Opening a USD bank account in the UK could be beneficial if you regularly send or receive money in US dollars. Perhaps you have family in the USA, or maybe you work for an American company and receive your salary in dollars.
Opening a US dollar bank account can save you a significant sum in currency exchange fees, so let’s take a look at your options.
Traditional banks
Several of the big high street banks, including Lloyds, HSBC and Barclays, have international arms and offer accounts in other currencies, including US dollars.
This might be your preferred choice if you’d like to open an account with a provider with a familiar name and trusted reputation. You might also favour this option if you want to be able to bank face-to-face in branch, rather than only deal with your finances online.
The downside is that some of these accounts have stricter qualifying criteria, meaning you might need to hold a certain amount in savings with the bank, or have a minimum annual income. The application process can be more laborious too.
Digital banks and fintechs
Another option is to look for a USD account with a digital bank or fintech. There’s an increasing number to choose from and these accounts can be opened quickly and easily online. Eligibility criteria is typically more lenient, so you have a better chance of acceptance, and fees are often competitive.
Just remember that you will need to be happy managing your account online or via an app. You won’t be able to pop into your local bank branch for assistance and, unlike high street banks, not all of these providers offer FSCS protection for deposits of up to £85,000.
Best US dollar accounts in the UK
Below is a list of some of the top USD accounts in the UK:
Get a £20 welcome bonus when you spend your first £20 (T&Cs apply).
To open a USD account with digital provider Revolut, you’ll need to first hold a personal current account with the provider. There are 5 account plans to choose from. The standard plan has no monthly fee, while the remaining 4 are paid-for accounts, with monthly fees ranging from £3.99 to £45. Each offers a range of different benefits.
You can apply for a Revolut account via the app, and once done, you can add a USD currency account. You can then hold, send and receive US dollars in your account, plus spend in US dollars on your card.
Depending on the plan you’ve chosen, you’ll be able to carry out fee-free currency exchange Monday to Friday, up to your set limit. This is £1,000 per month with the standard plan and £3,000 a month with the Plus plan. There are no monthly limits for the remaining plans, but fees do apply to currency conversions carried out over the weekend.
Pros
Low overseas fees
Quick sign-up
Earn cashback on spending
Set budgets for financial goals
Virtual cards for online purchases
Easy to transfer money internationally
Linked Revolut <18 account available for one child
Cons
1% currency conversion charge on weekend spending abroad
Free cash withdrawals in the UK and abroad both limited to £200 per month
Cannot deposit cash or cheques into the account
Charged a fee to receive your bank card
Minimum opening balance
£0
Account fees
£0
Overseas card transactions
0% Mon-Fri (max. £1,000 per month)
Overseas cash withdrawals
0% Mon-Fri (max. £1,000 per month) conversion fee plus cash fee of £0 up to £200 per month
With Barclays, you can open a USD foreign currency account and make and receive foreign payments with ease. To qualify, you must be aged 18 or over and have had a GBP account with Barclays for at least 6 months.
You can send money overseas for free if this is done through online banking. But be aware that some overseas delivery charges apply. You won’t get a debit card with the account.
Barclays also offers an international bank account for non-UK residents and expats and you can open this account in USD. However, you must have a minimum of £100,000 in savings or investments with Barclays to qualify.
Whether you want to send money to family in the US, you receive some or all of your income in USD or you regularly travel there, opening a USD bank account can enable you to hold and transfer cash in US dollars at competitive rates and low fees. If the account comes with a debit card, you’ll also be able to spend or withdraw cash in the same currency.
However, when comparing USD accounts, it’s important to consider whether there are any monthly fees to pay, and what the qualifying criteria is. You should also check how the account is managed – online, over the phone, in branch etc.
We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you. Most of the data in Finder's comparison tables has the source: Moneyfacts Group PLC. In other cases, Finder has sourced data directly from providers.
Rachel Wait is a freelance journalist and has been writing about personal finance for more than a decade, covering everything from insurance to mortgages. She has written for a range of personal finance websites and national newspapers, including The Observer, The Mail on Sunday, The Sun and the Evening Standard. Rachel is a keen baker in her spare time. See full bio
Digital bank Monzo offers a full UK current account, but it’s not the only one. We look at challengers’ features and pricing to help you find others like Monzo.
Is Revolut’s app-only account the solution for you? Our review of this challenger banking brand explores the features and fees of its free Standard plan, and outlines the other Revolut accounts available.
Advertiser disclosure
Finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, the offers that appear on this site are from companies from which Finder receives compensation. We may receive compensation from our partners for placement of their products or services. We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. Finder compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
How likely would you be to recommend Finder to a friend or colleague?
0
1
2
3
4
5
6
7
8
9
10
Very UnlikelyExtremely Likely
Required
Thank you for your feedback.
Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve.
