Best USD Accounts UK

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 for overseas investments or have other constant payments in USD,  you’ll need to find yourself 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 like PayPal international payments you are probably paying 2%+ per USD to GBP transaction, whereas a cheap 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 receive USD payments from abroad to an account in your name overseas

This list of best USD bank-like accounts  is a subset of our selection for the best multi-currency account overall.

Best USD Account to Receive USD Payments […and SEND…]

View the top rated US Dollar collection accounts in UK below – Updated for: June 2022

UK Best USD Account to Receive USD Payments for Individuals: Easy to Use 💺. Fast ⚡
UK Offices:
Tea Bldg, 6th The, 56 Shoreditch High St, London E1 6JJ
86.8% Editorial rating
32,000 Client Reviews
Minimum transfer:
€1
Why Them?
  • US dollar account in the UK easily available
  • 1,000,000 USD transfer limit, 15,000 USD limit per day using ACH, 2,000 limit per day using debit/credit card
  • Hold balances in multiple currencies, including your USD business bank account
+Read more
UK Best for Corporate Foreign Exchange Accounts 👨‍💼: Receiving Large Amounts and FX Hedging
Headquarters:
Zig Zag Building, 70 Victoria St, Westminster, London SW1E 6SQ
93.2% Editorial rating
7,000 Client Reviews
Minimum transfer:
Min. annual volume of £5,000 - **Virtual Bank Accounts for Business Clients and Online Sellers - But Send and Receive Payments Available for Private Cusotmers**
Why Them?
  • Operating since 1979 - the first commercial foreign exchange space. Specialising in businesses - corporations and small businesses. Each business customer with volume of £5,000 is assigned with a dedicated currency dealder, demonstrating very high level of professionalism and excellent availability.
  • Virtual IBAN bank accounts available in UK, EU and USA - but you can use Moneycorp to receive foreign exchange payments from everywhere in the world
  • 98% satisfaction based on online customer review. Many customer and business awards.
+Read more
UK Best USD Account for Online Sellers 🛒
Local UK Offices:
The White Chapel Building, 10 Whitechapel High St, London, E1 8QS
90.4 Editorial rating
1,500 Client Reviews
Minimum transfer:
£100
Why Them?
  • USD account available to UK clients. Offices in UK and USA as well as 5 other global locations. Large and well known company, traded in Australia.
  • Make and receive USD payments, easy to integrate with eCommerce paltforms
  • Digital Bank Accounts in USA, Canada, UK, EU, New Zealand, Hong Kong, Singapore and Australia
+Read more
UK Highly Professional Currency Broker in its Early Days
Headquarters:
Pixel Business Centre, 110 Brooker Road, Waltham Abbey, Essex, EN9 1JH
85.0% Editorial rating
150 Client Reviews
Minimum transfer:
£250
Why Them?
  • Receive Money in 32 Currencies including Exotic Currencies
  • New Business, Experienced FX Team
  • A Managed, Bespoke Currency Brokerage
+Read more

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).

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

Annual TurnoverAmazon Currency ExchangeSpecialist ProviderSaving
$10,000$400 in currency fees$50-$100 in currency fees$300-$350
$50,000$2,000 in currency fees$250-$500 in currency fees$1,500-$1,750
$100,000$4,000 in currency fees$500-$1,000 in currency fees$3,000-$3,500
$1,000,000$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 UKOpen USD accounts from UK
✓ Open USD accounts from AustraliaOpen USD accounts from Australia
✓ Open USD accounts from EuropeOpen 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:

  1. Choose who you deem to be the best USD business account in the UK from our selection above.
  2. 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).
  3. Complete your registration profile by uploading your documents to verify your account for security purposes. The same compliance protocools 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).
  4. 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.
  5. Upload funds, receive incoming payments and, in some cases, even order your debit card to start sending from your USD account in the UK..

 

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.

UK USD Account 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. 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.