Cheapest way to convert USD to GBP

[TommyGG]

Hello!

We receive regular monthly royalties from the US which range from $10k to $50k a month.

Our bank barclays in the exchange from USD to GBP charged us £500 for the first $10k payment we received! Quite bloody expensive! So we opened a USD account with them, and are receiving the $ payments now without any deductions.

We do need to move the USD into our GBP savings account. Does anyone know the cheapest way to convert USD to GBP? We don't mind if it's slow, we're just looking for the best value.

 

[edmondscommerce]

any use: https://www.moneybookers.com/app/help.pl?s=fees

 

[TommyGG]

The US company paying out the royalties to us don't allow payment to online wallets, it has to be bank accounts.

 

[edmondscommerce]

I thought you might be able to use it to pay yourselves effectively

 

[TommyGG]

For transactions involving currency conversion Skrill (Moneybookers) adds 2.49% to our wholesale exchange rates for foreign currency. This charge serves as a protection against the volatility and risk associated with FX markets. The Skrill (Moneybookers) exchange rates are updated on a regular basis throughout the day.

It's 2.5% + wholesale rate unfortunately for exchanging currency so would be expensive.

 

[Lentinus]

www.Xe.com sign up for xe trade.
In future your payers can send the money to their local US account they will exchange it and deliver it to your UK account. All at a MUCH better rate than the banks, in 24-48 hrs and with little or even no cost.
Not sure how it will work if the money is already in the UK but it should not be an issue

Source : 10 years of using XE Trade.

 

[TommyGG]

Thanks for link, will investigate!

 

[ANye]

I suggest you shop around for currency transfer quotes and make sure that you are getting the best rate from an FSA authorised foreign exchange provider. Typically, a foreign exchange broker's rate can be up to 4% better than the banks.

Hope that helps