USD accounts for Hong Kong businesses 2026: How to send money to the US

Key takeaways

• A USD account lets you receive, manage, and send US dollars without converting to your local currency every time.

• Hong Kong businesses can open a USD account without setting up a US entity, using local US account details provided by fintech platforms.

• Airwallex Business Accounts give Hong Kong businesses USD account details, interbank FX rates, and access to local US payment rails, with no setup fees and no forced conversion.

The US dollar (USD) serves as a widely accepted international currency for cross-border transactions. In the past, people typically relied on traditional methods, such as banking services or remittance institutions, to send money from Hong Kong to the United States (US). However, with the rapid evolution of the global market, it has become crucial for businesses to grasp the knowledge of promptly and effectively remitting funds to the US in order to seize overseas opportunities in international trade and cross-border commerce.

What is a USD account?

A USD account is a type of foreign currency account that manages funds in US dollars, separate from your local currency. You can receive payments into it, pay from it, and convert only when you choose. 

For a Hong Kong business that gets paid by US clients or marketplaces, that means you stop losing money to forced conversion on every payment. Instead of taking whatever exchange rate applies on the day your funds arrive, you decide when the rate works for you.

USD account vs regular account: What's the difference?

A regular HKD account forces conversion when USD comes in. The provider applies its own exchange rate, which includes a markup, and deposits HKD into your account. A USD account, or a global account with USD details, receives USD directly and manages it in that currency. 

How to open a USD account without a US provider

A lot of Hong Kong businesses assume they need a US entity or a US relationship to hold USD. In fact, fintech platforms can provide local US account details, a routing number and account number, without requiring a US presence. US payers can use these details to send money via ACH, exactly as they'd pay any US supplier.

To open an account, you usually need standard business documents: 

• Business Registration Certificate

• Identification documents

• Proof of address. 

The process happens online, and for eligible Hong Kong businesses applying on one-stop financial and remittance platforms like Airwallex, account opening can happen in as fast as approximately 48 hours.

Who actually needs a USD account?

A USD account makes sense if your business deals in US dollars on a regular basis. More specifically, it's worth considering if you:

• Invoice US clients or receive USD from US marketplaces like Amazon

• Pay US suppliers regularly and want to avoid converting HKD to USD on every payment

• Work as a freelancer or agency with US clients who pay in USD

• Run an import/export business and want to hold USD until the exchange rate suits you

If all your transactions are in HKD and you don't have regular USD income or outgoings, the overhead isn't worth it.

The real cost of not having a USD account

The case for a USD account comes down to two costs that quietly build up over time: FX markup and SWIFT intermediary fees. You won't usually see either as a line item on your invoice, but both eat into your margins on every cross-border transaction.

FX markup: The cost hidden in every conversion

The FX markup is the gap between the mid-market rate, and the rate your provider gives you. When a provider converts an incoming USD payment to HKD automatically, it adds a spread on top of the interbank rate. You pay the spread every time, and across a lot of transactions, it adds up. A USD account means you receive USD at face value and choose when to convert, so you aren't locked into your provider's rate on the day the payment lands. 

SWIFT intermediary fees: Why your recipient gets less than you sent

Correspondent banks are the go-betweens that process international wires when the sending and receiving institutions don't have a direct relationship. It's a bit like a parcel moving through multiple sorting depots, with each one taking a small handling cut. That's why a USD wire for a specific amount sometimes arrives short.

Local payment rails, like ACH in the US, skip most of this chain, so the full amount arrives.

 How to transfer money to the US

Once you've got a USD account, there are two main rails for moving money: SWIFT for traditional international wires, and local networks like ACH for US-specific transfers. Each one has a different cost and speed profile.

1. Wire transfers via SWIFT

Sending money to the US via bank wire transfers is one of the most popular methods. These transfers rely on the Society for Worldwide Interbank Financial Telecommunication (SWIFT) system, which allows banks to facilitate the process. By providing the unique SWIFT code of each bank involved and paying the required fees, funds can be electronically transferred to the US. Additional charges may apply if intermediary banks are involved in the transaction.

2. Automated Clearing House (ACH): The US local rail

ACH is a cost-effective payment method widely utilised in the US.  It serves both as a means of receiving funds (ACH Credit) and making payments (ACH Debit). When businesses opt for ACH transfers through a local bank account in the US or through electronic payment tools, funds are directly credited from the company's bank account and debited to the recipients’ bank account.

What to check before sending USD

Once you've covered the basics, choosing the right transfer method is where you can save the most time and money. Before making a transfer, go through these points:

• Recipient details: Confirm the recipient's account name, account number, address, the name of their financial institution, and its associated SWIFT code.

• Transfer timing: Traditional wire transfers typically take several business days, depending on the operating hours and cut-off times of both institutions involved.

• Cancellation conditions: Whilst it's possible to cancel remittances in principle, transaction fees are typically non-refundable and additional cancellation fees may apply. Success depends on the status of the transaction and the processing conditions of the recipient institution.

• Transfer limits: Providers commonly set transfer and remittance limits for security reasons. Commercial accounts typically have higher limits than personal accounts. If you need to make frequent cross-border transfers or send large remittances, pre-register the recipient's account with the provider and increase your remittance limit.

• Legal compliance: There are no specific foreign exchange controls in the US, so transfers are straightforward as long as you follow your provider's standard compliance checks.

How Airwallex Business Accounts handle USD for Hong Kong businesses

The problems outlined above, forced conversion at unfavourable rates, SWIFT fees deducted in transit, and correspondent deductions, aren't inevitable. They come from using infrastructure that wasn't designed for businesses operating across borders. 

With an Airwallex Business Account, you get a US routing number and account number linked to your Global Account. US clients, marketplaces like Amazon, or platforms can pay you exactly as they'd pay any US supplier, via ACH, with no international wire fees. USD arrives in your account in that currency, without being converted. You choose when to convert to HKD, at a rate you can see in advance. 

When you pay out to the US and need to convert, Airwallex applies rates close to the interbank, or mid-market, rate rather than a marked-up rate. That can mean savings of up to 80% on FX fees compared with traditional providers. We also give you access to local rails, so you can bypass SWIFT and send money faster and more cost-effectively. 

For eligible Hong Kong businesses, account opening can happen in as fast as approximately 48 hours, with no setup fees.

Frequently asked questions

What is a USD account?

A USD account is a currency account that lets you receive, manage, and send US dollars without converting to your local currency. You control when to convert and at what rate, instead of accepting automatic conversion at your provider's rate.

How can I get a USD account without a US provider?

FinTech platforms like Airwallex provide local US account details, a routing number and account number, without requiring a US entity or US relationship. US payers can send money to these details via ACH, exactly as they'd pay any US supplier.

Is a USD account worth it for my business?

If you regularly invoice US clients, receive payments from US marketplaces, or pay US suppliers, a USD account can cut your FX costs and give you more control over when you convert. If all your transactions are in HKD with no regular USD flows, the overhead probably isn't worth it.

What's the difference between SWIFT and ACH for USD transfers?

SWIFT is the traditional international wire network. It works globally, but it involves correspondent institutions that may deduct fees in transit. ACH is the US domestic payment network. It's faster and cheaper for US-to-US transfers. If your USD account has local US account details, US payers can send you money via ACH instead of SWIFT.

How long does a USD wire transfer take?

Traditional wire transfers via SWIFT typically take several business days, depending on the institutions involved and their cut-off times. ACH transfers within the US are generally faster, often arriving within one to two business days.