International bank accounts

[Adalberto P]

Does anybody here use one of those international online business accounts, like Transferwise Business account or Revolut?

I mostly get paid in US dollars but I pay myself in Sterling and make business payments in Dollars and Sterling. I also do not want to automatically convert the payments I get in Dollars to Sterling (Paypal does this to me). I wait until the exchange rate is favourable. For instance, at present the Pound is high and I do not want my pay to be converted from Dollars now.

So I need a business account that can handle (and keep) the money in both currencies.

My main question is, can these international accounts be used for regular purchases in the UK, like buying goods in Amazon or Ebay plus paying invoices to a bank, like you do with your HSBC account?
And if so, is it costly to make payments with these accounts?

Transferwise say they even give you a card and you can get bank details in Sterling and/or on Dollars.

Thanks

 

[DontAsk]

I have a TransferWise account that has USD, EUR and AUD accounts details for receiving payments.

USD are automatically converted and paid to my UK business account. I like it that way but cannot remember of that's the default or something I setup, or even the only way.

EUR sit in EUR until I move them.

Never tried using it for payments in the UK. Why would you? Use your normal UK business account (you can have more than one account for a business).

 

[Adalberto P]

I have a TransferWise account that has USD, EUR and AUD accounts details for receiving payments.

USD are automatically converted and paid to my UK business account. I like it that way but cannot remember of that's the default or something I setup, or even the only way.

EUR sit in EUR until I move them.

Never tried using it for payments in the UK. Why would you? Use your normal UK business account (you can have more than one account for a business).

Thanks
Reading their website, it says that 'once you receive an amount, in a foreign currency, you convert it to your local one if you want to. That is why I am asking here. I have had this argument with Paypal for years: somebody sends me money in dollars and Paypal converts it to Pounds and I bet their rate is bad.
I do not have a business account at present. I am sharing a personal account. That is why I am trying to find out if I can use just one, which is international.

 

[MikeJ]

We have GBP, USD, EUR and ZAR accounts all with RBS. Most of our payments are in GBP and EUR, so we always maintain a balance there, and clear the others when we feel the rate is about right.

 

[Financial-Modeller]

^^^ this.

Why not just have a USD account at your bank @Adalberto P ?

 

[DontAsk]

^^^ this.

Why not just have a USD account at your bank @Adalberto P ?

When you need to convert, are their rates as good as TransferWise? I doubt it for most UK high street business bank accounts. Maybe with some of the "challenger" banks.