originally posted by eDicky
    Nope that was with a Borderless Account. It depends what method the company use to pay you.
    • ennigaldi
    • By ennigaldi 6th Aug 18, 4:21 PM
    • 4 Posts
    • 1 Thanks
    ennigaldi
    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.
    Originally posted by Picard91
    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
    • By ennigaldi 6th Aug 18, 4:23 PM
    • 4 Posts
    • 1 Thanks
    ennigaldi
    Not sure about Paypal.
    Originally posted by Picard91
    Paypal is prohibitively expensive, I've now found.
    • Picard91
    • By Picard91 6th Aug 18, 9:38 PM
    • 32 Posts
    • 22 Thanks
    Picard91
    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?
    Originally posted by ennigaldi
    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
    • By eDicky 7th Aug 18, 3:21 AM
    • 4,007 Posts
    • 2,141 Thanks
    eDicky
    Wells Fargo was the simplest solution for me..
    Originally posted by Picard91
    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?
    • Picard91
    • By Picard91 7th Aug 18, 8:52 AM
    • 32 Posts
    • 22 Thanks
    Picard91
    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?
    Originally posted by eDicky
    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
    • By Picard91 7th Aug 18, 8:54 AM
    • 32 Posts
    • 22 Thanks
    Picard91
    Also, If you use skype, to call Wells Fargo in the States is Free... so doesn't cost anything to call.
    • glentoran99
    • By glentoran99 7th Aug 18, 8:59 AM
    • 5,473 Posts
    • 4,661 Thanks
    glentoran99
    what about a revoult card, would it help, get it paid into that?
    • tony190879
    • By tony190879 16th Oct 18, 11:07 AM
    • 7 Posts
    • 2 Thanks
    tony190879
    Does anyone have a workable solution?
    Does anyone have a workable solution to this? Being paid in USD but needing GBP, whilst working in Europe (Euro).

    There are lots of maybes but no actual answers, and there must be loads of people in this situation.

    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. My HSBC currency account charges a SWIFT (up to $50) fee to have my wage paid in to the USD current account. Then when I move the money across to the GBP account (a free conversion) the exchange rate given is a good 3% worse than the market rate so I get stiffed both ends. Only then can I actually send the money at a decent real exchange rate to Revolut to spend it.

    Slightly separate issue, I can pay money from Revolut to Transferwise,(to get around the maximum 200 Euro withdrawal limit) but not the other way around as Transferwise does not recognise the Revolut account.
    • eDicky
    • By eDicky 16th Oct 18, 7:54 PM
    • 4,007 Posts
    • 2,141 Thanks
    eDicky
    Does anyone have a workable solution to this?
    Originally posted by tony190879
    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.
    • londoninvestor
    • By londoninvestor 16th Oct 18, 8:09 PM
    • 488 Posts
    • 405 Thanks
    londoninvestor
    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.
    Originally posted by eDicky
    Agreed, and using ACH means no SWIFT fees.

    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.
    Originally posted by tony190879
    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?
    • tony190879
    • By tony190879 16th Oct 18, 11:10 PM
    • 7 Posts
    • 2 Thanks
    tony190879
    Fineco is based in Italy so it looks like swift charges are incurred during the transfers.

    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.
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