Paying Suppliers in USD from GBP account

**pmeswani** · 2 March 2009, 10:50

Originally posted by Badger View Post

Whats the most cost effective way of paying a supplier in USD when you dont have a USD account?

I only have a GBP Bus. account, and the bank will charge £25 for each telegraphic transfer, paypal is not an option.

What's the best option, WU/Moneygram?

TIA

WU = Open to Fraud. Not sure about Moneygram. Personally I would take the £25 hit and do it properly.

**Olly** · 2 March 2009, 11:07

paypal probably

**Badger** · 2 March 2009, 11:11

pmeswani - I'm not averse to paying the £25, but as the payment schedule is for incremental this would work out that the fees would amount to around 5% of the cost of the work.

Olly - read the question mate!

**Olly** · 2 March 2009, 11:45

Badger - research my answer mate!

**DaveB** · 2 March 2009, 12:05

Originally posted by Badger View Post

Whats the most cost effective way of paying a supplier in USD when you dont have a USD account?

I only have a GBP Bus. account, and the bank will charge £25 for each telegraphic transfer, paypal is not an option.

What's the best option, WU/Moneygram?

TIA

Does it have to be a telegraphic transfer? Will a normal bank transfer not do the job?

You still pay a commission on the currency transaction but there should be no additional fees involved.

**pmeswani** · 2 March 2009, 13:20

Originally posted by Badger View Post

pmeswani - I'm not averse to paying the £25, but as the payment schedule is for incremental this would work out that the fees would amount to around 5% of the cost of the work.

That's your choice. I'm assuming that the US company has an IBAN number that you are able to make payment to. In which case, you should be able to make a standing order payment to them. I personally would not touch WU or Moneygram (even though I have not heard much bad press on the latter) with a long bargepole.

Paypal, like the other poster suggested, is one viable option to avoid paying any charges. Transfer the money into a Paypal account and select the send money tab, enter the person's email address along with the payment (with payment type) and the recipient can then do what they want with the funds.

Remember, Paypal is not just for E-bay users.

**Badger** · 2 March 2009, 13:37

Thanks.

I'm aware that PayPal is not just for eBayers. My supplier does not use PayPal for the sums of money involved in this project (and I can't blame them as the fees PayPal charge for receiving money are high). I have a PayPal Business account but in this instance I can't use it.

**pmeswani** · 2 March 2009, 13:40

Originally posted by Badger View Post

Thanks.

I'm aware that PayPal is not just for eBayers. My supplier does not use PayPal for the sums of money involved in this project (and I can't blame them as the fees PayPal charge for receiving money are high). I have a PayPal Business account but in this instance I can't use it.

But it must be cheaper than paying the £25, surely? But as you are dictated to by your client, the standing order option is the best way forward.

**FarmerPalmer** · 2 March 2009, 18:45

that is what the American Express Business Card is for.

Paying Suppliers in USD from GBP account