Foreign Currency Accounts

[d000hg]

All my current income comes from outside the EU, mostly in $US. I also pay subcontractors in $US. Currently I take payments and they get converted to £, then I pay my guys and my £ get converted back to $US.

I talked to Abbey today and apparently they don't offer a foreign currency account service. I guess I can either dump Abbey and get a new account with someone who offer this service, or keep my main business with Abbey and get a 2nd account.
Either way, I don't know a good way to compare services of business acounts. I'm not interested in an account I can't manage online, or one which charges me for every transaction... that's why I went with Abbey and I guess the same applies for Cater Allen.

Are there any good comparisons of the various banks out there? Does anyone else hold currency in foreign accounts?

[Olly]

You guessed wrong

[wurzel]

I've got a Euro account through my company business account with Barclays. Yes, they charge per transaction and I can't manage it online but it's a damn site more efficient than being charged their exorbitant rates for the Euros - Sterling conversion and then losing out again when I go to the cashpoint for conversion from euros back to sterling.

I've only just opened it but my plan is this - after I get paid each month, I'll convert enough euros to sterling to cover my uk outgoings via some fx agency (there's enough of them out there & they are more competitive than banks). Then I will transfer what I need in euros to an account i've set up locally over here.

It's worth shopping around I guess but in my own case my hands were tied because the agency I work through will only pay into the account of my ltd company - though I guess I could have just moved my ltd account to another bank.

[wurzel]

damn site

sight.

[pmeswani]

All my current income comes from outside the EU, mostly in $US. I also pay subcontractors in $US. Currently I take payments and they get converted to £, then I pay my guys and my £ get converted back to $US.

Are there any good comparisons of the various banks out there? Does anyone else hold currency in foreign accounts?

Have you looked at HSBC? I don't know what their charges are... Also consider Nationwide. Their interest rate isn't that great... but at least they offer currency conversions.

[PM-Junkie]

Have you looked at HSBC? I don't know what their charges are... Also consider Nationwide. Their interest rate isn't that great... but at least they offer currency conversions.

I can recommend HSBC - their service is pretty good and swapping money across is very easy. Can't remember what the criteria are for premier customer status, but you'll need that if you want the decent service out of them though.

[thelace]

Nationwide wont let you have business accounts

[pmeswani]

Nationwide wont let you have business accounts

Didn't know that. They advertise business accounts in thei branches

[thelace]

Didn't know that. They advertise business accounts in thei branches

Dunno about that, but when I asked, the answer was no!

Shame as I've banked with them for 20+years and have found them to be otherwise excellent.

[AtW]

Just requested paperwork from LTSB - they have got euro accounts (non offshore) and also other currencies: http://www.lloydstsbbusiness.com/int...ices/index.asp - their terms seem very good when it comes to conversion of currencies and also online access available too.

If you earn in euros it seems to make sense to have euro account as well as sterling, at least this way one can split the money and hedge currency risks.

These appear to be (99% sure of that) onshore accounts, rather than offshore (HMRC might not like those).