Paying a business in China in US dollars from the UK,how?

Discussion in 'International Business' started by WHARTY, Jun 30, 2010.

Thread Status:
Not open for further replies.
  1. WHARTY

    WHARTY UKBF Enthusiast Free Member

    939 133
    Hi

    This is probably a silly question, but i will soon be getting a bill from China for some stock that i need to pay for in US dollars and i am in the UK.

    It will need to be paid by electronic transfer of some sort, so when the bill comes through in dollars how do i pay it from my UK account?

    Will i need to work out the conversion rate for Pound sterling to US dollars and then pay it or will it be worked out automatically by the bank?

    I know there is probably a simple answer but i gotta ask.

    Thanks for any help

    Lee.
     
    Posted: Jun 30, 2010 By: WHARTY Member since: Nov 18, 2009
    #1
  2. red-source

    red-source UKBF Enthusiast Free Member

    512 72
    If you transfer online using priority payments the bank will allocate the exchange rate for you and convert accordingly. There`s usually a charge for this service anywhere from 10 - 20 quid!
     
    Posted: Jul 1, 2010 By: red-source Member since: May 16, 2009
    #2
  3. deniser

    deniser UKBF Legend Free Member

    8,099 1,702
    You select the currency you want to pay in and who pays the fees and the Bank works it out for you.

    We usually have to pay a £25 fee.
     
    Posted: Jul 1, 2010 By: deniser Member since: Jun 3, 2008
    #3
  4. AlanGNW

    AlanGNW UKBF Newcomer Free Member

    201 31
    Depending on the amount you may save money by using a currency exchange company - no charges, and better rates. PM me if you want a couple of suggestions.
     
    Posted: Jul 1, 2010 By: AlanGNW Member since: Jun 3, 2010
    #4
  5. charcinders

    charcinders UKBF Contributor Free Member

    81 11
    I had to pay a company in China in US dollars and doing it through the banks would have cost a lot. I would have had to send the money to their account in a US bank, incurring a loss in the change from pounds to dollars, then that bank would send it to the company's bank in China, incurring another loss as the money was changed to Chinese Yuan. Plus two sets of bank charges.

    In the end I sent the cash direct to China using Western Union's online service. You really have to trust the person on the other end though!
     
    Last edited: Jul 1, 2010
    Posted: Jul 1, 2010 By: charcinders Member since: Sep 19, 2007
    #5
  6. samuel zhao

    samuel zhao UKBF Newcomer Free Member

    14 1
    yes,"doubt is the greatest weakness of human."
     
    Posted: Jul 6, 2010 By: samuel zhao Member since: Jul 6, 2010
    #6
  7. ADS-MARKETING

    ADS-MARKETING UKBF Newcomer Free Member

    283 31
    Posted: Jul 6, 2010 By: ADS-MARKETING Member since: Feb 19, 2010
    #7
Thread Status:
Not open for further replies.