Best US Dollar Account UK

You can also get a linked debit card to spend and make ATM withdrawals at home and abroad. All currency conversion uses the mid-market exchange rate with low, transparent fees.

• Fees: No fee to open a personal account, 16 GBP one-off fee to open a business account. No monthly fee for either personal or business US dollar accounts
• Currency conversion: Hold and convert 54 currencies with the mid-market exchange rate
• Other notable features: Receive payments like a local from 30 countries, send money to 80+ countries, spend with your linked debit card in 200+ countries

Read our Wise review or our Wise multi currency account review for more details.

• Fees: Standard accounts are free. Upgrade to a fee paid personal account for up to 12.99 GBP/month or a fee paid business account for up to 100 GBP/month
• Currency conversion: 30 fiat currencies available
• Other notable features: Broad range of account services including budgeting tools, savings and investments

Read our full Revolut review.

Starling Bank

Starling Bank offers business customers the option to open a US dollar account which has a 5 GBP/month fee. To get started you’ll need to have a GBP Starling business account, but you’ll then be able to use your GBP debit card to spend and make withdrawals in USD when you need to. Accounts can be opened by eligible customers who have a registered business in the UK - they’re not currently available to sole traders.

• Fees: 5 GBP/month
• Currency conversion: Provided by Currencycloud, uses the prevailing Currencycloud exchange rate
• Other notable features: Business customers with a registered UK business only, payments can only be received into the account in USD, and payments out can only be sent by ACH

Barclays

Barclays is one of the largest high street banks in the UK so it’s no surprise that they offer US dollar accounts for both personal and business customers. Barclays US dollar account holders can manage their money online and in the Barclays app - but it’s also possible to pay in and withdraw cash at a local branch. The exact services you can access - and the fees you’ll pay for them - can vary between account types, but the option of an account you can manage both online and in person may appeal to some customers.

• Fees: No opening or monthly fees for personal accounts. Charges apply when sending and receiving international payments. Business account fees may vary based on company turnover and account type
• Currency conversion: Personal accounts can hold USD or 11 other currencies; business accounts offer 20+ currencies
• Other notable features: You must first open a GBP account to get a Barclays currency account

HSBC

Global banking giant HSBC offers US dollar accounts for both personal and business customers. There are no regular fees for personal account holders, although you’ll pay a charge for some types of international payment from your account. For businesses there are a few different account types including everyday checking accounts, savings accounts, and foreign currency accounts opened directly with HSBC’s operation in the overseas market.

• Fees: No opening or monthly fee for personal accounts although there are charges for some transactions; business fees can vary based on account type
• Currency conversion: Personal accounts can be opened in 14 currencies, business accounts can operate in any tradeable currency
• Other notable features: 4 different types of foreign currency business account available

Santander

Santander UK’s US dollar account focuses on high wealth individuals who are eligible to use the Santander Private Banking service. That means you’ll usually have to have savings of 500,000 GBP or an annual income of 250,000 GBP to get a US dollar account with Santander. If you’re eligible for the private banking service you can access accounts and linked debit cards for USD and EUR as well as the standard GBP account.

• Fees: Available to high wealth individuals through the private banking service
• Currency conversion: USD, GBP and EUR available
• Other notable features: Get debit cards for each of the 3 available currencies and services through a private banker

Lloyds and Halifax

Lloyds has an international account offer - and although Halifax does not trade internationally, Halifax customers can access the Lloyds US dollar account instead as the 2 banks are partnered.

The Lloyds US dollar account is available for personal customers, and comes with a monthly fee of 7.50 GBP. You can also open a EUR account, and will only pay one monthly charge to access both currencies. There’s no Lloyds fee when you want to make a transfer out of your US dollar account, but correspondent bank fees will apply - these can be up to 20 GBP and vary depending on the destination country.

• Fees: 7.50 GBP/month
• Currency conversion: USD, GBP and EUR available
• Other notable features: Correspondent bank fees for international payments will apply and can be up to 20 GBP/transfer

Natwest

Natwest’s US dollar accounts for both personal and business customers offer both US dollars and a range of other major currencies. Cash Management accounts pay interest on savings and have both easy access saving options and fixed term deposits which allow customers to lock away their money for an agreed time in exchange for a better exchange rate. Availability for business customers is fairly limited - check you’re eligible before you apply. As a personal customer you’ll need to have savings of 25,000 GBP or a salary of 40,000 GBP to get an account. There are also US dollar account options through Natwest’s premier banking service. Customers must deposit 100,000 GBP or have a salary of 75,000 GBP to access these accounts.

• Fees: 8 GBP/month for international select account, no fee for cash management account
• Currency conversion: 25 major currencies covered
• Other notable features: Cash management accounts offer interest and both easy access and fixed term deposit options

OFX

US dollar accounts from OFX are tailored to online sellers looking to get paid in a range of global currencies. Receive and exchange payments in USD and 6 other major currencies, and access OFX’s range of currency risk management products as and when you need them. These include products like forward exchange contracts which can be used to lock in an exchange rate for a future payment, minimising the risk involved with fluctuations in the forex markets.

• Fees: No fees to open or operate account
• Currency conversion: 7 currencies offered
• Other notable features: OFX transfers and currency conversion have no upfront fees but there will be a markup on the exchange rate used. Currency risk management products also available, with support of personal brokers

How to open a US dollar account in the UK

The exact process to open a US dollar account will vary depending on the provider you select. In some cases you’ll need to show you meet eligibility criteria to be able to open an account. However, many USD account providers allow customers to open and manage their accounts online and through mobile apps for convenience and speed.

The steps you’ll usually need to take to open a US dollar account include:

1. Choose the best provider for your needs

2. Check you meet any eligibility criteria

3. Register for your account online, through the provider app, or in a branch location

4. Give your personal and contact information

5. Complete the required verification steps

6. Fund your account - and you’re ready to go

Customers opening bank accounts in the UK will need to provide some documents for verification processes. This keeps accounts safe and is required by law. The exact documents you need will vary depending on the provider and the account type, but can include:

• Government issued photo ID to prove your identity

• Proof of address - a utility bill or bank statement in your name for example

• Business registration documents if you’re opening a business account

Conclusion

Opening a US dollar account has big advantages for anyone who needs to receive, send or hold US dollars. Accounts can be opened by individuals and business owners, freelancers and online sellers, and providers include highstreet banks and online specialist companies.

There’s plenty of choice when it comes to US dollar accounts, so choosing one will simply be a question of your personal requirements and preferences. Use this guide to the best US dollar accounts in the UK to start your research and find the perfect USD account for your specific needs. We also have guides on the best euro account here or best multi currency account here.