Does anyone offer reasonably simple/cheap on-line dollar payments?

Jan 30, 2006 13 Replies

Does anyone in the UK offer reasonably simple and cheap on-line dollar payments? I want to make payments to an E-Trade share account to buy some share options. This will happen maybe once or twice a year and I'm trying to find some way of doing it that doesn't involve visiting the bank, interminable telephone calls or similar 'jumping through hoops' to do it.



Of the accounts which I already have the easiest so far is HSBC who can do the whole thing by phone at a cost of £9 for transfers up to £2000. Does anyone else offer anything better than that, I'd much prefer to do it on-line as it seems to me that it would be much less error prone than reading out long strings of numbers and codes over the phone to someone.



I suspect that if more money was involved I could open an offshore account of some sort (and/or a dollar account with a UK bank) but the amounts involved are not enough for the costs of such an account to make sense.



Any ideas would be most welcome, I'm quite happy to open a new account somewhere to enable me to do this more easily as the hassle of once opening a new account would (for me anyway) be less than the repeated hassle of making payments.


That would be an absolutely perfect solution if E-Trade accepted credit card payments. However they don't.

Can you do anything with Paypal?

Tiddy Ogg.

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No, same issue really, E*Trade don't accept PayPal. I can't really imagine any share trading site accepting PayPal, far too expensive. I can't move from E*Trade either as it's an employee share scheme so has to be managed via E*Trade.

Use XETrade

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or Custom House Vantage
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They are both the same product. XE just rebadges Vantage. The XE site is a little uglier but is actually easier to work with than Custom House's site IMHO. Anyway, setup an account then transfer you money to XETrade via a standard BACS transaction and deliver by EFT (Electronic Funds Transfer) or Draft to the US account. There will be no charge and you can do everything online.

It's not immediately clear from their site, do they have a UK sterling bank account that you can transfer funds to? If they have then this will also satisfy my occasional requirements for sending Euros as well.

They appear to be much simpler than services like Forex where you have to talk to someone every time you send some money.

Thanks!

Well Custom House Vantage for a start is no use, you have to pay them in US or Canadian dollars which is exactly the problem we started with.

Strange, I'm sure this was not the case before and it certainly isn't the case with XETrade now. I pay in UK pounds.

Yes, I've done that, no problem.

This is the confusing/unclear bit but I gather from a bit later in your posting that I later get a UK sort code and account number to transfer my £ to. If this works it sounds brilliant, thanks very much.

Yes, I read your other posting and I will persevere with xetrade as I have set up my account with them now. All I need now is somewhere that I need to send foreign currency as I've done the urgent one I had by other means.

Thanks for all the further help. I'm not too concerned about the rate actually, it's just the ability to do everything online without ridiculously high costs.

Yes, as/when I need to do a transfer I'll report it here.

I have the same facility with my Abbey Business bank account but it does seem relatively clumsy.

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