Business banking recommendation with good mobile banking and USD account

[whats]

Talking about HSBC, I met one of their business advisor this week.

Foreign account requires a HSBC business account (£5.50 month). Inbound cost is £5, Inbound SEPA is £1. He told me cost of inbound SEPA was 5+1, which didn’t sound right as it would make SEPA more expensive than other currencies.
Going to reduce the frequency of transfers each year to 6 in / 4 out to reduce fees. Sticking with Cater Allen until I find a better way, but not spending much time on it as its £148 a year on the above frequency.

[Spoiler]

Also interested in this, as I need to invoice a US company and get paid in USD, then transfer it back to sterling.

Doing a little research, I've come up with the following:

Cater Allen - Can open up a dollar account alongside a sterling one, with no additional running fees for the $ account. Transfers between dollar/sterling are fee-free, but at the CA daily FX rate. Transfers out to an external account incurs a $40 fee (may be worth paying, depending on the FX rate available elsewhere).

Barclays - run a dollar account for £7.50 per quarter. The call centre operative stated that only internal transfers (from $ to £ accounts) were available, but they didn't sound convincing, and the previous information from 'Martin Scroatman' would indicate external transfers are an option (not sure what the fee is though?).

HSBC - monthly fee of £5.50 for a $ account. Transfers between internal accounts online are free of charge. Not sure at the moment what the fee is for transfers to external accounts.

Have also been looking at Payoneer. Seems they give you a receiving account number, which enables you to receive payments form the US and do the FX. One issue with this is that it looks like the FX is done at the time of receiving payment. Not sure if you can leave it sitting in the account and transfer it at a time when the FX rate is better ?

[filipeamoreira]

If you are reveiving regular foreign currency payments you can open an account in that currency. I opened a Euro account with Barclays & they charged me 7.50 Euros per quarter.

Then I used Tranzfers.com for the actual conversion to English Pounds to avoid the bank's swinging rates.

I used Trazfers.com.

Thank you Martin Scroatman. 7.50 euros per quarter looks very good. Is this a business account, right?

Also thank you for the suggestion to use Trazfers. I actually use Transferwise quite often hadn't thought of doing currency conversion between sterling and USD business accounts. I will compare Trazfers with Transferwise regarding this.

[Martin Scroatman]

Hi everyone,

I'm looking for recommendation for a business bank account that has good internet/mobile banking and that offers a business currency account. My business is 4 years old and I've been with RBS. I'm not happy with them as I've been told that they do not have a currency account.

Also what about foreign exchange rates when receiving payment from abroad (e.g. USA)? Do the rates differ much from bank to bank?

Any recommendations? I believe HSBC, Barclays and Santander do offer what I need.

Thanks

If you are reveiving regular foreign currency payments you can open an account in that currency. I opened a Euro account with Barclays & they charged me 7.50 Euros per quarter.

Then I used Tranzfers.com for the actual conversion to English Pounds to avoid the bank's swinging rates.

I used Trazfers.com.

[filipeamoreira]

Hi everyone,

I'm looking for recommendation for a business bank account that has good internet/mobile banking and that offers a business currency account. My business is 4 years old and I've been with RBS. I'm not happy with them as I've been told that they do not have a currency account.

Also what about foreign exchange rates when receiving payment from abroad (e.g. USA)? Do the rates differ much from bank to bank?

Any recommendations? I believe HSBC, Barclays and Santander do offer what I need.

Thanks