USD account for a UK company: dollar accounts explained
A UK company paid in dollars has two options: a dollar account at a UK bank, which receives by SWIFT, or US account details, which let American clients pay by ACH as if you were local.
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Google suggests "uk dollar account", "uk usd bank account" and the names of HSBC, Barclays, Chase and Revolut after "uk usd account". UK companies ask because a US client has just asked for their ACH details.
Two kinds of dollar account
| USD account at a UK bank | US account details | |
|---|---|---|
| How US clients pay | International wire (SWIFT) | ACH or domestic wire |
| Cost to the client | Their bank's international wire fee | Usually low or free |
| Cost to you | Often an incoming fee | Usually none to receive |
| Speed | 1 to 3 business days | ACH 1 to 2 days; wire same day |
Why US clients prefer ACH
Most American companies pay suppliers by ACH from their accounts payable system. An international wire is a manual exception for them, needs approval and costs a fee. A UK supplier with US details gets paid in the normal run.
The conversion decision
A Manchester agency receives $18,500 and has $6,000 of US costs a month: software, ads and a contractor in Texas. If it converts every receipt to sterling and buys dollars back for costs, it pays two margins on $6,000 each month. Holding dollars avoids that.
Accounting
Your accounts are in sterling, so dollar balances are translated at period end and gains or losses recorded. A consistent method keeps it simple.
Paying into the United Kingdom: the local rail
| What | Detail |
|---|---|
| Local rail | Faster Payments |
| Run by | Pay.UK |
| Settlement | Seconds, 24/7; the scheme limit is £1,000,000, and each bank sets its own |
Bacs still carries most payroll and Direct Debits, on a three-day cycle.
Source: Pay.UK: Faster Payment System. Checked when this guide was last updated; the scheme's own page has the current figures.
Where Rivet fits
Rivet gives UK limited companies US details in the company's name on the free Starter plan, for ACH and wires, plus EUR and GBP details on Growth. Convert at a rate shown before you confirm. Rivet is not a bank; regulated partner institutions hold the funds. See USD account for a UK company and USD account details explained.
Questions people ask
Can a UK company have a USD account?
Yes. UK banks and fintech providers offer USD accounts to UK limited companies. The difference is whether they come with US details for ACH or only an IBAN for SWIFT.
What is the difference between a USD account and US account details?
A USD account at a UK bank holds dollars but is reached by SWIFT. US account details sit in the US banking system, so US clients pay them like a domestic account.
Do I pay UK tax on dollar income?
Corporation tax is calculated in sterling, so dollar income is translated at the appropriate rate. Your accountant will use a consistent method.
Should I convert dollars straight away?
Only what you need in sterling. Paying dollar costs from dollars avoids two conversions.
Sources
Alexia compares the accounts, cards and payment tools companies weigh before they switch, and writes Rivet's market guides for founders in a specific country. Prices in Alexia's comparisons come from each provider's own pricing page on the date given in the article, rules come from the regulator or tax authority that sets them, and every source is listed at the end.
More from Alexia M. →This article is general information, not legal, tax or financial advice. Rules and fees change; check the sources above and the provider’s current terms before you act on them.
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