Foreign currency accounts

[d000hg]

My main project right now is paying in $US, and I am also paying my freelancers in $. But I only hold money in £ which means I get penalised in both directions on currency conversions. I'd much prefer to hold some currency in $US to pay my guys with.
Is this a standard thing on a business account or likely to be a pain? I assume I need to really have an extra account with my current bank somehow... if so would it actually work like a proper $ account, e.g. I could make PayPal payments in $ from it (I use this method with some freelancers in far-off lands).

[expat]

... I assume I need to really have an extra account with my current bank somehow... if so would it actually work like a proper $ account, e.g. I could make PayPal payments in $ from it (I use this method with some freelancers in far-off lands).

Ask your bank?

[d000hg]

Although I've had no problems with Abbey through the changeover, I reckon their phonelines might be busy...

Also, I might want to switch banks if they offer vastly different services in this regard, since I can foresee a large part of my company business being abroad in the near/mid-term.

[pmeswani]

Although I've had no problems with Abbey through the changeover, I reckon their phonelines might be busy...

Also, I might want to switch banks if they offer vastly different services in this regard, since I can foresee a large part of my company business being abroad in the near/mid-term.

HSBC would be a good bank to go to. If you do go to HSBC, drop me a PM and I will put you in touch with my Account Manager at HSBC.