Buying and Selling Using US Dollars

[LinkBright Media]

I started a new business selling goods in US Dollars, and I pay my suppliers in US Dollars. It's been challenging to think of a way to avoid exchanging currency to GBP and back again. Here's what I found:

• When withdrawing USD from PayPal to a UK foreign currency account in USD, they exchange USD to GBP and back to USD again. Crazy logic and very expensive.
• HSBC foreign currency accounts in USD don't have a credit/debit card, so you're forced to wire transfer payments to suppliers abroad (very expensive and no buyer protection)
• I finally found a USD prepaid card which I can top up using my HSBC USD account. Yaaay! I should then be able to add that card to my PayPal account and use it to make USD payments to suppliers.

How do others manage this - do you just put up with high fees and do everything via wire transfers, or does this sound like a good solution to keep costs down?

 

[betterfx]

Hi there, Just saw your post and agree you seem to have fund a good solution! Are you getting good exchange rates from HSBC? (that's normally where the hidden cost is!)

I have just joined the forum today, and am here to offer free (no strings!) advice to anyone who needs it on foreign exchange.

 

[LinkBright Media]

I've been using this company for at least 10 years https://www.fttglobal.com/ . Their rates are better than any other company I've managed to find.

 

[betterfx]

They are not bad, but not the best rates. If you want to direct message me I can ask you a couple more questions about volumes etc, and then recommend some other firms that you may want to get quotes from