Who might need dollar currency products and services?

It can be difficult these days for non-US residents to open a US dollar bank account in the US because of heightened security. Similarly, a US citizen can face considerable challenges when trying to set up a US dollar account overseas.

This is where an international bank with branches in both the US and beyond can be convenient.

People who need a bank account in US dollars include:
  • US citizens living overseas
  • Non-US citizens living or working in the US
  • Non-US citizens who travel frequently to the US
  • People with a close friend or family member in the US
  • People conducting business in US dollars

Currency exchange

By opening a US dollar account you are able to make considerable savings on exchange and transfer costs on personal investments and professional transactions.

As the currency of international business, the US dollar has special appeal. Investors and business people may well use a range of exchange services, including spot exchanges, forward exchange contracts and options .

Dollar-denominated credit and debit cards

A dollar-currency bank account might enable you to apply for a dollar-denominated debit or credit card . This will help you to save on exchange and transaction costs.

Telephone and online banking

This may be an essential facility 1 and is available with dollar-denominated accounts.

Savings

As with all savings accounts, dollar savings options offer either high flexibility or high interest. What is best for you will depend on your attitude to risk and the structure of your investment portfolio. You might benefit from combining savings and investment opportunities in order to make sure that your money is working as hard as possible.

See our guide to foreign currency savings .

Investments

The US dollar is particularly attractive as an investment currency. Investment opportunities range from the relatively secure US Treasury deposits to the more adventurous managed and index-linked funds.

You should bear in mind that the value of investments can fall as well as rise and you may get back less than you invested.

See our guide to foreign currency investments .

Mortgages and loans

A US dollar mortgage can be used to match the currency in which the borrower is being paid, thereby reducing exchange rate risk.

However, if a foreign currency loan is taken against a UK property, the relative size of the loan compared to the value of the property can be adversely affected by exchange rate movements.

See our guide to foreign currency mortgages .

Offshore options

Placing funds offshore can help with tax planning opportunities. So if you are taking out a loan or setting up investments, you should investigate to see if your bank can place them in an offshore jurisdiction such as the Isle of Man.

Everyone’s circumstances are different though, so you will need to get independent professional tax advice 2 .

See our guide to offshore banking .

For more information or to apply

Barclays Wealth International offers a range of US dollar currency products and services. Talk to them today to see how they can help you.

Call their team on +44 (0)141 352 3902†.

Visit their website .

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Terms and conditions apply to all mortgage products. We strongly recommend that you obtain your own independent tax advice before proceeding with an offshore mortgage.

Barclays Wealth will require a first charge over the property.

Barclays Wealth is a responsible lender and when considering your application for borrowing, your financial circumstances will be appraised. Remember should you run into difficulties please contact us immediately.

In all forms of advertising and marketing material where repayments are quoted, we will show clearly a typical Annual Percentage Rate (APR). We will also clearly indicate in all lending-related advertising issued in Jersey that we abide by the Code of Practice for Consumer Lending.

1 Please note, for a short period of time every night (UK time) we temporarily close our website for a data refresh. Access may also be limited in some countries due to the prohibited transmission of encrypted data over telephone lines. Please contact your local embassy to check your country's legal position. Accounts will be held in individual currencies.

2 You have sole responsibility for the management of your tax and legal affairs including making any applicable filings and payments and complying with any applicable laws and regulations.  We have not and will not provide you with tax or legal advice and recommend that you obtain your own independent tax and legal advice tailored to your individual circumstances.

† Lines are open 7am to 8pm weekdays and 8am to 5pm weekends and UK bank holidays, local time. Call charges may vary. Please check with your local telecoms provider. Calls may be recorded for training and security purposes.

The services described on this page are provided by the following companies, which are part of Barclays Wealth: Barclays Bank PLC in UK, Gibraltar, Cyprus, Barclays Private Clients International Limited in Jersey, Guernsey, Isle of Man and Barclays Bank (Suisse) SA in Switzerland. The International Corporate e-Banking or e-FX Dealer products described on this page are provided by the following companies, which are part of Barclays Wealth: Barclays Bank PLC in UK, Gibraltar, Cyprus, and Barclays Private Clients International Limited in Jersey, Guernsey, Isle of Man. For further information on these companies and Barclays Wealth please read the Important Information . Each Barclays Wealth company reserves the right to make a final determination on whether or not you are eligible for any particular product or service.

Products and services on this site may not be available in certain jurisdictions. In particular, these products and services are not being offered in Japan or the United States or to US residents. For full details of exclusions and disclaimers please see the Important Information before proceeding. Each Barclays Wealth company reserves the right to make a final determination on whether or not you are eligible for any particular product or service.