Best US dollar (USD) accounts in the UK

If you regularly send or receive money in US dollars, you could benefit from having a USD account.

These are available in the UK from high street and digital banks, as well as specialist providers. But which is the best USD account in the UK right now? We’ve put together some decent options for you below, including info on fees and features. This should help you choose the right one for your needs.

We’ll also show you a fantastic alternative - the Wise account from the money services provider Wise. It’s not a bank account but an international account that lets you manage your funds in 40+ currencies including USD.

You can send, receive and convert money at great mid-market exchange rates and low, transparent fees*. Your money is always safeguarded and you’ll also get dedicated support when sending large amount transfers.

Learn more about the Wise account 💰

Table of contents

Best US dollar (USD) accounts in the UK HSBC Currency Account - Best for multi-currency banking Lloyds International Current Account - Best for spending abroad Starling Bank US Dollar Business Account - Best for businesses OFX Global Currency Account - Best for eCommerce businesses Barclays Foreign Currency Account - Best for existing Barclays customers Metro Bank Foreign Currency Account - Best for in-store banking Revolut USD Account - Best for app-based banking What is a US dollar (USD) account? How does it work? What are the advantages for opening a USD account? How to open a US dollar (USD) account in the UK? Manage your money in US dollars and other currencies with Wise

Best US dollar (USD) accounts in the UK

Let’s dive straight in with an at-a-glance look at some of the best USD accounts in the UK right now, including fees:

Account	Account fee	Best for
HSBC Currency Account	None¹	Multi-currency banking
Lloyds International Current Account	£7.50 a month²	Spending abroad
Starling Bank US Dollar Business Account	£5 a month³	Businesses
OFX Global Currency Account	None⁴	eCommerce businesses
Barclays Foreign Currency Account	None⁵	Existing Barclays customers
Metro Bank Foreign Currency Account	$8 to $25 USD (£6 - £19 GBP) a month⁷	In-store banking
Revolut USD Account	£0 to £45 a month⁹	App-based banking

HSBC Currency Account - Best for multi-currency banking

HSBC’s Currency Account lets you open an account in one of 14 major currencies, including USD. This makes it a good option for people needing to bank in multiple currencies, such as global freelancers for example.¹

The account is for personal customers who have an active HSBC current account. It has no monthly fees and it’s free to make transfers to other HSBC accounts as well as payments in EUR within the EEA. For all other currencies, fees will apply for sending money abroad - these start from around £7 per transfer.¹

The HSBC Currency Account offers live exchange rates updated during market hours.¹

There’s no debit card with this account, so you won’t be able to spend in USD.

You can manage payments online, in branch and over the phone, but it doesn’t appear as if you can manage your account via the HSBC online banking app. This could be a drawback for some people.¹

Lloyds International Current Account - Best for spending abroad

The Lloyds International Current Account comes in a choice of 3 currencies, including USD. It has a monthly fee of £7.50, although this is waived for the first three months.²

Designed for personal customers, this account has a particularly attractive feature - it offers fee-free international payments anywhere in the world. However, it’s important to remember that there may be fees not charged by Lloyds Bank, such as correspondent or receiving bank fees when payments are sent via SWIFT.²

You’ll get a USD debit card too.

There are a few eligibility requirements to be aware of, however. You can only get this account if you have either:²

• A gross annual income of at least £50,000
• Savings of £25,000 that you’re willing to save with Lloyds Bank international banking services.

💡 Read more: The best UK banks for sending money abroad

Starling Bank US Dollar Business Account - Best for businesses

Next on our list is the US Dollar Business Account from Starling Bank. As you can tell from the name, it’s aimed at businesses (personal customers can currently only open a GBP or EUR account with Starling).³

The app-managed business account has a flat monthly fee of £5, and lets you hold, send and receive money in US dollars. You can make fee-free transfers to the US using ACH (Automated Clearing House) electronic payments but SWIFT payments aren’t supported.³

You can also spend in USD using your standard Starling business debit card, although you’ll need to go into the app to switch this on (otherwise your payments will come from your GBP account). The app lets you convert between GBP and USD in just a few taps, and you’ll get the current exchange rate with a 0.4% fee on top.³

You can only open this account if you have a UK limited company, and you’ll need a Starling GBP account first. Both account types come with FSCS protection.³

It’s worth noting though that at the time of writing (8th Sep 2024), Starling Bank says it isn’t accepting applications for US dollar accounts. However, it also says they’ll be available to apply for soon, so you might need to keep checking back if you’re interested in the account.³

OFX Global Currency Account - Best for eCommerce businesses

Another option aimed at businesses, the OFX Global Currency Account is particularly good for eCommerce companies operating on a global scale.

It lets you hold balances in up to 7 currencies, including USD. You can instantly transfer between them for what OFX describes as ‘great’ exchange rates.⁴

The account has no monthly fees, and it’s also free to receive money from abroad. When sending money, OFX charges either a flat fee or a percentage, and it charges a margin on the exchange rate for currency conversion.⁴

You can also connect the account to payment gateways you use and marketplaces you sell on, as well as accounting software such as Xero.⁴

There isn’t a debit card with this account, however. It’s purely designed for payments.

Barclays Foreign Currency Account - Best for existing Barclays customers

The Barclays Foreign Currency Account is a good pick for the budget-conscious, as it has no monthly fees.⁵ And like HSBC’s Currency Account, it lets you open an account in a choice of currencies including USD.

With this account, you can make international transfers all over the world using online or in-branch banking. It’s fee-free if done through online banking, although some overseas delivery charges may apply depending on the destination.⁵

To be eligible for the account, you’ll need to be a personal customer who’s had a Barclays GBP current account for at least 6 months.⁶

There’s no debit card with this account.

Metro Bank Foreign Currency Account - Best for in-store banking

If you prefer to do your banking in person, one option to look into is Metro Bank.

Metro Bank’s Foreign Currency Account comes in your choice of either USD or EUR, and can be managed via mobile app, phone or in-branch banking.⁷ Metro Bank has around 76 stores in the UK⁸ - you can find your nearest here.

The account lets you send and receive international payments, although it doesn’t have a debit card.

An important thing to know about this account is that it does have some fees. There’s an account fee of $8 to $25 USD (£6 - £19 GBP) a month depending on your account balance, and you’ll also pay a fee of $25 USD (£19 GBP)on top of that to make SWIFT payments.⁷

To be eligible for the Metro Bank Foreign Currency Account, you’ll need to be a personal customer who already holds a Metro Bank Current Account or Instant Access Account. The only way to apply is in store.⁷

Revolut USD Account - Best for app-based banking

Last but not least, we have the Revolut USD Account. It’s not a standalone account you can apply for, but an account you can add-on to a standard Revolut online current account as a personal customer.

You’ll need to sign up for a Revolut account and choose a plan, with monthly fees ranging from £0 to £45 a month.⁹

Once you’re up and running, you can simply create a USD account.¹⁰ This lets you hold a balance, send money internationally and spend using your Revolut card using USD.

Revolut charges international transfer fees, which vary depending on the details of the payment. You’ll get a fair usage limit for currency exchange, above which a fee applies. There’s also a currency exchange mark-up which also applies to currency conversions carried out at weekends.⁹

💡 Read more: Best online bank accounts in the UK

What is a US dollar (USD) account?

A US dollar (USD) account is simply a current or savings account denominated in USD. For most other accounts held in the UK, the money is held in GBP.

With this kind of account, you can send and receive payments in US dollars without the currency needing to be converted first. This can help you to avoid high currency conversion fees and poor exchange rates. However, there are sometimes monthly fees as well as charges for making international transfers.

How does it work?

US dollar (USD) accounts work in a very similar way to your ordinary bank account.

Once you open this kind of account, you’ll get account details - these may be just like US bank accounts, with account number and routing number (rather than a sort code). This lets you use the account just like a US local.

Depending on the provider and the account, you’ll be able to manage your money online, by phone, in branch or via mobile app. You can set up international transfers, and give your account details to anyone sending you money.

Some are multi-currency international accounts, so let you convert between different currencies.

For others, the provider may require you to open a GBP account with them first, so you’ll only be able to convert between your GBP and USD accounts. Whichever is the case, just make sure you check what exchange rate is used for the currency conversion before going ahead.

You might even get a debit card with some USD accounts, letting you spend in USD online or in real-world stores when you’re visiting the United States.

What are the advantages for opening a USD account?

Here’s a quick look at the main benefits of opening a USD account in the UK:

• Simpler for people and businesses who regularly send or receive USD payments.
• Helps you to manage exchange rate fluctuations - you choose if and when to convert currency, so you can wait until exchange rates are favourable.
• Free or reduced fees for international transfers (depending on the provider and account).
• Useful for spending when travelling to the US, if the account comes with a debit card.

How to open a US dollar (USD) account in the UK?

Like the idea of having a USD account? Here’s how to open one in a few simple steps:

1. Research the market and choose the right account for your needs - making sure to check the fees, terms and conditions carefully.
2. Check you meet any eligibility criteria - you might need to open a GBP account with the provider before you’ll be eligible for a USD account
3. Apply for the account - many providers let you apply online or through their mobile banking apps, but some only accept applications in branch.
4. Provide your personal details and contact information
5. Complete the required steps to verify your identity.
6. Wait for confirmation that the account has been opened, then add money to it.

You might need some documents to hand before starting your application. This includes your passport or other photo ID, and proof of address such as a recent utility bill. If there’s an eligibility requirement relating to income or savings, you may also need to show proof of this.

Manage your money in US dollars and other currencies with Wise

If you need to send, receive and convert your money in US dollars and want to save money, consider taking a look at Wise.

Open a Wise account online and you can start managing your money in 40+ currencies (including GBP and USD). It’s not a bank account but offers many similar features.

Here’s an overview of the main benefits for using Wise:
Fast and easy setup with no physical paperwork Low, transparent fees* Mid-market exchange rate for currency conversions Fully trackable transfers Fast transfer times Advanced security features with two-factor authentication and real-time notifications Dedicated support for large transfers

Sign up with Wise today 💰

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Sources used:

1. HSBC - Currency Account
2. Lloyds Bank - International Current Account
3. Starling Bank - US dollar business account
4. OFX - Global Currency Account
5. Barclays - Personal Currency Account - Fee Information Document
6. Barclays - Foreign Currency Account
7. Metro Bank - Foreign Currency Account
8. The Guardian - Metro Bank increases job cuts to 1,000 and ends seven-day branch model
9. Revolut - Our Pricing Plans
10. Revolut Help - Open and manage a currency account

Sources last checked on date: 08-Sep-2024