Receiving INTL payments quickly?

[sdott]

Hi,

Anybody know of any banks who are quick to receive and convert payments in a different currency to that of your account?

I receive 2/3 payments a week in USD and my acct. is in GBP. I'm with Natwest biz banking right now, but it takes a total of 5 working days to clear for me at the moment. 2 to receive and 3 to convert.

Any help is appreciated.

 

[andygambles]

5 Working days is not that long TBH. I doubt you could get it quicker unless the sender paid for an instant wire transfer.

Can you receive the Payments to PayPal? You can convert it instantly to GBP and then withdraw. My PayPal withdraws take 2 working days or you can pay £5 and have it within a couple of hours.

 

[sdott]

5 Working days is not that long TBH. I doubt you could get it quicker unless the sender paid for an instant wire transfer.

Can you receive the Payments to PayPal? You can convert it instantly to GBP and then withdraw. My PayPal withdraws take 2 working days or you can pay £5 and have it within a couple of hours.

I thought paypal take like 3-5 working days? I remember they used to be real sluggish.

But no, they can only send wire transfers. I'll look around see if I can see anything.

 

[andygambles]

I thought paypal take like 3-5 working days? I remember they used to be real sluggish.

But no, they can only send wire transfers. I'll look around see if I can see anything.

I usually empty PayPal on a Monday and it is in my bank Wednesday morning.

I also have a US Bank account and withdraw from PayPal USD to that is next day.

 

[sdott]

I usually empty PayPal on a Monday and it is in my bank Wednesday morning.

I also have a US Bank account and withdraw from PayPal USD to that is next day.

Can you set up a US bank account from the UK with a UK address? Would be much easier because I buy in USD and receive payments in USD.

 

[Simply Bedrooms]

You can set up a US$ bank account in the UK for sure.

 

[andygambles]

Can you set up a US bank account from the UK with a UK address? Would be much easier because I buy in USD and receive payments in USD.

Yes. It can take a very loooong time though.

I did it via HSBC International. I needed my passport, drivers licence, personal and business utility bill, details of a supplier and customer in the US to act as references and someone from HSBC had to visit my place of work to confirm I was real and existed. I then had to wait pending some check in the US as to whether I was a terrorist.

When the account was first opened it was limited to transactions of no more than $10k to comply with Money Laundering regulations. Then after 8 weeks I had the limit lifted.

Took about 4 months from application to getting Internet Banking details. Saves me in the tens of thousands every year on exchange rate conversions though!