If you take on a client that is based outside of the UK they may insist on paying you in their local currency - Euros, Dollars etc. what is the best way to receive this money so you don't end up loosing a chunk of it in the exchange rate and associated fees?
Banks will usually charge you quite a high fee to receive funds in a different currency, they will generally use a poor exchange rate to convert the money, check your exact account details but as a general rule of thumb if you are going to be receiving a number of payments in a different currency then your bank may not be the best way to do this.
Another option is an exchange account specialist such as Caxton FX. You simply open an account with Caxton and then get your client to pay the funds into your Caxton account. You can then transfer the funds in pound Stirling to any bank account you have. As Caxton specialises in currency transfers they perform a huge number every day this means they get a much better exchange rate which they pass on to you.
For more information on exchange account specialists such as Caxton get in touch with us today on email@example.com