If you’re trying to send money to your account in the UK or receive a payment from someone else overseas, you’ll need to work out how to do it. We’ve written a guide to help with that, for personal and business accounts alike.
Can it be done?
Yes, foreign currency can be deposited into a UK bank account, but it’s not as straightforward as that. There are a few different ways this is done, which we’ll cover in this guide.
The various methods for a personal account
A GBP account with the bank
For most people, this is the most likely way you’ll receive money from overseas, as the end goal will be to get that money into your account in the UK so you can spend, save or invest it. You’ll need to get your international bank account number (IBAN) from your bank, which can often be found in your bank’s app or online banking. If not, you’ll have to contact your bank to get it. This number can be used by the sender with their foreign bank to send the money directly to you. It’ll get converted from that currency to sterling and arrive in your account. You can compare current accounts here.
Pros
- Simple process
- The banks will organise the transfer once they’ve received the details
Cons
- Can take a while
- Is usually quite expensive
A foreign currency account with the bank
Another option is for you to open a foreign currency account with a UK bank, possibly with a bank you already have an account with. Not all banks offer this though and some only offer it for business accounts. If you do go for this option, you’re able to hold money in multiple currencies and spend it using a debit card, which could allow you to take advantage of better exchange rates than if you send it all at once. Of course, you might end up with a worse exchange rate if you need to spend the money.
Pros
- You can avoid or reduce currency exchange fees
- Can be a quicker way to receive money from overseas
- Transaction fees can sometimes be cheaper
Cons
- Not always available to everyone
- Monthly fees can be high
- Currency options are generally limited to the major currencies, such as euros or US dollars
A non-bank multicurrency account
This type of account is designed specifically for the purpose of holding multiple currencies and sending money overseas. Generally offered by fintechs and e-money institutions, they’re becoming increasingly more popular, as their offerings are tailored to enhance the international money experience. They’re usually cheaper, faster and simpler than what a traditional bank account can provide. Revolut is a great option for a personal account. We also review a selection of multicurrency accounts & Euro accounts for those running a business.
Pros
- Exchange rates are normally better than the banks
- Quicker
- Lower, more transparent fee structures
- Wider range of currencies
Cons
- Might have a limited range of banking features
- Can sometimes involve various know your customer (KYC) checks
Withdraw cash from a foreign card and deposit in your account
This last one is a novel approach and only available if you hold money in a foreign account or prepaid card and are in the UK, but it’s still an option. It involves you withdrawing money from an ATM using your foreign card then depositing it in your UK account.
Pros
- Depending on the ATM, exchange rates can be competitive
- It’s quick and convenient if you live near your bank branch
Cons
- Need to be wary of withdrawal fees
- Can be dangerous carrying large amount of cash
- ATM limits can be quite low, so it might only be useful for smaller amounts
FAQs
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