Help Regarding Lbt!

Hi there,

Today my company paid me $534 into my Payoneer account, for which I have a local bank transfer service.
I have a UK bank account so am slightly confused as to how the process will work and the fees I will be charged.
If they are paying me in USD will it go into my bank as USD or GBP? Either way, can you please explain the fees to me so I know what I can expect?
Also, how long does it normally take to go into a UK bank account?

Many thanks in advance

Xeb

Comments

  • Nissim
    Nissim Head of Community Administrator Posts: 3,604 ✭✭✭✭✭✭✭
    Hi Xeb,

    During the original sign up for the LBT service, there was an option to select your currency. Your account is currently set up to receive payments via local transfer, in GBP.

    Once your partner sends you a payment, it will be converted to your local currency (converted from USD to GBP). The payment will then be send to you from a local bank in the UK, in GBP. The cost of the transfer is $5.95.

    Local transfers generally take 1-3 business days to process. Once the payment arrives to your Payoneer account, it will automatically be transferred to your bank account, and you will receive an e-mail confirmation.