7 Best US Dollar Business Account in the UK 2024

Opening a US dollar business account can cut the costs of doing business internationally, including letting you send and receive USD payments, and spend and hold US dollars, with the option of converting them to another currency. Actually, both individuals and businesses can benefit from a US dollar account when dealing with US dollars regularly.

However, opening a US dollar business account in the UK can be cumbersome, slow, and, most of all, expensive.

Specialist providers like Wise and OFX can be good alternatives.

In this article, we'll cover what you need to know about opening a US dollar business account, including the best US dollar business account in the UK, the costs involved, and how to open one.

Let's get started.

Can a US dollar business account be opened in the UK?

Yes. If you want a US dollar business account in the UK you’ll have a couple of key options:

• An account from an online specialist- which often comes with multi-currency functionality

• An account from a traditional bank

  • which offers an in-branch service if you need to deposit cash

Each option has its own advantages - online accounts can be more flexible and often have lower overall fees and better exchange rates. But traditional banks have large branch networks, and can offer a broad range of additional services like business loans and overdrafts. Which suits you may simply come down to the type of business you have.

What are the advantages of a US dollar business account in the UK?

If you transact internationally, a foreign currency or multi-currency account can make life cheaper and more convenient. Having a dollar account makes it easier to get paid from clients in the US, and you can hold your USD balance until you’re ready to spend or convert it. Keep your dollars in your USD account until you need to make a payment yourself in USD, and avoid the costs of converting your funds to pounds and back to USD any more than you need to.

Best US dollar business accounts

To paint a picture here’s a comparison of some US dollar business account options from online specialists, set against the USD business accounts available from some UK banks. We’ll look at each in more detail right after the table.

Wise

Wise has flexible business accounts which can hold 50+ currencies, with local account details available to get paid from up to 10 currencies including USD. You can use your USD details to get paid for free by ACH, or pay a small fee to receive US dollar wires. Currency conversion uses the mid-market rate with low, transparent fees for the services you use.

• Foreign Currencies: 50+ currencies supported for holding and exchange

• Fees & Exchange Rates: 45 GBP set up fee. Low transaction fees and the mid-market exchange rate

• International Transfers: Send to 80+ countries, with fees from 0.41%

• Debit Card: Available

  

OFX

Currency specialist OFX offers Global Currency Accounts for business customers. These accounts are designed for people who do business internationally online, with ways to get paid locally by clients in a range of currencies including USD, plus simple ways to receive foreign payments from marketplaces and payment gateways. There are hardly any fees, and no minimum balance to maintain, with just low markups when you switch between currencies.

• Foreign Currencies: 9 currencies supported for holding and exchange

• Fees & Exchange Rates: No monthly fee, exchange rates include a small markup

• International Transfers: Send to a range of countries - no transfer fee

• Debit Card: Not available

Revolut

Businesses can open a free Revolut account or choose to upgrade to a fee paying account which comes with more features, and a higher level of fee free transactions. Hold and exchange 30 currencies including USD, plus you can get regular and virtual cards for team members, low cost local transfers, and ways to accept payments online and in person in a range of currencies.

• Foreign Currencies: 30 currencies supported for holding and exchange

• Fees & Exchange Rates: Monthly fees up to 100 GBP, all accounts have some fee free currency exchange which uses the mid-market exchange rate. Fair usage fees apply when you hit the exchange limits on your plan

• International Transfers: Available to a range of countries, from 0.3% - 2%

• Debit Card: Available

Payoneer

Payoneer accounts are aimed at people selling online, making money from digital marketplaces and getting paid from overseas. Get local details for currencies including USD to accept payments, and hold or send your balance to pay local suppliers in the countries you trade with. There are few ongoing fees to pay, but transaction charges do apply.

• Foreign Currencies: 7 currencies supported for holding and exchange

• Fees & Exchange Rates: No monthly fee, but annual fee applies for dormant accounts. Exchange rates include a markup

• International Transfers: Send to a range of countries, fees of up to 2% apply

• Debit Card: Available

Barclays

Barclays has USD business account options for a range of purposes including smaller businesses and big corporations. You’ll usually also need a GBP account with Barclays to open a business USD account - which may come with its own fees. Barclays doesn’t publish much about its international banking fees online - you need to contact the bank in person to discuss your requirements.

• Foreign Currencies: USD

• Fees & Exchange Rates: Transaction fees apply, and exchange rates are likely to include a markup

• International Transfers: 15 GBP minimum online charge

• Debit Card: Not available (customers must also hold a Barclays GBP business account, which may offer a card)

Starling

Starling is a digital bank which has USD accounts for UK based limited companies. There’s a low 5 GBP/month fee, which is deducted from your Starling GBP business account - but few other fees to worry about. If you need to convert between pounds and dollars you can do so with just a 0.4% markup. However, you can’t receive wire payments or send or spend your USD in any other currency - you’d have to first withdraw your balance to your GBP account to transact in any other currency you need.

• Foreign Currencies: USD

• Fees & Exchange Rates: 5 GBP/month fee, exchange currencies with a 0.4% fee

• International Transfers: Free to send ACH payments in USD - other payment types not available

• Debit Card: Use your existing Starling GBP debit card, and toggle within the Starling app to spend your USD

  HSBC

HSBC USD business accounts can be opened by businesses of different types and sizes - with different fees and features offered depending on the customer’s needs. You can open a US dollar current account to send and receive payments and spend with a debit card, for example, or choose savings account options if you prefer. Fees can be on the high side and exchange rate markups are likely to apply.

• Foreign Currencies: USD

• Fees & Exchange Rates: Annual fee of 96 GBP+, 6 GBP to receive a payment

• International Transfers: 30 GBP transfer fee

• Debit Card: Available

How to open a US dollar business account in the UK

The exact process to open a USD business account in the UK varies by provider. While many account options from specialist services can be opened online, traditional banks often require you to call their customer service team to talk through your needs and agree the best account for your business. You’ll also usually need to hold a GBP account already with the same bank - which can mean extra fees to pay.

If you’re thinking of getting a US dollar business account from a specialist provider you can normally apply online in just a few steps:

1. Find the account you want and head to the provider homepage or app

2. Click the option to sign up

3. Follow the prompts to enter your personal details and information about your business

4. Upload your documents to get verified

5. Add money and you’re ready to go

If you’re opening a business account you’ll normally need to provide documents relating to yourself for verification, including:

• Proof of your identity - like a passport or driving licence

• Proof of your address - like a bank statement or utility bill in your name.

You’ll also typically need to provide business documentation which can vary based on entity type, as well as the names, date of birth, and country of residence for any directors and shareholders who own 25% or more of the business.

Conclusion

If you have customers, clients, suppliers or staff in the US, a US dollar business account can make it far easier and cheaper to transact. There are lots of different account types - from full bank accounts from traditional UK highstreet banks, to specialist online and digital services which let you pay and get paid in USD alongside a broad range of other currencies, often with lower fees and better rates than regular banks can offer. Use this guide to pick the right match for your business.