UK IMers Getting Paid in Dollars $...

Hi Stepinrazor

You cannot avoid all transfer costs completely.
I just bank the cheques and pay the fee

Ken

I usually just get checks and set the limit of them very high so i only get one every so often.

However with a check you have a fee of around urrrm $5 to $10 per check if i remember correctly, plus it goes on the exchange rate at that time.

Also you have to cash it in at the desk and cannot use the machines available at some banks.

Bank transfer (wire) is simpler and they just do the conversion if memory serves me correct and you loose no money, but it will show as GBP in your bank and not Dollars.

You are best off talking to your bank and asking them as each bank varies!

Tom Brite

What is the wrong with giving that money in your own personal bank...

Or you can try self bank mobile.... it can be good place to keep your money..

I have always banked my clickbank cheques over the counter at my bank - and yes the fees are very annoying indeed - part i've taken that as part and parcel with being in the UK and not US.

You are betting getting US monies wired if possible as this will minimize your fees otherwise you could be looking at a hefty fee. You could look at opening a US domination account if you expect a lot of US cheques. You'll still get charged a fee for exchanging the monies to pounds but you get charged once.

Rich

The best thing is to open up a US bank account.

Yeah I have been thinking the wire transfer is the way forward. Cheques take too long to clear too.

I dont think I can open as US bank account without being a US citizen or at least in the country... not sure though.

but I think opening a US dollars account would be good. Im suprised that you guys just bank the cheques into your sterling accounts tbh. Don't the banks give a crap exchange rate and/or charge a commision on the transaction?

Citibank do a US $ current account which you can hold US currency funds in (obviously ) ..I was thinking of opening one of them and then withdrawing my money in cash and getting it exchanged someplace myself for the best rate available (marks and spencers is usually pretty good). This would be alright for $1000... but when I start making a lot more it wont work so well. They dont like you bringing large amounts in.

A bunch of other banks do dollar accounts too (hsbc, natwest, barclays and lloyds) but they all charge a monthly fee for the account.

Im gonna go to my banks tomorrow and ask them how much I would get if I brought a $1000 cheque/transfer in and compare them.

I have a US dollar account with the Bank of Scotland side of HBOS and there are no monthly fees for it.

Cheers,

Neil