US dollar accounts in the UK are now more accessible than ever. If you are selling to the United States and/or paying suppliers in USD (no matter where they are in the world), receiving large USD payments from overseas investments or have other payment needs in USD, you’ll want to consider the best US dollar account available in the UK. If you are currently using the default currency exchange offered by eCommerce platforms, a bank, or an online company like PayPal international payments you are probably paying 2%+ per USD to GBP transaction. A free to open and low fee USD bank account can lower that amount significantly.
Our USD currency account comparison for UK businesses and individuals will help you discover the best option to save money on currency exchanges of USD and save money when you receive USD payments from abroad to an account in your name overseas. This list of the best USD bank-like accounts is a subset of our selection for the best multi-currency account overall. If your aim is to transfer money from USA to UK use this article instead.
Best USD Account to Receive USD Payments […and SEND…]
View the top rated US dollar collection accounts in UK below – Updated for: February 2024
The ground facts
- If you are a non-US citizen you cannot open a US bank account without residency.
- If you are selling on Amazon into the United States (or any territory where USD is charged) and are using the default Amazon setup, you will lose up to 4% of your sales in foreign exchange fees when using their Amazon Global Seller Program if you supply a GBP denominated bank account in the UK for your USD sales.
- If you are using eBay, your items will appear more expensive than their listed price for international buyers (due to Paypal’s high currency exchange fees, even if you transfer money from Paypal account to your Transferwise account).
- If you use a US bank to exchange overseas funds to domestic currency, it may cost you up to 5% of the lump sum (unless you have a multi foreign currency account set up).
- Dollar bank accounts are our most desirable type of foreign accounts on MTC, together with Euro bank accounts.
Business Account / Ecommerce Collection Account UK
Selling internationally brings its own set of logistical, operational and taxational challenges, but nevertheless represents a huge growth opportunity for SMEs to propel their businesses forwards. Using the right services together, offering multi-currency accounts, a USD business bank account in the UK and cheaper FX will beat Amazon’s currency exchange program (offered via the Amazon Global Sellers Online centre), eBay’s currency exchange fees, or other high-cost “default” solutions.
If you are an online seller indeed use WorldFirst to maximise savings as they offer the best business FX exchange rates.
Transfer Money from US to a UK Bank Account
If you need to transfer money from a US bank account to a UK bank account, you could facilitate that through each of the companies recommended on this page. To learn more about the costs and convenience of transferring money through a multi-currency platform, read our guide on transferring money from US to UK.
Best USD Account UK & Your Savings – Online Marketplace Sellers
|Amazon Currency Exchange
|$400 in currency fees
|$50-$100 in currency fees
|$2,000 in currency fees
|$250-$500 in currency fees
|$4,000 in currency fees
|$500-$1,000 in currency fees
|$40,000 in currency fees
|$5,000 – $10,000 in currency fees
|$30,000 – $35,000
Notes: The table above is not marketplace specific. The currency exchange services for online sellers can be applicable to your business regardless of whether you sell on Amazon, Ali Baba, TMall, Overstock, eBay, Ubid, Bonanza, or any other online marketplace. The figures used in this table are only meant to demonstrate what could you could potentially save; They use 4% as the base figure for currency exchange fees, and 0.5%-1% in foreign currency fees when choosing a specialist provider – this is not necessarily what you’re paying at the moment, or what you’ll be paying with a currency provider, but rather a rough figure based on Amazon’s FX fees and information supplied by currency providers.
The Best USD Account in UK?
Multi-Currency Accounts Keep You Covered!
The below are the type of foreign currency accounts you can open globally using two of our most recommended multi-currency accounts:
|With World First You can…
|With OFX You Can…
|✓ Open USD accounts from UK
|Open USD accounts from UK
|✓ Open USD accounts from Australia
|Open USD accounts from Australia
|✓ Open USD accounts from Europe
|Open USD accounts from Europe
Note there are other bank and non-bank services enabling prospective clients to open up foreign bank accounts abroad for their businesses, such as theHSBC multi currency account, but we have only focused on services offered by money transfer companies. It’s worth noting that HSBC’s multi-currency accounts are actually held in Jersey. Most money transfer companies have built solutions where the currency account is held within the country it represents – making it easier to do business like a local.
How to open a USD account in the UK.
If you want to open a dollar account in the UK then you should know the process is surprisingly simple when using an international money transfer firm or Fintech listed on this page. The process will look a little like this:
- Choose who you deem to be the best USD business account in the UK from our selection above.
- Open your account online (shouldn’t take longer than 10 minutes to complete your initial application for any of the USD bank accounts in the UK listed here).
- Complete your registration profile by uploading your documents to verify your account for security purposes. The same compliance protocols apply to FinTech’s operating US dollar accounts in the UK as banks, FinTech’s just speed the whole process up by automating a lot of the process online).
- Activate your dollar accounts in the UK and any other currency accounts you require. Get your USD bank account details – including wire number, routing number and account number.
- Upload funds, receive incoming payments and, in some cases, even order your debit card to start sending from your USD account in the UK..
UK Dollar Account With Matching Debit Card?
If you’re looking for a US dollar account that you can make card payments from and withdraw funds at an ATM then look no further than Wise. Arguably the most international debit card in the world, the Wise debit card can be used throughout the US with both merchants in-store and US retailers online. It can also be used to withdraw funds from your US dollar account at the majority of ATMs throughout the US. It’s also compatible with both Google Pay and Apple Pay.
The Wise debit card is available to all personal customers with a Wise US dollar account in UK and business customers can access multiple Wise business debit cards.
Added Values When Using our US dollar Accounts in the UK?
Companies like WorldFirst, moneycorp or OFX provide whoever chooses to use them with a lot more than simply moving money from point A to point B, or enabling businesses to collect and pay savings from a multi-currency bank account. It’s not only about improving the poor currency exchange rate offered by Banks, Amazon’s Global Sellers Program or improving your eBay seller account’s value proposition to overseas buyers.
All three of these companies listed are happy to provide customers with dedicated account managers who often become an integral part of their business – they can assist on the right time to exchange certain currencies, suggest hedging solutions tailored specifically to each businesses’ needs, and even help on topics relating to selling internationally online based on their experience in assisting clients who sell across the same marketplaces/jurisdictions. For example, we’ve heard of cases where representatives from these companies have helped online sellers on Amazon reduce their Amazon Seller fees above and beyond purely Amazon Money Transfer fees by recommending local solutions for delivery as well as recommending new marketplaces to sell on, with unique introductory offers.
Additionally, the power of opening USD bank accounts in the UK (or any other multi-currency account locally), and accepting payments in foreign currency into your bank account is simply unrivalled in the money transfer and currency exchange industry. Very few companies have the same capabilities when it comes to USD business bank accounts in the UK for businesses and online sellers as the companies listed here.
US Dollar Account UK FAQs
Can I Open a US Dollar Bank Account in the UK?
It’s not possible to open a checking account with the likes of Chase, Citibank or Bank of America from the UK. You’re required to either be a US resident or US registered company in order to do so. It is however certainly possible to open a digital US Dollar Bank Account in the UK with any of the provider’s we have listed in this guide. By opening an account with WorldFirst, OFX or Wise you still generate a US routing number and account details which can be used for local transfers in the states (ACH or fedwire). Making payments you send and receive within the US drastically cheaper.
More info on how to open a US bank account without residency here.
What if I’d prefer a UK dollar bank account (i.e. a USD account physically held in the UK)?
Digital currency accounts with SpartanFX or Moneycorp are actually held in the UK. Making it more difficult to do business with the states but if this is what you’re looking for then simply opt for one of these two providers.
How do I Receive Marketplace Revenues into my new USD account in UK?
Simply update your account details with the marketplaces you are selling on. Marketplaces are very familiar with digital-only bank account providers, particularly WorldFirst, which has had an ecommerce solution for nearly ten years now. WorldFirst holds its own relationships with many of the leading online marketplaces – Amazon, AliExpress, Cdiscount, eBay, Etsy, Newegg, Rakuten and TopHatter.
Bottom Line – Dollar Accounts in the UK Comparison
If you are a small business or online seller, making foreign currency payments in USD or receiving them, you should consider a specialised and bespoke service to open a dollar account in the UK. The companies listed in this guide represent our top 4 choices for the best USD business account in the UK. Get started today and open a USD bank account in the UK from the comfort of your own home. The application process is simple and once you’ve registered, you can generate account details in minutes.
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