So, since the person paying my seems incapable of sending me the money to my US Transferwise account details ive been having sent to my hsbc UK but USD account and then converting it. Would there be a better bank to use that can just receive it and auto convert to £ but give a pretty good ish rate? better than hsbc anyway?
I’ve been chatting with Barclays recently, they seem to be able to handle FX better than HSBC. I receive EUR into a EUR account at HSBC and share your pains of stupid FX fees.
oh i tried asking barclays if they do a better rate paying into a currency account then converting or the same to auto convert sending to a £ denominated account. Suffice to say they had zero clue what i was talking about and kept just wanting to tell me that they cant predict what exchange rates will be.
I had the same question with Lloyds a few years ago. They allowed me to create a Lloyds foreign currency account, and then receive the money into that.
Depending on the amount, you’re then able to negotiate an exchange rate with their FX teams. If you don’t like the rate they’re offering, you could even use Transferwise to convert and transfer the funds to your usual current account
I just send them a Monzo.me link. It works cross border. Just remind them not to use a credit card - has to be debit.
1 Like
I collect USD ABA/Wire payments on a transferwise borderless account and periodically transfer to revolut via swift (USD 4.33 currently) for exchange, arrives same day. exchange at 0% on week days and transfer to my real GBP account instantly and for free.
this flow saves me and my customers an important amount of money.
looking forward to trial monzo’s business account, but in the mean time starling is the best option out there.
(commenting about a workflow involving 3 different fintechs on the forum of a 4th just to receive USD payments efficiently… something feels wrong about it.)
1 Like
How do you change the currency to USD?
transfer from the hsbc usd account to my £ one to get a slightly better rate from hsbc than if it came into £ directly and they auto convert it. have tried getting them to send to transferwise but they cant for some reason i dont get. ditto they dont seem to be capable of doing a pay by invoice link in £.
You don’t. You just ask in GBP, and their card will do the conversion.
yeah i know but as i said they dont seem able to send or rather pay that way.