Converting USD to GBP while i'm in the UK


#1

Hello guys,

So here’s my situation. I spent some time in the US for almost a year where i had a Bank Of America Bank Account. Now i’m back to the UK.

Does Revolut allow to creat a US Based account then top up from my account in US (in $) from my BoA then using the exchange rate to transfet it to my UK Barclays Bank Account in GBP?

Thanks in advance.


#2

Yes and no.

Revolut offers 26 currency accounts. USD is one of them.

The account itself will not based in the US (for the purposes of claiming non-domicile tax status: Account jurisdiction other than UK? . I am not your lawyer, financial advisor or accountant. Contact a FCA/FINRA-authorised advisor if you are interested in such advice.), however.

Personal USD ACH/ACA addresses are not available yet.

Therefore:


In your case, you’d probably use the following workflow:

-1) BoA USD account --Swift–> Revolut USD IBAN
-2) Revolut USD currency account --Currency Exchange–> Revolut GBP currency account
-3) Revolut GBP currency account --Transfer via sort code+account number–> Barclays bank account


#3

Thanks, So basically when i do the Swift transfert, the amount doesn’t get converted to GBP. i Mean the Lloyds acount in the picture is actually an USD account, in that case i’ll pay only for the BoF fees (which is suprisigly 45$ !!!) for a wire transfert. Am i right?


#4

Indeed. The account of origin will be in USD, and the account receiving it (Revolut currency account, USD denominated.) will receive it in USD.

Fees may be charged along the way by the intermediary banks (as it is a SWIFT transfer, as opposed to CHAPS in the UK or SEPA in the Eurozone.) or your own bank but I’m not too sure on that front.


#5

Yeah, it is surprisingly 45$ from BoA end !! lol tat’s a fortune.


#6

Depends on the amount you’re transferring involved.

USD<–International transfer–>USD<–Conversion via Revolut–>GBP under certain circumstances may be significantly cheaper due to Revolut exchanging it at the spot interbank exchange rate (*Weekend surcharge, fee-free quota for non-Premium monthly transfers.), whereas legacy banks may give an uncompetitive FX rate + charge a commission on top of that, but it’s context-specific.

It’s a SWIFT thing. International transfers in the legacy world are, for some reason, quite expensive.


#7

Hi did you manage to do the transfer? I am in the same situation and wasn’t unable to find the right details on the Bank of America wire transfer page (when I entered the IBAN the details of lloyds bank appeared instead of Revolut’s and the address was also different?!?) I need help to understand how to proceed…