Originally posted by anim
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Previously on "LTD paid in USD, any good tips? (Bank account, currency conversion, investments)"
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Originally posted by eek View PostWhat exchange rate does Western Union charge compared to Transferwise? That $8 isn't where the real profit is
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How much do you pay to transfer $ from USA to $ account in the UK (revolut) with transferwise?
Say on $10 000.
They say transfer of $ to outside USA is made via SWIFT and it is $3.50 extra on top of $1.60 they normally charge for $ to $ + any correspondence bank(s) fees (TW dont know what they are).
Otherwise for euro, Starling bank has euro account both company one and personal. Comp one is £2/month, personal is free.
They have 0.5% commission on E>£ and £>E conversion.
Revolut can also store E with £1000/m free conversion, 0.5% fee afterwards. Or no limits with £7/m plan.Last edited by anim; 6 October 2020, 22:37.
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Originally posted by jamesbrown View PostSee above. Transferwise. Or do you mean to stash money, long-term, in Euro? In that case, there are banks that offer them, yes. HSBC and Cater Allen come to mind. But that's a pretty big gamble when your costs are in largely in GBP. I would stick to minimizing fx costs and hassle (Transferwise) and forget about forecasting fx rates (an FSCS savings account).
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I use TransferWise too. What hasn't been mentioned is that TransferWise integrates with some accounting systems (I use Xero but QB and others may have connectors) so you can reconcile payments easily.
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Originally posted by eek View PostWhat exchange rate does Western Union charge compared to Transferwise? That $8 isn't where the real profit is
Tranferwise amounts to about 0.5% above spot for cable after all fees.
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Originally posted by darmstadt View PostWith a previous job I was paid by cheque drawn on a bank in Las Vegas which I had to take in and pay into my account monthly and only occasionally would I get a strange look.
Just checked with the company in the USA and they only get charge $8 for each transfer to me via Western Union so nothing too high so we're sticking with them. Its also nice, stick the invoice in one day and the money is in the bank the next.
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Originally posted by vwdan View PostI dealt with a literal bank a few years back (As in, my direct client was *the* bank) and they insisted on sending me a cheque. US banking is bizarre and antiquated.
Just checked with the company in the USA and they only get charge $8 for each transfer to me via Western Union so nothing too high so we're sticking with them. Its also nice, stick the invoice in one day and the money is in the bank the next.
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Originally posted by dsc View PostI'll piggyback on this thread and ask whether anyone here has any experience with using company foreign currency accounts in the UK? I might have the option to pick Euro as the currency in which my invoices are paid and I'm seriously considering it with Brexit looming in the background.
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I'll piggyback on this thread and ask whether anyone here has any experience with using company foreign currency accounts in the UK? I might have the option to pick Euro as the currency in which my invoices are paid and I'm seriously considering it with Brexit looming in the background.
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Originally posted by vwdan View PostI dealt with a literal bank a few years back (As in, my direct client was *the* bank) and they insisted on sending me a cheque. US banking is bizarre and antiquated.
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Originally posted by darmstadt View PostMight have to look at TransferWise, I currently get paid via Western Union from the USA (for some reason the USA bank couldn't do transfers) and it looks like they might be cheaper
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Might have to look at TransferWise, I currently get paid via Western Union from the USA (for some reason the USA bank couldn't do transfers) and it looks like they might be cheaper
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+4
I've taken something like £30k through TransferWise in USD and it's been absolutely fantastic. It's great being able to hand over US info, invoice in USD etc - just makes everything easier on the contract side. Then TransferWise makes the rest an absolute doddle - cheap as chips, instant transfer (literally, seconds) and just very straightforward.
As above, just get it transferred out pretty sharpish. It's so easy that there's just no excuse for not.
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