Incoming Payment in GBP - US Banking

[ginklord]

Hi, I'm expecting a large (£400k+) payment, but I only have banking here in the US (New York) and only in USD. I mostly bank with a local credit union but also have cash accounts with Fidelity and Betterment. I've checked out Wise and see that HSBC seems to have a global money account, but I'm hoping to get a recommendation here. Can you help?

 - Matthew

[Paul der Krake]

Wise is exactly what I'd use. Open Wise account, navigate to GBP account, give sender the account details. Just be aware that if this is the first time you've used them and it suddenly have 400k coming in, this will almost certainly get flagged and you should be prepared to provide a robust papertrail with for the provenance of the funds. They will likely want to hold it for a bit before letting you convert/withdraw too.

[ginklord]

That's helpful, thanks. I don't know how to compare this against HSBC when it comes to currency conversion. Ar ethey all mostly the same, or is that something to really nit pick?

[reeshau]

Are you looking to hold the pounds, or are you looking to convert?

I use OFX for euro to USD, and have been happy with them.  I second the observation that they are very sensitive to money laundering, and may limit or delay your first transactions, until you have established a pattern.

If you wanted to hold it, you might also check out Interactive Brokers.  They don't want to be your bank, they are a broker.  But that means you might be able to put the money to work faster than trickling in foreign cash transfers.

[ginklord]

I'll want to convert as all of the funds will be used in the US. I'll check out the broker idea - does the payer just the money to them directly and they in turn send it to my bank in USD, or do I still need an account for the payer to send the payment in GBP to?

Are you looking to hold the pounds, or are you looking to convert?

I use OFX for euro to USD, and have been happy with them.  I second the observation that they are very sensitive to money laundering, and may limit or delay your first transactions, until you have established a pattern.

If you wanted to hold it, you might also check out Interactive Brokers.  They don't want to be your bank, they are a broker.  But that means you might be able to put the money to work faster than trickling in foreign cash transfers.

[reeshau]

I'll want to convert as all of the funds will be used in the US. I'll check out the broker idea - does the payer just the money to them directly and they in turn send it to my bank in USD, or do I still need an account for the payer to send the payment in GBP to?

OFX works that way.  You tell them how much in GBP they will get, they tell you how much in USD you receive.  Hitting the Accept button signs a contract, so then you are obligated to do it.

Interactive Brokers would be setting up an account with them.  Probably not worth it for a one-time deal, unless you were keeping the GBP around for some time.