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How to choose a business USD bank account
Last update: 3 Sep 2025
A USD bank account can help you expand your business into the US, sell your products on new marketplaces and save money on foreign exchange fees.
But to hold funds in US dollars (and do business in North America), you don’t actually need to open a bank account with a traditional US bank.
Instead, it can often make sense to use a multi-currency business account. These are a type of international account that makes it easier to hold funds in foreign currencies – even if you and your business are based elsewhere.
In this article, we’ll share how they work and why a World Account from WorldFirst could be the best fit. Read on to learn:
- How to pick the right business USD bank account
- Why WorldFirst is the best choice for opening a business USD account
- How to open a WorldFirst Account
- Five business USD bank account alternatives
Ready to start managing payments in USD and 20+ other currencies from anywhere? Open a World Account for free today.
How to pick the right business USD bank account
If you’re planning to open a US dollar account, consider the following features:
- Competitive, transparent fees and favourable exchange rates. Traditional bank accounts often charge high percentage-based fees, while some online financial institutions often penalise you with monthly fees, unfavourable exchange rates and markups. Look for a USD account that’s transparent about all of its pricing online, and that states precisely how exchange rates are calculated.
- Accounts made for businesses outside the US. A US account number and routing number can give you access to US-based marketplaces and let you move funds faster using local payment rails. Yet traditional bank accounts often make it difficult for foreign companies to apply (requiring in-person visits or local residency).
The most convenient USD accounts are available to a wide variety of reputable businesses, freelancers and sole proprietors (as long as they can pass fraud and AML checks). Look for a USD account with a fully online application and approval process that typically takes no more than 48 hours.
- Options to mitigate the risk of currency fluctuations. Holding foreign currency can be risky, and changing trade policies might make US dollars more volatile. While many foreign currency accounts only let you use the live rate on the day you want to make a trade, certain USD accounts offer ways to protect your margins by locking in a preferred exchange rate in advance of a future trade.
- Fast international payments. Bank wires can take as long as six days using SWIFT or other transfer networks. But it’s often more convenient to use an account that offers a baseline transfer speed of 1–2 days for common currencies, along with more ways to pay, like virtual cards and instant payments.
- No unnecessary restrictions on your funds. Some business foreign currency accounts limit how you can use your funds, requiring a phone call to transfer money, limiting online transactions to certain websites, or only letting you trade in one currency per account. Multi-currency accounts empower you to trade in the US and globally with fewer limitations, faster speeds and lower fees.
Already convinced WorldFirst is the best way to trade in USD? Open a World Account now.
Why WorldFirst is the best choice for a business USD account
If you want to open a USD bank account from outside the US, a multi-currency account from WorldFirst is the best choice.
We partner with financial institutions like J.P. Morgan, Barclays and HSBC. And with more than 20 years of experience, we’ve empowered over a million businesses to hold and pay in foreign currencies.
With a World Account, you don’t need to travel to the US just to set up a local bank account. Instead, you can open a USD account with local account details (including an account number and routing number), all from the UK or wherever you’re located. Then, you can hold and pay in USD from anywhere around the world.
Here’s why a World Account is the best option for global businesses:
Open a USD account for free, hold USD and pay in local currency
WorldFirst lets you open a USD account from virtually anywhere in the world with a solid internet connection. Our simple online application takes only a few minutes to complete, and you can be approved within 48 hours or less – all without any traveling.
With your World Account, you can hold USD from abroad without the hassle of setting up a USD account. You even get local account details, so you can make faster, more affordable payments using local payment rails like ACH.
In addition to USD, WorldFirst lets you hold and pay in 20+ currencies including CAD, CNH, HKD, SGD, GBP, EUR, AUD, NZD, JPY, AED, CHF, CZK, SAR, MXN, PLN, SEK, ZAR, THB and MYR. And when you open a USD account with WorldFirst, you can pay in an additional 100+ currencies to 210+ destinations, all from one central dashboard.
There are no monthly fees, no annual fees, no sign-up fees and no fees to hold or receive currency. There are also no fees when you make instant payments to other World Accounts, or pay in 15 currencies using your virtual World Card.
Target and lock in the exchange rates you need to protect your margins
Unlike many other USD accounts, WorldFirst protects you against currency fluctuations, giving you multiple ways to guard against currency volatility:
- Firm orders: Target the exchange rate you want, then let us watch the market and execute the trade for you the moment your desired rate becomes available
- Forward contracts: Lock in your desired exchange rate for up to 24 months to secure inventory ahead of peak periods, accurately estimate margins and mitigate the risk of future currency fluctuations
These tools make it easier to improve forecasting, simplify international supplier payments and protect your margins when dealing with volatile currencies.
For example, imagine you need to pay a supplier in USD in three months’ time, ahead of Black Friday/Cyber Monday. Today’s exchange rate is favourable, but looming US tariffs could unsettle the market before you’ve stocked up on inventory.
With a forward contract, you could lock in today’s rate and apply it when you’re ready to make your purchase order. Or, with a firm order, you could target a lower rate now, and stock up ahead of season.
Pay faster with same-day, next-day and even instant payments
With WorldFirst, 80% of payments land on the same day, and most others by the next working day. Payments to other World Account holders or made with your virtual card are instant or near-instant.
With faster payments, you can keep suppliers and partners happy, maintain healthy cash flow and inventory levels and boost marketplace rankings.
Connect directly with 130+ major marketplaces and gateways, and collect from 12+ global Amazon stores all in one place
WorldFirst helps you connect more easily to US selling platforms. Direct integrations with 130+ marketplaces and gateways make it easier and faster to pay seller fees and collect funds on US marketplaces including Etsy, Amazon, Sears Marketplace, eBay, Newegg and more.
Most of these platforms require a local account in order to start receiving funds. But direct integrations and local account details can give you access without opening local accounts on the ground.
Our Amazon Seller Payment Solution lets you collect funds directly from Amazon.com into your World Account. You can also collect from 12+ other global Amazon stores, including Australia, Brazil, Canada, Egypt, Europe, Japan, Mexico, Saudi Arabia, Singapore, Turkey and the UAE, receiving and managing all of your funds in a single World Account.
How to open a WorldFirst Account
While some accounts have restrictions on who can apply or how, WorldFirst is open to all businesses including sole proprietors. You don’t need to be an established business or have a presence in the US to start holding, receiving and paying in USD with a World Account.
Anyone operating in one of our supported regions is eligible to open an account, subject to AML verification, regional and compliance requirements. The entire application process takes place online, and most accounts are approved within 48 hours or less.
Here’s how easy it is to open a World Account and start trading in USD:
- Visit our online registration portal and have your phone number, email and IDs ready
- Click Sign up and select your region
- Click Create account
- Share a few key personal and business details
- Upload images of any necessary qualifying documents (see our Account Opening Help page for additional information)
- Open 20+ local currency accounts and get paid like a local
- Pay suppliers, partners and staff worldwide in 100+ currencies
- Collect payments for free from 130+ marketplaces and payment gateways, including Amazon, Etsy, PayPal and Shopify
- Save with competitive exchange rates on currency conversions and transfers
- Lock in exchange rates for up to 24 months for cash flow certainty
5 business USD bank account alternatives
Here are five other accounts that can be used to manage US dollars:
| Provider | Application Process | Account Details and currencies | Pricing & Fees | Exchange Rate | Cards |
|---|---|---|---|---|---|
| Wise International Business Account | Fully online | 23+ currencies; pay to 70+ countries | Transparent fee (calculator), debit card £3 after first | Mid-market rate (MMR) | Business debit card, multi-currency |
| HSBC Foreign Currency Account | Must already hold HSBC business account | One currency per account; 14 total currencies | No account fees, some transfer fees | Live rates (markup unclear) | Debit card (for business a/c holders) |
| Barclays Foreign Currency Account | Must hold business account (12+ months) | Up to 17 currencies | Fees vary; details in docs | Barclays mid-market ref. rate (markup unclear) | International debit card (Sterling only) |
| Starling Business USD Account | Not currently open (no sole traders) | USD account with ACH details; EUR account | £5/month | Current rate +0.4% markup | Debit card (USD only) |
| Lloyds Foreign Currency Account | Must hold Sterling business account, £0–25m turnover | One currency per account, with a wide range available | £60/year (foreign currency), + fees; 2.6% FX margin (<£25k) | Not disclosed | Not disclosed |
1. Wise International Business Account
Wise is an online money transfer service that offers multi-currency accounts and international payments via SWIFT transfer. It positions itself as a strong fit for freelancers, startups and small businesses.
- Application process: Fully-online application
- Account details: Receive funds and get account details in 23+ currencies
- Pricing: Get paid at the mid-market rate plus a transparent fee (use their calculator to determine what you’ll pay), which is based on currencies, transfer type and transaction volume
- Exchange rate: Mid-market rate (MMR)
- Currencies/payments: Make payments to 70+ countries from your account
- Debit cards: Pay 40+ currencies to 160+ countries with business debit cards with variable fees depending on the currency and amount. First card is free, plus £3 GBP for each additional card or replacement card, with express delivery starting at £10.85, and a 2% fee to top up
- Transfer time: Most payments take between 20 seconds and 24 hours
2. HSBC foreign currency account
HSBC has a variety of different accounts for individuals and businesses, some of which enable international transfers and payments. All of these offerings, including their USD currency account, are available only to customers who already have an HSBC business account.
- Application process: If you’re already an HSBC business account holder, you can apply online for an account. Otherwise, you’ll need to first apply for a business account, then apply separately for a USD currency account
- Account details: Yes, but only in one currency per account
- Pricing: No account fees and no payment fees to send money to another HSBC account anywhere in the world. Fees may apply to send money elsewhere.
- Exchange rate: Live rates during market hours (unclear from website whether these rates include an additional markup)
- Currencies: Choose from 14 major currencies and open a separate account for each one to store, send and receive money
- Debit or credit cards: If you’re an existing HSBC Business Banking account holder, you can apply for a Business Debit Card
- Transfer time: Payments in euro and sterling to EEA recipients are usually credited on the next working day. All other payments typically take up to four working days (or longer for certain countries)
- HSBC account holders may also be able to apply for an HSBC global wallet, a multi-currency account, which lets you hold, pay and receive ~10 currencies with a US$5 flat transaction fee for all payments
3. Barclays Foreign Currency Accounts
Barclays offers a number of individual currency accounts to current, established business account holders.
- Application process: If you already have a business account, you can call to apply for a foreign currency account (there are different phone numbers to use, depending on your annual turnover). Otherwise, you must first open a business account and trade for at least 12 months in order to apply. You can apply online or through the app, or request a call if you have a turnover of more than £400,000 a year
- Account details: Up to 17 different foreign currency accounts
- Pricing: Some pricing is available on the Barclays website, with more detailed pricing information in account documentation PDFs
- Exchange rate: Barclays uses the Barclays’ mid-market reference rate to calculate currency exchange rates. It’s unclear whether this is the same as the regular mid-market rate, or whether any additional markups apply to business transactions
- Currencies: Up to 17 different foreign currency accounts
- Debit or credit cards: Not exactly. You can get an “international debit card” that functions abroad or for international payments, but it can only be used to pay in Sterling
- Transfer time: Euro, USD and CAD transactions are settled on the same day; other currencies take two working days
4. Starling Business USD account
StarlingBank offers a simple USD bank account that allows users to send up to $25,000 a day via ACH. Unfortunately, applications for US dollar business accounts are not currently open to new users.
- Application process: Not accepting applications for USD accounts currently, but say they will be soon. Never accepts sole traders
- Account details: Account comes with a unique US addressable account number and an ACH number
- Pricing: £5 a month to hold, send and receive GBP, no additional fees for transfers, all made with ACH (no SWIFT)
- Exchange rate: Current exchange rate with a 0.4% markup
- Currencies: Only offers USD and EUR accounts
- Debit or credit cards: You can get a debit card but cannot make any debit card payments in a currency other than USD. Replacements cost £5–10
- Transfer time: Up to $25,000 same day via ACH
5. LLoyds Foreign Currency Account
Lloyds offers a business foreign currency account for current Sterling business account holders who meet certain eligibility requirements.
- Application process: Call to speak to a relationship manager 9 am to 5 pm Monday to Friday, except UK bank holidays. You must already hold a Sterling business account with Lloyds and have an annual turnover between £0–25 million
- Account details: No information available
- Pricing: £24 per year in two instalments for euro current accounts and £60 per year in two instalments for foreign currency accounts. Additional fees include payment fees, express payment fees, correspondent bank fees, receiving fees, cancellation, amendment and status request fees, and a standard margin of 2.60% for international payments of £25,000 or less
- Exchange rate: No information available
- Currencies: Only one currency per account, but you can choose from a “wide range” of different currencies
- Debit or credit cards: No information available
- Transfer time: No information available
Earn and pay in USD for less with a multi-currency World Account
Volatile exchange rates, high fees, strict international banking requirements and slow transfer times can make transacting in USD expensive and tedious.
To see how much simpler it can be to do business in dollars and scale globally, open a World Account for free today.
Frequently asked questions (FAQs)
Can I open a USD bank account from the UK?
Yes. UK-based businesses can open USD accounts through traditional banks like HSBC, Barclays and Lloyds, though these often require you to hold a GBP account, meet turnover thresholds or operate for a set period. Online providers such as WorldFirst offer faster, fully online applications without requiring a US presence.
How do I open a US account online?
With providers like WorldFirst, you can register online by creating an account, submitting your details and uploading ID or business documents. Most approvals take less than 48 hours, compared to traditional banks that may require in-person applications and more documentation.
Which bank is best for a business USD account?
WorldFirst is the best choice for speed, low fees and multi-currency capabilities. HSBC, Barclays and Lloyds may work for established customers, though their USD accounts are typically more restrictive.
What are the benefits of opening a USD account?
A USD account speeds up US payments, reduces currency conversion fees and improves control over exchange rates. It also helps you join US marketplaces and scale globally by holding multiple currencies in one account.
Do I need a US business to open a USD account?
Not always. Many online providers like WorldFirst let you open a USD account without a US business presence, as long as you operate in a supported region and pass compliance checks. Traditional banks are more likely to require a US presence or restrict applications to existing business customers.
Sources:
- https://wise.com/gb/business/
- https://www.hsbc.co.uk/international/currency-account/
- https://www.hsbc.co.uk/international/currency-account/#how-much-will-it-cost
- https://www.barclays.co.uk/current-accounts/foreign-currency-account/
- https://www.starlingbank.com/business-account/multi-currency/usd-business-account
- https://www.lloydsbank.com/business/international/commercial-foreign-currency-account.html
- https://www.lloydsbank.com/business/fx-margins.html
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