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Receiving Foreign Currency

Update 13 Dec 2021

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Using a UK bank to receive international payments will likely involve fees and/or poor FX rates - meaning you’ll receive less than you should.

Leading high-street banks (NatWest,HSBC etc.) charge a fee of around £7/8 for any payments received in a foreign currency.

Things to consider:

Your receiving bank may set a limit on the total value of each individual incoming payment, which could be an issue when receiving larger payments

Banks often conduct additional due-diligence checks on foreign payments, so it’s best to ensure that your account is fully verified ahead of any payments, especially if you are expecting to receive larger amounts.

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