Bank Account to Receive USD

Hey everyone.

Seeking some advice about whether there is any difference between banks when receiving USD.

Essentially I am a starting as a consultant and receiving income in USD. The bank needs to have a Swift code.

It occurred to me that this amount could fluctuate depending on the bank giving a good rate. Does anyone know which banks are fairer when receiving foreign currency?

Thanks!

Comments

  • +3 votes

    Try looking at Transferwise borderless account. They should give you a local account number.

    Problem with SWIFT is due to the network you get charged a fee. I got charged $10 when Saxo markets decided in their wisdom to pay me AUD back to AUD account using SWIFT rather than local transfer.

    •  

      I can confirm about Transferwise, I have a Borderless account, they give USA bank style details, like this picture.
      I use them to convert AUD to other currencies, works perfect and the account was easy to create.

  • -2 votes

    Try CBA. USD Account keep money is USD, you can decide when to transfer to your AUD account. No monthly fee, I guess they get their cut when you convert to AUD.

  •  

    Citibank will be able to do it. I think it's called the cash passport or something.

    https://www1.citibank.com.au/banking/bank-accounts/global-cu...

  • +1 vote

    I use Citibank Plus everyday account. No fees to receive USD. It's converted to AUD when it's deposited into the account. I think Citibank Plus use Mastercard's exchange rate - it's better than what I got from Commonwealth Bank anyway, which also charged a $10 fee per transaction.

    •  

      Agree, friend receives a monthly amount from US and no fees plus the most favourable rate with Citibank plus. As well there is no monthly account keeping fee. Not like CBA which has monthly fee on top of the transaction fee (unless you meet their monthly fee free conditions)

      •  

        I am using CBA USD account, no monthly fee, no transaction fee and also no monthly fee free conditions to meet. Maybe different plan?

        • +1 vote

          I think you will find the OP wants to convert their money into AUD, so having a fee free USD account, isn't necessarily what they want. The way I read it, is they want to get USD and convert to AUD. My comment on monthly Fees related to the AUD account they transfer the exchanged money into.

          What my friend found was that this conversion at CBA was worse than the Citibank plus account, which had no Forex exchange fee and competive exchange rate. Now while exchange rates vary on a daily basis, even allowing for this their feeling on a monthly $1000USD payment, that they were at least $30-40 better off each month.

          Now if they just wanted to accumulate their USD your CBA account might be better.