Dealing with dollars

petemc · 22-03-2009, 12:28

I have a couple of American clients now and they're sending me money in those pesky $. The problem I have is that Barclays like to take 4-6 weeks to process the damn cheques. I have a cheque on my desk for a nice some of money and its going to take 6 weeks before I can have it. This looks like its going to be a monthly thing too. I have a few choices with this. I can get the money straight into Paypal, but I'm guessing it comes in in dollars and possibly causes some crazy delay. I might be able to get a wire transfer but I'm not sure as that seems to be a mainly american thing. At the moment I'm getting a cheque. My bank has told me that I can set up an account in dollars that may help.

Probably a long shot but has anyone got any tips for monthly cheques in dollars?

Mondo · 22-03-2009, 12:31

cash it in dollars in your account, then move it to your own account?

Feek · 22-03-2009, 12:35

If you're happy to take the normal Paypal fees then transferring from one currency to another is instant. They don't charge for the actual currency transfer as far as I remember.

petemc · 22-03-2009, 12:43

If Paypal is less than £9 then yeah sure. It costs £9 everytime I do this at Barclays. I think the issue with Paypal is the cut they take. Is it just when you transfer it to your bank or is it the deposit AND bank transfer?

Edit: Ok I've set it to Paypal in the hope that its quicker / easier. 6 weeks is a stupidly long time to be waiting for a cheque to clear.

Mark · 22-03-2009, 14:29

I feel your pain. I've had the exact same problem with Lloyds. Possibly the quickest way to get payments through would be to find a US bank that has a UK operation (probably in London) and see if they can help.

Feek · 22-03-2009, 15:22

Paypal don't charge to transfer out to your bank account.

Mondo · 22-03-2009, 15:22

Quote:

Originally Posted by Mark

I feel your pain. I've had the exact same problem with Lloyds. Possibly the quickest way to get payments through would be to find a US bank that has a UK operation (probably in London) and see if they can help.

Bank of America ?

Rich_L · 22-03-2009, 19:36

PayPal via eCheque has a maximum charge of £3/$5 but takes 7-9 days to clear into your Paypal account, plus a further couple, so say 2 weeks to clear.

Citibank offer USD accounts with instant transfer, not sure about paying in to the branch there though.

petemc · 24-03-2009, 22:25

I think if I got a Citibank account I could get a transfer easily as my client uses Citibank. Its a bit annoying really. Takes about 2 weeks for the cheque to arrive and then up to 6 for it to clear. 8 weeks for a cheque. So lame.

Mark · 24-03-2009, 22:36

Personal/small business banking isn't geared up to provide international business services, which is effectively what you've found you need. Most big banks can do this sort of thing, but it'll be geared towards bigger companies and so can be expected to cost a fair whack more than what you're probably paying now. The key is finding the right balance between cost and convenience for both you and your clients.

22-03-2009, 12:28	#1
petemc Moonshine Join Date: Jul 2006 Location: Nr Liverpewl Posts: 4,371	Dealing with dollars I have a couple of American clients now and they're sending me money in those pesky $. The problem I have is that Barclays like to take 4-6 weeks to process the damn cheques. I have a cheque on my desk for a nice some of money and its going to take 6 weeks before I can have it. This looks like its going to be a monthly thing too. I have a few choices with this. I can get the money straight into Paypal, but I'm guessing it comes in in dollars and possibly causes some crazy delay. I might be able to get a wire transfer but I'm not sure as that seems to be a mainly american thing. At the moment I'm getting a cheque. My bank has told me that I can set up an account in dollars that may help. Probably a long shot but has anyone got any tips for monthly cheques in dollars? __________________ Thats no hamster, its a space station!

22-03-2009, 12:31	#2
Mondo Absinthe Join Date: Jul 2006 Posts: 2,174	cash it in dollars in your account, then move it to your own account? __________________ My Website / MSN / Email / Flickr / Blog

22-03-2009, 12:35	#3
Feek ex SAS Join Date: Jun 2006 Location: JO01ou Posts: 10,062	If you're happy to take the normal Paypal fees then transferring from one currency to another is instant. They don't charge for the actual currency transfer as far as I remember. __________________

22-03-2009, 12:43	#4
petemc Moonshine Join Date: Jul 2006 Location: Nr Liverpewl Posts: 4,371	If Paypal is less than £9 then yeah sure. It costs £9 everytime I do this at Barclays. I think the issue with Paypal is the cut they take. Is it just when you transfer it to your bank or is it the deposit AND bank transfer? Edit: Ok I've set it to Paypal in the hope that its quicker / easier. 6 weeks is a stupidly long time to be waiting for a cheque to clear. __________________ Thats no hamster, its a space station! Last edited by petemc; 22-03-2009 at 13:00.

22-03-2009, 15:22	#6
Feek ex SAS Join Date: Jun 2006 Location: JO01ou Posts: 10,062	Paypal don't charge to transfer out to your bank account. __________________

22-03-2009, 14:29	#5
Mark Screaming Orgasm Join Date: Jul 2006 Location: Newbury Posts: 15,194	I feel your pain. I've had the exact same problem with Lloyds. Possibly the quickest way to get payments through would be to find a US bank that has a UK operation (probably in London) and see if they can help.

22-03-2009, 19:36	#8
Rich_L Dr Cocktapuss Join Date: Jul 2006 Location: Seven Sizzles Posts: 1,044	PayPal via eCheque has a maximum charge of £3/$5 but takes 7-9 days to clear into your Paypal account, plus a further couple, so say 2 weeks to clear. Citibank offer USD accounts with instant transfer, not sure about paying in to the branch there though. __________________

24-03-2009, 22:25	#9
petemc Moonshine Join Date: Jul 2006 Location: Nr Liverpewl Posts: 4,371	I think if I got a Citibank account I could get a transfer easily as my client uses Citibank. Its a bit annoying really. Takes about 2 weeks for the cheque to arrive and then up to 6 for it to clear. 8 weeks for a cheque. So lame. __________________ Thats no hamster, its a space station!

24-03-2009, 22:36	#10
Mark Screaming Orgasm Join Date: Jul 2006 Location: Newbury Posts: 15,194	Personal/small business banking isn't geared up to provide international business services, which is effectively what you've found you need. Most big banks can do this sort of thing, but it'll be geared towards bigger companies and so can be expected to cost a fair whack more than what you're probably paying now. The key is finding the right balance between cost and convenience for both you and your clients.