You land a freelance gig with a US client or find the perfect deal on an American site. The only catch? You need to pay or get paid in USD, and your bank is already making things harder than they should be. Between unclear fees, slow transfers, and exchange rates that never seem to work in your favour, it feels like you're losing money before it even moves.

That’s where Grey steps in. It helps you skip the usual banking fuss with a USD account made for UK residents. Whether you're sending or receiving dollars, you can do it quickly, securely, and without the hidden costs.

Why sending and receiving USD in the UK can be challenging

Despite London’s status as a global financial centre, everyday banking for US dollars can be surprisingly cumbersome for UK residents due to:

• Limited access to dedicated USD accounts

Most UK banks don’t offer personal US dollar accounts, so USD payments are usually converted to pounds automatically at poor exchange rates, leaving you with less money and no control over when to exchange.

• High fees and slow transfers

Cross-border USD transfers via UK banks often involve several intermediary banks, causing delays of 3 to 5 business days or more. Additionally, traditional banks charge high fees and add significant markups on exchange rates, making these transfers expensive.

• Regulatory and compliance complexities

Since Brexit, the UK has been updating its financial regulations independently from the EU, leading to ongoing changes in payment services and currency handling. While this fosters innovation, UK residents need to stay aware of compliance rules, especially for large or frequent USD transactions.

• Tax and reporting considerations

Receiving USD payments, particularly for freelancers and businesses, requires careful record-keeping for UK tax compliance. Currency gains or losses from exchange rate fluctuations must be reported accurately to HMRC.

• Time zone differences and banking hours

The UK’s time zone difference with the US can add to transfer delays, as banks operate within local business hours. This can slow down payment processing and affect cash flow timing.

These issues create unnecessary barriers and uncertainty for freelancers, small business owners, and expats in the UK.

Also read: How to create US and UK bank accounts as a migrant worker in the UK

How Grey helps UK residents to send and receive US dollars

Grey offers a modern, digital-first solution tailored for UK residents who need to send and receive US dollars efficiently.

Open a virtual USD account with US bank details

Grey lets you open a USD account from the UK. This means you can:

• Receive payments from US-based platforms like Upwork, PayPal, Fiverr, and Stripe directly into your Grey account without delays or forced conversions.
• Accept transfers from US clients, companies, or friends quickly and with low fees.
• Hold your funds in USD and choose when to convert to GBP, helping you protect your income from currency fluctuations.

Send US dollars with low fees and transparent rates

Convert your GBP to USD at competitive, transparent rates with no hidden charges. Make international payments quickly and securely, avoiding the slow and costly processes common with UK banks.

How to manage US dollars in the UK using Grey

Getting started is straightforward:

1. Sign up for a Grey account
2. Register online or via the app, verify your identity with UK documents such as a passport or driving licence, and open your virtual USD account.
3. Add funds to your Grey USD account
4. Top up your account by transferring GBP from your UK bank and convert to USD when you choose to optimise exchange rates.
5. Receive and send USD easily
6. Share your Grey USD account details with clients or contacts in the US to receive payments instantly. Send USD internationally at low cost and track all transactions in real time.

You may also like: How to send and receive euros in the UK

Practical tips for UK residents using Grey

• Monitor exchange rates: Hold your USD in Grey until rates are favourable before converting to GBP.
• Use multi-currency management: Grey allows you to hold GBP and USD balances, helping you manage currency risk and avoid unnecessary conversions.
• Avoid multiple transfers: Send USD directly to reduce fees and delays.
• Stay compliant: Keep records of your international payments and consult a UK tax advisor if needed, especially if you are self-employed or running a business.

Why Grey is the best choice for UK residents managing US dollars

Grey offers a seamless, affordable, and secure way to send and receive US dollars from the UK. Its USD accounts with US bank details, fast transfers, transparent pricing, and a user-friendly platform make it ideal for freelancers, small businesses, expats, and anyone transacting internationally.

Open your Grey account today and experience hassle-free international payments designed for the British market.