Paying Suppliers in USD from GBP account

[XLMonkey]

I use www.xe.com for international trades. Miles cheaper than using bank/paypal. Only problem/thing is that you need to provide paper id as part of the registration process, so it takes a week or so to set up the account.

[Badger]

Thanks Grinder I'll check them out.

BTW, I have a mate nicknamed Grinder, as he used to persistently ask girls to go out with him, thereby grinding them down, until they said yes.

[pmeswani]

that is what the American Express Business Card is for.

Welcome to the world of 30% interest rates.

[Grinder]

I was reading a while back about foreign currency credit cards... seemed like a good option at the time. I'll have to fish around to remember what bank it was though....

edit: Might be this one http://www.fairfx.com

[FarmerPalmer]

that is what the American Express Business Card is for.

[pmeswani]

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.

[Badger]

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]

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.

[DaveB]

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.

[Olly]

Badger - research my answer mate!

[Badger]

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]

paypal probably

[pmeswani]

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.

[Badger]

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