Best UK Bank for receiving foreign currency

[Richard_Richard]

Hi All,

Apologies if this is posted in the wrong section.

So I recently started a new job getting paid in US dollars. However it's a commutable position and I will continue to reside in the UK (I currently bank with Barclay's).

The problem is that as soon as the money hits my account I'm losing between £200/£300 a month in foreign currency exchange fees due to Barclay's 'FX Margin Percentage' - I've been to talk to the bank and they are completely useless!

Now I'm realistic and don't expect to get away without incurring any loss in this position, however I was wondering if there were any other guys/gals on here that are in/have been in a similar position and which bank in their experience offered the most cost effective solution to minimise such losses (I've tried to shop around online and the various Banks websites are far from transparent when it comes to the subject of receiving foreign currency to a UK account.

Really appreciate any advice anyone has on this subject.

[Globally Challenged]

Lots of us at my company use Revolut

[Expatrick]

You could open a Wise (formerly TransferWise) "borderless" bank account to receive your US funds & then transfer from there.

[rudestuff]

Definitely Revolut

[ZFT]

Originally Posted by rudestuff

Definitely Revolut

May I ask why? I use Wise and find it meets all my needs but maybe I should consider Revolut!

[rudestuff]

I'm sure Wise is just a good. I find Revolut is easy to use, you get a bank account number for every currency and can instantly convert from one to the other as well a a host of other things.

[ZFT]

Originally Posted by rudestuff

I'm sure Wise is just a good. I find Revolut is easy to use, you get a bank account number for every currency and can instantly convert from one to the other as well a a host of other things.

Thanks. Seems very similar

[FlyHigher]

As far as I was told by a colleague who use both Revolut and Wise, apparently the fees charged or collected by Revolut are a bit lower than Wise. Just second hand information. I use Revolut and don't intend to change.

[sangiovese.]

Revolut. Used it for about 5 years now. Thoroughly recommend

[Richard_Richard]

Thanks for the suggestions all

[SimonPaddo]

I use HSBC global money account - you transfer money in from your linked account and can pay in multiple currencies - you also get a debit card. No fees and spot FX rates.

[Sygyzy]

Revolut vs Wise

Bear in mind that Wise are regulated in UK - which means if they go pop you are insured (to £80k I believe). Revolut aren't. Despite attempting to get a licence on more than one occasion.

S

[Sick]

If you have a foot in multiple parts of the world, HSBC Premier (or Stan Chart) is almost essential, especially in Asia. I get clobbered a bit on currency conversions with my account, so use revolut for that. Must look into maybe doing it with a low cost HSBC facility?

[Typhoon Tripacer]

I have a Lloyds Isle of Man $ account which will accept payments from anywhere, obviously without deductions. I've had it at least 12 years and it was free to open at the time and remains free of charges if balances are maintained. I can then transfer dollars from that account to a currency fair account, then exchange to pounds and transfer for about 0.25% to my high street GBP account. Perhaps that could be a way for you.

[hamia]

Open an Interactive Brokers account and use that to exchange the money. Their rates are very good.

[blind pew]

Second revolut…did an exchange of around 10 grand using my barclays account which cost me around £300 more than if I had used my revolut. Advice don’t make an exchange at the weekend as there is a different commission rate or was.

[SimonPaddo]

Like OFX? I have used them and they are very good and competitive before I got HSBC Global Money

[HeadUpTheTailpipe]

HSBC Global Premier Banking, in conjunction with Revolut. Extremely good.