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  • FIRST POST
    • ennigaldi
    • By ennigaldi 5th Aug 18, 4:01 PM
    • 4Posts
    • 0Thanks
    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
    • 625 Posts
    • 509 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
    • 689 Posts
    • 461 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
    • 3,707 Posts
    • 1,856 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
    • 0 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
    • 21 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
    • 26,128 Posts
    • 15,485 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
    • 3,707 Posts
    • 1,856 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
    • 21 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
    • 0 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
    • 0 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
    • 21 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
    • 3,707 Posts
    • 1,856 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
    • 21 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
    • 21 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
    • 5,476 Posts
    • 4,660 Thanks
    glentoran99
    what about a revoult card, would it help, get it paid into that?
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