momo
US citizens in the UK

Multi-currency accounts for US citizens

Multi-currency and money-transfer accounts mostly open for US citizens, and they are often the cleanest way to hold dollars and pounds in one place. They also count toward your US reporting.

A multi-currency account holds balances in several currencies and moves money between them at close to the real rate. For an American in the UK that solves a daily problem: paying or being paid in both dollars and pounds without bleeding money on conversion. The transfer specialists generally accept US persons, where a traditional bank might not.

The reporting follows the balance. Each currency wallet is a foreign account to the US, and the combined total feeds straight into your FBAR once it crosses the $10,000 line at any point in the year. It is reporting, not a tax; the account stays useful, you just file.

See the FBAR for what counts toward the threshold and FATCA for the status check at sign-up.

We checked 7 providers. 7 offer a multi-currency account. Of those 7, 6 will open an account worth having, 1 will open one that does nothing for a US person and 0 will not take you. Last checked 17 August 2026.

The accounts you can open

Every account below comes from a provider that will take a US person. Read the conversion cost first, since that is what a transatlantic life actually spends, and check where the money sits: two of these are booked offshore and carry a lower compensation limit than a UK bank.

Holds US dollars

Dollars and pounds side by side, which is the point if you are paid, taxed or still banking in both countries.

Currencies Cost to convert Monthly fee Interest The catch
Revolut UK FSCS £120,000 via Revolut Bank UK · app-only Standard account 36 currencies including USD No fee up to £1,000 a month, then 1% Free — The £1,000 allowance counts currency, crypto and commodity exchanges together, and weekends carry a markup.
Revolut UK FSCS £120,000 via Revolut Bank UK · app-only Premium account 36 currencies including USD No exchange limit and no fair usage fee £7.99 a month — A £3.99 Plus tier lifts the free allowance to £3,000 instead.
Revolut UK FSCS £120,000 via Revolut Bank UK · app-only Instant Access Savings GBP, EUR and USD Priced by your plan Free Up to 2.90% AER The rate depends on your plan, currency and balance, and the deposit sits with ClearBank.
Wise Safeguarded, not FSCS-protected · app and online Wise account 40 currencies including USD, with local details in 22 From 0.24% Free None for US persons The card costs £7 once, and there is no subscription.
Barclays With strings FSCS £120,000 · opened by phone or in branch Foreign Currency Account US dollars alongside sterling Reference rate plus an unpublished margin set by payment size Free — Needs six months of an active Barclays sterling account; £6 to receive an international payment over £100.
Charles Schwab (High-Yield Investor Checking) With strings US persons: needs a US mailing address, so it turns on whether you kept one FDIC $250,000, no UK protection · online and app Bank Investor Checking US dollars only No foreign transaction fee Free Pays credit interest, and rebates cash machine fees worldwide You must give a US mailing address, and the account is opened alongside a Schwab brokerage account.
HSBC Expat With strings US persons: its investing arm is closed to US persons, though the bank account itself is not Jersey scheme £50,000, not FSCS · online, app or phone Expat Bank Account GBP, EUR or USD, with savings in up to 19 currencies Not published Free while you hold the relationship balance — Needs £75,000 in savings or investments, and dropping below costs £50 a month.
Lloyds Bank International With strings Jersey scheme £50,000, not FSCS · app, online or phone International Classic account Sterling, euro and US dollar No conversion fee on card spending; the margin between accounts is not published £5 a month per currency account, waived at £5,000 — International payments carry a £12 to £20 correspondent bank fee if you pay all charges.

No dollar balance

These hold other currencies beside sterling but not dollars, so they will not stand in for a US account.

Currencies Cost to convert Monthly fee Interest The catch
Starling Bank With strings FSCS £120,000 · app-only Euro account Euros alongside sterling, and no dollars 0.4%, plus a 0.5% margin at weekends and on bank holidays Free — You need a Starling personal current account first.

Institution and account names link to the provider's own site. momo has no active affiliate partnerships; if that changes it will be disclosed and will never change a verdict.

Opens, but does nothing for you

These will take you as a customer. The catch is that the reason you wanted the account does not work for a US person, so there is nothing to gain by applying.

InstitutionWhat you loseLast checked
WisePays no interest to US persons.Opens to a US citizen living in the UK on the usual tax self-certification, with no minimum balance, and it is the cheapest way to hold and move both currencies. Wise is an electronic money institution, so your balance is safeguarded rather than FSCS-protected, and it earns nothing because the fund partner behind its interest feature cannot onboard US citizens.27 June 2026
Confirm your own position with a cross-border specialist. Acceptance policies and tax rules change, and your facts may differ from the general case. Use this as a map, not a ruling. Last checked 17 August 2026.
Tax

FBAR

If your foreign accounts top $10,000 combined at any point in the year, you file an FBAR. What counts, when it is due, and what happens if you miss it.

Tax

FATCA

FATCA makes UK banks report accounts held by US persons to the IRS. It is not a tax; it is a reporting trail. Where it bites is access.