Dollar bank accounts in the UK

10 replies
I'm fed up of getting charged stupid amounts for paying in $ cheques into my bank account, here in the UK.

I realise you can't open an account in the US as they require an interview plus passport, ID, inside leg measurement etc.

Can anyone recommend a US Dollar bank account from a UK bank that they use?
#accounts #bank #dollar
  • Hey Mike,

    With a business account you can have a separate dollar account so you're free to move you're money back and forth between the currencies. You don't get a debit card or anything though (and there is still a charge levied - like 2% I think).

    I think most banks offer this, I'm with HSBC personally and after shopping around they seemed to be the best.

    George
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  • Profile picture of the author CBSnooper
    Thanks George. I'll take a look at HSBC.
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  • Profile picture of the author Nicola Lane
    Get an account with Abbey - they charge £10 to pay the cheque in and then once the cheque is paid the standard exchange fee - they are also pretty quick at getting the money.
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    • Profile picture of the author dddougal
      Originally Posted by Nicola Lane View Post

      Get an account with Abbey - they charge £10 to pay the cheque in and then once the cheque is paid the standard exchange fee - they are also pretty quick at getting the money.
      This is extortionate. Halifax are much cheaper but cant remember how much at the mo.
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    • Profile picture of the author CBSnooper
      Originally Posted by Nicola Lane View Post

      Get an account with Abbey - they charge £10 to pay the cheque in and then once the cheque is paid the standard exchange fee - they are also pretty quick at getting the money.
      I have a business account with the abbey but couldn't find any info on their site about foreign cheques.

      Originally Posted by dddougal View Post

      This is extortionate. Halifax are much cheaper but cant remember how much at the mo.
      The Halifax is who I'm with. They charge more than £10!
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      • Profile picture of the author Nicola Lane
        Originally Posted by CBSnooper View Post

        I have a business account with the abbey but couldn't find any info on their site about foreign cheques.



        The Halifax is who I'm with. They charge more than £10!
        Simply look up thier fees page - it is under "presentation of foreign cheques"

        Presentation of foreign cheques £10 per cheque (the paying bank may make an additional charge)
        I did it with my first clickbank cheque - I just paid the cheque in over the counter - they took the £10 out of my account the next day - and the cheque was cleared in the same amount of time a British cheque is - the exchange rate wasn't brilliant - but It was within the standard range.

        Abbey is one of the few banks that make the process simple - most of them want you to wait weeks and pay huge sums!
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  • £10 per check + the % fee? Crickey. I'd be broke!
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  • Profile picture of the author Richard Tunnah
    Mike,
    I think you'll find most banks offer alternative currency accounts both personal and/or business ones. Some charge a fee but give better exchange rates. So shop around.

    Rich
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  • Profile picture of the author ragstworiches
    Hi,

    I personally use HSBC it is £10 a cheque. It would depend on your business model, but if you get money wired it will generally be better. If you get your cheques from clickbank you can set it higher, and also they have a wire transfer option now if you meet the t & c's.

    Phil
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