NatWest USD Account Review: A Full Guide on Fees, Features and Alternatives 2024

NatWest offers a couple of different ways for personal customers to hold and manage USD - including the International Select Account and the Cash Management Account. These accounts are offered through NatWest’s international banking arm, but are available to UK based customers with a local phone number.

This guide covers both types of NatWest USD account, including the features and fees you can expect. To help you decide if the NatWest USD account is right for you we’ll also cover a couple of alternatives for comparison, from neobank Starling, and specialist providers Wise and Revolut. More on that later.

What is the NatWest USD account?

If you want a way to hold USD with NatWest you’ll likely be pointed towards the NatWest international banking division, which is based in Jersey. You can open a NatWest International Select Account in a range of currencies including USD, and add in a NatWest Cash Management Account which lets you view and manage multiple currencies from within the NatWest app.

You can get a linked debit card with the International Select Account for spending and withdrawals, and send and receive payments online and by phone.

There’s a monthly fee for the International Select Account, but then no extra charge for the Cash Management Account which gives you flexibility to manage a range of accounts and currencies on the move through the NatWest app.

Pros and cons of NatWest USD account

The NatWest international USD account has its own pros and cons which may make it more suited to specific customer types. Here are a few to consider:

Pros:

• Send and receive payments in foreign currencies, plus get a linked debit card

• Deposit accounts to save and earn interest also available

• Get a Cash Management account in up to 25 different currencies

Cons:

• Eligibility requirements include minimum deposit or salary levels

• Accounts are held offshore, and subject to Jersey law rather than the rules that apply to NatWest accounts held in the UK mainland

• Exchange rates may include a markup and there are transaction fees for some transaction types

NatWest foreign currency account alternatives

NatWest’s USD account isn’t the right option for everyone. If you want to make cash deposits in a branch, or if you don’t want to commit 25,000 GBP to open your account, you may prefer an alternative. Here are a few to consider:

Wise Account

Wise Accounts are opened and managed online, and can hold 50+ currencies. You’ll also get local bank details for up to 10 currencies for easy incoming payments, and a linked card which can be used for spending and withdrawals in 170+ countries. Wise currency exchange uses the mid-market rate with a low transaction fee from 0.41% - this is transparent, and can keep down the costs when you spend overseas, or send international payments.

• Foreign Currencies: 50+

• Fees & Exchange Rates: Mid-market exchange rate, low transaction fees

• International Transfers: From 0.41% fee

• Debit Card: Available

  

  Go to Wise

Revolut Account

Another solid choice if you want to manage your money across currencies online or in an app - Revolut offers both fee free and fee paying account types. All accounts have linked international debit cards, and some fee free currency conversion - with more benefits offered for higher paying account tiers, including travel perks and airport lounge access.

• Foreign Currencies: 30+

• Fees & Exchange Rates: Mid-market exchange rate to plan limits, low transaction fees based on account type

• International Transfers: 0.3% - 2% fee, some accounts offer discounted transfer fees

• Debit Card: Available

Starling Business USD Account

Another option if you want a fully licensed bank but don’t need a branch network - Starling offers USD accounts to business customers who have limited companies. There’s a low monthly fee and then you’ll be able to send and receive payments through ACH fee free, to get paid easily by clients or send money to suppliers for example.

• Foreign Currencies: USD - accounts are also available in GBP and EUR

• Fees & Exchange Rates: 5 GBP/month fee, currency conversion uses the mid market rate with a fee of 0.4%

• International Transfers: no fee for ACH payments to US accounts

• Debit Card: Available

Here’s a head to head summary of NatWest vs Wise and Revolut, for USD and multi-currency account options:

How does the NatWest USD account compare?

The NatWest USD account is aimed at expats, but can be opened by someone with a UK address and phone number, making this an option to hold, exchange, send and spend USD.

The NatWest USD account comes with a monthly fee and some eligibility requirements to consider - which means it’s not the right fit for everyone. Here’s how it compares with specialist providers Wise and Revolut, and digital bank Starling, which offers USD accounts to business customers. We’ll look at these providers in a little more detail later to help you decide which account might suit your needs best.

NatWest’s USD account requires you to deposit quite a hefty sum, and does come with a monthly fee. There are also some pretty complex fees for different services which we’ll cover later. Compare the NatWest USD account against some other options like the digital specialist accounts from Wise and Revolut, or from neobank Starling, which has USD accounts for business customers. You might find you can get a more flexible account without the minimum balance requirements by shopping around a bit. More on that later.

Want to compare more options? Check out our full guide to the best foreign and multi-currency accounts in the UK.

What is the eligibility for a NatWest USD account?

NatWest International Select Accounts can be opened by people who:

• Are aged 18+

• Are resident in a supported country, including the UK

• Can deposit a minimum amount of 25,000 GBP or have a salary of 40,000 GBP deposited to their accounts

The Cash Management account is available to anyone over 16, but the same minimum deposit and salary requirements apply.

Who is it good for?

NatWest’s USD account options allow you to mix a range of currencies and access both a debit card for day to day spending, and savings options if you want to earn interest on your balance. That can give flexibility to manage your money both short term and long term, across currencies. However, as there are pretty high minimum balance requirements, and some steep transaction fees to consider, it’s not necessarily the right pick for people looking for low cost, low hassle international transactions.

When is a multi-currency account needed?

NatWest’s international banking division targets products at expats in the UK who need to manage their money across several currencies - although accounts can still be opened by UK citizens who fulfil the other eligibility requirements too. Multi-currency accounts give the option of holding different currency balances, which makes it easier to manage fluctuations in exchange rates, and pay and get paid in foreign currencies - handy for anyone living an international lifestyle.

Here’s a quick overview of the NatWest USD account set against the providers we looked at earlier, and who they may suit:

• NatWest - good option for people looking to save and manage day to day finances across currencies, within the same account

• Wise - helpful for people who send and spend internationally in a range of currencies - 50+ currencies are supported, plus the option to get paid like a local from 30+ countries → Read Wise Review

• Revolut - accounts with no monthly fee which come with linked debit cards and multi-currency functionality, plus mid-market exchange to plan limits → Read Revolut Review

• Starling - good for business customers who transact internationally but who don’t need a physical branch network

How to open a USD account with NatWest

You’ll need to apply for your International Select Account from NatWest with a phone or other smart mobile device, but there’s a handy QR code you can scan on the NatWest International website which will take you right to the application process. You’ll be guided through your application by on screen prompts, and will need to upload images of some documents to get started.

You may need to call NatWest to then add in a Cash Management account if you don’t open it at the same time.

What documents you'll need

You can apply for your NatWest USD account with nothing more than your phone, by providing the following:

• Proof of ID, like a passport

• Proof of address, such as a utility bill in your name

• Information about yourself

• Proof of your income or source of wealth

Just upload documents following the prompts, and enter your details to get your account up and running.

NatWest pricing

Here’s a rundown of the key fees you’ll pay with your NatWest USD account:

NatWest exchange rate

When you make a purchase or withdrawal, or send a payment in a foreign currency with NatWest, the exchange rate will be set by either the bank or the card issuer. On top of the rate applied, you may also pay a 2.75% foreign transaction fee depending on the transaction type.

These costs are common but can push up the overall price of transacting internationally and make it harder to split out all the fees you pay.

How to use the NatWest USD account

If you’ve opened a Cash Management account you can transfer or withdraw funds online, in mobile banking, by phone or with a written instruction. However, using the online or mobile banking option is usually the cheapest and most convenient:

1. Log into your online or mobile banking service

2. Look for the option for International Payments

3. Follow the prompts to add the recipient’s information and details of the transfer

4. Complete any required security or verification steps

Funding methods

Add money to your NatWest account with a transfer from another bank, or from one of your own accounts held with NatWest.

Payout methods

With a NatWest International Select Account you can send payments in a range of currencies, and if your account has a linked card, you can also make cash withdrawals.

Cash Management Accounts can’t be used to make cash withdrawals directly, but you can arrange a payment from your Cash Management account to another bank account online, in mobile banking, by phone or with a written instruction to the bank.

How to use the NatWest USD account abroad

Manage your NatWest accounts online and in mobile banking when you travel - and if your account has a linked debit card you can also spend and make withdrawals around the world.

NatWest USD account limits 

NatWest foreign currency accounts may have limits which apply to transfers into and out of the account. You’ll be able to check the limits which apply to your particular account by logging into your online banking service.

Are NatWest multi-currency accounts safe?

Yes. NatWest International accounts are offered through NatWest’s international banking arm, which is based in Jersey and subject to Jersey laws. NatWest International is regulated by the Jersey Financial Services Commission.

Conclusion

The NatWest USD accounts available to personal customers are offered via NatWest’s International Banking division in Jersey. They’re aimed at expats living in the UK, as well as British citizens who want to manage their money across currencies, and who don’t mind paying a fairly hefty 25,000 GBP minimum opening deposit.

If you’re looking for an account which doesn’t have minimum deposits which can still be used to hold and manage different currencies, you may be interested in alternatives like Starling, Wise and Revolut which offer USD and multi-currency accounts with no restrictive eligibility criteria.