Need to do business in USD? Whether it’s selling to overseas customers, renting out property in the US as a business or paying stateside suppliers, a USD bank account will come in very handy.
One of the options you’ll come across is the Barclays USD account, just one of the currency options available with the bank’s Foreign Currency Account.
Read on for the lowdown on the Barclays USD account, including features, fees and an alternative.
Opening a USD account helps you optimise USD payments with your clients, both within and outside the UK. It not only helps you avoid potential rate loss due to FX fluctuations, but also allows you to send, receive and hold money in USD.
Better yet, getting a multi-currency account is specially handy for busineses operating globally. You can easily bill your clients in their local currency, which saves them time and money. With any luck, this will encourage them to patronize your products and services more.
A Barclays USD currency account offers the chance to reduce your company’s exposure to exchange rate fluctuations, as well as the admin and other costs that come with it. There’s no need to transfer funds between accounts (unless you want to) and you can send and receive money from all over the world.
Other account features include¹:
- 24/7 access via online or telephone banking
- Manage your money on the move using the Barclays banking app
- Choice of 20 major currencies, including USD.
|Service||International fee||Domestic fee|
|Receiving money|| ||64p|
| || |
|When looking at the overall cost, it's also important to pay attention to the exchange rate and fees as these transactions are often expensive. Barclays adds a margin to their exchange rate when you convert between currencies.³|
If you want to save money on banking fees, Wise multi-currency account is one of the best options for you especially if you need to convert between different currencies more frequently. Wise uses the mid-market rate to convert your money and charge only a small fee. You can receive payment in most of the major currencies for free including USD.
You’ll get a US account number, branch number (routing number) and SWIFT/BIC bank code, plus an international debit card - this covers multiple currencies, so you don’t need a separate card for each currency. Wise is FCA regulated and uses sophisticated security and anti-fraud technology.
|Send and spend USD||Free if you have USD in your account|
|Receive USD||Free (for some currencies)|
|ATM withdrawals||Two free withdrawals up to £200 a month|
|Currency conversion fee||Typically between 0.35% and 2% across major currencies|
| || |
And there you have it - your at-a-glance guide to the Barclays USD account, plus an alternative to choose between. It’s a good idea to compare carefully, to find the best fit for your business.
This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from TransferWise Limited or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date.
Here, we’ll explain how the Global Shipping Programme works, including countries it ships to and how much it costs. This should help you work out if it’s the ri
We’ll give you the lowdown on eBay fulfilment here in this guide, including how it works and the advantages for your business. This should help you work out whe
The Starling Euro account is one of the many options available, but is it right for you? Here, we’ll look at the features and fees of the Starling Euro account,
In this article, we'll discuss some of the options you can consider, their pros and cons together with the fees.
In this guide, we’ll give you a rundown of the top B2B payment solutions in the UK, so you can choose the best option for your business.
Electronic Point of Sale (EPOS) is essentially a modern, technology-backed update of the traditional till system.In this guide, we’ll shine a spotlight on EPOS