My Amazon US store is growing. I have a business account with a high street bank that receives payments in USD and converts them to GBP. However, the exchange rates and fees are not great.
I’m considering opening a USD multi-currency bank account that has no monthly fees and offers competitive rates with low fees for converting or withdrawing to GBP. What banks are you using and why did you choose your bank?
Many Amazon sellers use multi-currency accounts like Wise or Payoneer for receiving USD payments because they offer competitive exchange rates, low conversion fees, and the ability to hold funds in USD until needed. Wise is popular for its transparent fees and real-time exchange rate conversions, while Payoneer is often chosen for its integrations with marketplaces like Amazon and the option to withdraw to local bank accounts at reasonable rates. Both options are ideal for managing growing international sales and minimizing currency conversion losses. You could also explore Revolut Business or Starling Bank, which provide multi-currency accounts with favorable rates and minimal fees.