pkr

Hi, after some advice please.

I am paid in USD which gets transferred directly into my UK current account. Most of my expenses are in the UK so I need this. The bank gives me a fairly poor exchange rate (received 1.52 on Friday when official rate was 1.475 - costing me over GBP100) and if I do take cash out locally in Oman with my debit card I get charged approx 6% in rate/fees.

Does anybody know a more cost-efficient way of doing this?

Thanks.

still.unsure

there's a couple of people on here that are well versed in these matters, but until they reply (and to get you started perhaps) have you tried looking at www.offshore.hsbc.com ? they've got accounts in all the different currencies and a good internet-banking portal that allows you to pay british bills etc.

pkr

Thanks.

I did try various offshore bank accounts, but they all seem to require a minimum balance of 10k which I simply cannot afford at the moment.

still.unsure

true, but i think with the hsbc one, it just has to be there in 3x months. i opened mine with zero about 6x months ago with them and then added the minimum about 2x months later. as long as i put money into it and they issued the card, no big deal.

Dutchie

I use them as well, their internet banking facilities are really good. The only drawback I encountered is the card they issue. My account with them is in Euro's but every time the card is used, the transactions are either converted into Pounds or US Dollars. Extra earnings on the exchange rates for them. But it's tax free.

The Dean

You're complaining about 1.52?

In July it was above 2.00..............

Norm_uk

Yes a good offshore account should solve your problems.

If it's a fairly large and regular amount though there might be some other options for you - feel free to PM me if you need any help with that.

N.

Meow

Amongst others, I have an agency for a bank with a minimum of GBP 2k if that's any good to you.

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