UK Affiliates - How do you handle your finances? CCs etc...

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mrpanini

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Sep 24, 2007
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I feel like I'm being raped from all sides with using my UK bank account to buy ads in dollars and then getting payed in dollars.

At the moment I'm with lloyds and natwest and use an amex british airways card to pay for traffic. What do you all use? Do you have US banks accounts? Is there a better CC/bank to use? Whats the cheapest way to do this business for us?
 


offshore account. hsbc int'l or the like. barclays,lloyds,citibank,abn amro etc
 
I know that citibank offers a dollar bank account for UK citizens, might be worth looking into since you could use that to pay for ads etc without getting screwed in bank commision, I dont make enough monies yet to know anything else. Im with alliance and leicester, I hope that they dont have a massive fee for lodging cheques in Dollars.
 
The fee for cashing in a cheque is about £10 i think. I'm thinking more about the exchange rates and what I can do to get the fairest exchange rate both buying ads and receiving my wires.
 
I've got a HSBC $ account, pay your cheques into that and when you need to top up your adwords account just do a wire transfer from that account to your adwords account.

And yes the raping occurs when you make an exchange from one currency to the other. Best thing to do is if most of your income is in $ hold everything in dollars in the dollar account. If you need to make a debit card payment you can just transfer some dollars for no charge into you UK account. The charges occur when you pay in cheques and pay for stuff in $ from your UK account.
 
seema: i use my USD bank account to pay for yahoo search marketing. But i thought for google, that I cant wire US dollars becausei am dealing with google UK and the wire option is not available in the account. so i use my sterling credit card to pay for google clicks which I get hit twice for exchange fees. How did you get google Uk to accept your USD wire transfers?
 
davidlee said:
seema: i use my USD bank account to pay for yahoo search marketing. But i thought for google, that I cant wire US dollars becausei am dealing with google UK and the wire option is not available in the account. so i use my sterling credit card to pay for google clicks which I get hit twice for exchange fees. How did you get google Uk to accept your USD wire transfers?
Click to expand...

Simple dont use google UK when you sign up ask for a US version and get onto prepaid as quickly as possible.
 
when you have an offshore account, it would strike me that you could be a bit more secretive about your money - true or false?
 
Remember off shore accounts, even with a UK high street banking group won't be covered under the UK governments protection plan should the bank goes tits up (translation for our american friends- should it go up the swanny)

Alernatively, if you get to a point where you are making enough to warrant it you might want to set up a complete off shore company and run everything through that. Thats how the real tax money is saved.
 
that's kind of what i was thinking, any recommendations as to where you'd offshore a company and everything?
does strike me as being one of the benefits of all of this actually.
 
In india citi banks, we've pro account where we have balance in USD $ .. i guess you might have facility there too .. you can withdraw the USD $$ or deposit when you feel the rates are rght ;)
 
Anyone has any experience with offshore accounts.

I am thinking to move all my $$ transactions via an offshore, but ideally would be one with low fees on CC charges, low fees on international wires and fast arrival of wires.

Anyone have any experience and can recommend something ?
Post or PM please
 
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