Accepting payments in your customers’ local currency not only increases the chance of a sale, but also builds long-term trust that encourages repeat purchases.
That’s because your customer can see exactly how much they need to pay, with no surprising conversion rates or hidden fees.
And with the US one of the world’s largest markets, gaining the loyalty of consumers in the States can be incredibly lucrative for UK businesses.
Before we crack on, a few definitions.
Payment system: A mechanism for transferring cash. As you’re collecting US dollars in this case, these will be online.
Presentment currency: The currency that the customer pays you in.
Settlement currency: The currency accepted by your account.
Here’s a look at six key providers, along with their fees and conversion rates.
GoCardless
GoCardless claims to be the world’s first global bank payment network, allowing you to collect one-off and recurring bank debit payments from 30 countries, including the US, at the best possible exchange rate (provided by Wise). That means you can collect ACH Debit payments from your US customers in their local currency, and GoCardless handles the currency conversion for you. You can access bespoke fees if you take £1m+ in annual revenue.
Fees: 2 per cent + 0.20 USD per transaction (conversion rate included); no monthly fee on Standard account
Conversion rate: N/A
WorldFirst
WorldFirst’s World Account allows you to collect payments in 20 currencies and from over 100 marketplaces all into one centralised account. You can open local currency accounts without an overseas entity, and there are no ongoing account fees or charges to collect or hold funds. You only pay for the currency conversion, with rates starting from 0.30 per cent, or if you make a payment.
Fees: None
Conversion rate: From 0.30 per cent
Revolut Business
Revolut Business’ multi-currency accounts allow you to hold, send, and receive up to 30 currencies using a single platform. Using local and global account details, you can receive payments and make transfers in major currencies like GBP, EUR, and USD at the speed and cost of domestic payments. By holding funds in their original currency and exchanging only when needed, you reduce unnecessary FX conversions.
Each Revolut Business plan offers a no-fee currency exchange allowance. On the Grow plan (£30/month), for example, you can exchange up to £15k per month at the interbank rate. Outside these limits, the exchange fee is 0.6 per cent, and there’s a 1 per cent fee on all transactions outside market hours, like weekends and public holidays.
Fees: Plans from £10 to £90/month
Conversion rate: None within allowance during market hours (0.6 per cent outside allowance, 1 per cent outside hours)
Right now, you can receive £100 welcome bonus by signing up to Revolut Business via Small Business. To receive the £100 you must onboard via the link below. Offer ends 31/12/2026. Fees, promotional terms, and T&Cs apply.
Get started with Revolut Business
Equals Money
With Equals Money’s multi-currency account, you can send, receive and manage 38 currencies, with same-day and next-working-day transfers available. Pricing is customised for each business, allowing you to get the best possible rates for receiving payments in US dollars.
Fees: Custom
Conversion rate: Custom
Airwallex
The Airwallex Global Account is an international collections platform which lets you open accounts with local bank details in more than 20 currencies. You can access interbank FX rates and use the Global Account alongside Airwallex’s conversion engine and multi-currency wallet.
Fees: None
Conversion rate: 0.5 per cent
Wise for Business
Wise for Business allows you to convert, send or receive money from around the world at transparent and competitive prices. There’s a one-off £50 setup fee, but then it’s free to receive USD and many other currencies. However, there’s a fixed fee if you want to receive wire payments in USD.
Fees: It costs £50 to open an account. Receiving USD wire payments incurs a 6.11 USD charge.
Conversion rate: US dollars are free to receive, though holding limits apply
Read more
Accounting in foreign currencies: what small business owners need to know
