Best GBP account in Australia: Banks and online providers compared

If you send frequent international transfers to the UK, get paid in British pounds (GBP), or spend overseas in GBP often, you might be able to save with a foreign currency account.

Having a GBP account lets you receive and hold British pounds, which can make it easier to ride out fluctuations in the exchange rate. It also means you can easily send and spend pounds – which can cut the costs of transacting internationally.

GBP accounts from Australian banks typically have limited functionality, and come with high fees. Specialist providers like Wise and Revolut can be good alternatives.

In this article, we’ll walk through everything you need to know about opening a GBP account, including the best GBP account options available, the costs, and how to open one.

Quick summary: Best GBP currency account

Wise GBP account: Hold and exchange 40+ currencies including AUD and GBP, with a debit card and no ongoing fees

Revolut GBP account: 3 different account plans which all support GBP and 30+ other currencies, some no fee currency conversion with the Revolut rate

Westpac GBP account: GBP account to hold, send and receive payments, no debit card available

NAB GBP account: GBP account to hold, send and receive payments with no minimum balance 

CommBank GBP account: Deposit and withdraw GBP in cash over the counter, no monthly account fees

Airwallex GBP account: Business account supporting GBP, AUD and 20+ other currencies to receive, hold, send and spend

What is a GBP account?

A GBP account – which can be used to hold British pounds, often alongside other currencies – is a valuable tool for individuals and businesses alike. 

• If you travel frequently a GBP account could be particularly useful
• If you shop with UK based ecommerce stores  a GBP account with a card can help you cut costs
• If you have recurring payments to the UK a GBP account can make payments easier, and cheaper
• If you have a business a GBP account is useful for receiving payments, and for paying contractors or suppliers in the UK

Can a GBP account be opened in Australia?

Yes. You can open a GBP account from a mainstream bank, or choose a specialist provider instead.

GBP accounts from the big Australian banks usually require you to have an eligible AUD account with the same provider, they don’t normally come with a debit card to make it easy to spend and withdraw your funds, and the fees can be on the high side. And finally, whenever you need to convert funds to and from GBP you’ll be tied to the bank’s exchange rate, which probably includes a markup – an extra fee.

Alternative providers, including financial technology firms, often offer multi-currency accounts which have more flexibility, a broader range of features, and lower fees. You won’t usually get credit, overdrafts or loans from these services – but for holding, sending and spending around the world, they can be a great choice.

This guide will walk through some of the best GBP accounts in Australia for individuals, business owners, freelancers and online sellers.

What are the advantages of a GBP account in Australia?

These days, many people lead an international lifestyle. Maybe you draw a pension or income in a foreign currency. Or you send remittances overseas to family. Perhaps you just love to travel and shop internationally. If you’re transacting in GBP often, you could save time, money and hassle with a dedicated GBP account.

Having a foreign currency account can save you money in a couple of key ways. Firstly you can ride out changes in the exchange rate by holding your GBP balance instead of needing to switch it with a poor exchange rate. And secondly, if you know you need to make a payment in pounds soon you can buy GBP when the rates look good, to take advantage of a great exchange rate when you see it.

There could be even more benefits if you’re a business owner. Having a GBP account makes it easy to get paid by customers or clients from the UK by local transfer. Or, if you work with PSPs like Stripe and marketplaces like Amazon you can link your foreign currency account to collect GBP payments and reach more customers. Having a GBP account also makes it easier and cheaper to pay in pounds if you have employees, suppliers or contractors in the UK.

Best GBP accounts in Australia

The best GBP account for you will depend on how you’ll use the account, and whether you’re a personal or business customer. Here are a few options to consider:

Wise

Wise multi-currency accounts have no minimum balance, no monthly fee, and no ongoing charges. Open as a personal or business customer and hold, send and spend GBP as well as 40+ other currencies. You can get a linked international debit card to use all over the world – with no foreign transaction fees to pay. In fact, all currency exchange uses the mid-market exchange rate with low, transparent fees.

Get local account details for 8+ different currencies including GBP, as well as SWIFT details for other currencies, to get paid from around the world. Business customers also get features like integration with accounting software, batch payments, multi-user access and an API to automate workflow.

Fees: No fee to open a personal account, 22 AUD one-off fee to open a business account. No monthly fee for either personal or business accounts

Currency conversion: Hold and convert 40+ currencies with the mid-market exchange rate

Other notable features: Receive payments in foreign currencies with local and SWIFT account details, send money to 160+ countries, spend with your linked debit card in 150+ countries.

Revolut

Revolut accounts can be used for GBP and 30+ other currencies. There are a range of account plans, from a Standard plan which has no ongoing charges, to the top tier of account – Metal – which has a 24.99 AUD/month fee. All accounts get a linked debit card, some weekday currency conversion which uses the Revolut exchange rate with no extra fee, and some no-fee ATM withdrawals every month.

Revolut also offers accounts to businesses, with ongoing fees starting from 21 AUD a month. All accounts offer multi-currency features, some no fee transfers locally and overseas, and  some weekday currency conversion which uses the Revolut exchange rate with no extra fee.

Fees: Standard accounts for personal customers have no monthly fee. Upgrade to a personal account for up to 24.99 AUD/month to get more features. Business plans are 21 AUD a month or 79 AUD a month

Currency conversion: 30+ currencies available

Other notable features: Broad range of account services with more features available for higher tier account plans

Westpac

Westpac personal and business customers can open a foreign currency account in a range of currencies including GBP. Apply online, and either link or open an eligible Westpac AUD account in order to make any transfers out of the GBP account. This is required because the costs of your outward payment will be covered from your AUD balance in the linked account.

It’s useful to know that Westpac GBP accounts aren’t really suited to travel use – especially as you won’t get a linked debit card and you can not withdraw in a foreign currency from your account.

Fees: No monthly fees. Transfers into the account cost 12 AUD; outward payments made online have no transfer fee, but exchange rate markups will apply

Currency conversion: Open an account in any of 12 major currencies online, or visit a branch to open in other currencies

Other notable features: Not intended for travel use, can not withdraw directly from this account in GBP

NAB

If you already have – or are happy to open – an AUD account with NAB you could also get a GBP account for yourself or your business. NAB foreign currency accounts come in GBP and 15 other currencies, and you can open your account online if you’re a personal customer, sole trader, or company with only 1 or 2 directors.

You can add funds by cheque or with a bank transfer in AUD or GBP. Any currency conversion required will use the NAB exchange rate, which is likely to include a markup. You can’t withdraw money directly from the NAB GBP account, you can only transfer it to another account.

Fees: No monthly fees. No fee to send an overseas payment online, but exchange rate markups apply, and up to 15 AUD to receive an international transfer.

Currency conversion: Up to 16 currencies available, including GBP

Other notable features: Business customers can also get advanced banking features, trade finance and foreign exchange solutions

CommBank

CommBank has GBP accounts for personal and business customers. In both cases you’ll need an eligible AUD account with CommBank too.

However, these accounts are somewhat less restrictive than some available from major banks in a couple of ways. Accounts can be opened in pretty much any convertible currency; and you’ll be able to pay in and withdraw out foreign currency notes – a service not available in many banks. There are fees of 1% of the transaction value for this.

Fees: No monthly fees. No transfer fee for an overseas payment made online, although exchange rate markups apply, and 1% (minimum 10 AUD) fee to deposit or withdraw foreign currency notes at a branch

Currency conversion: Accounts available in most convertible currencies, including GBP

Other notable features: Business accounts also available

Airwallex

Airwallex offers a range of accounts for business customers, including a GBP account. When you open your account you’ll get UK account details you can use to get paid by clients, or withdraw from marketplace platforms and similar online income sources. There’s a fee of around 0.5% – 1% to convert GBP back to AUD. You’ll also be able to get physical and virtual international debit cards to make spending easier around the world.

Fees: Account fees apply on a monthly basis – monthly fees waived for some accounts with a minimum balance. 0.5% to 1% fee to convert currencies. SWIFT transfers cost 10 AUD to 30 AUD

Currency conversion: GBP and 20+ other global currencies available

Other notable features: Business customers only

How to open a GBP account in Australia

Both banks and specialist services will usually let you apply for your account online, or using the provider’s app. In some cases if you’re not an existing customer with the bank you select you might need to visit a branch to get started.

Here are the basic steps you need to take if you’re able to complete your GBP account application online:

1. Choose the best provider for your needs
2. Register for your account 
3. Give your personal and contact information
4. Complete the required verification steps
5. Fund your account – and you’re ready to go

All financial service providers will need to complete some verification checks before you can use your GBP account. This is to comply with the law and keep customers safe. In most cases you can complete this step online by uploading images of your ID documents. If you’re applying for a company account, you’ll also need to present paperwork about your business. Required documents can include:

• Government issued photo ID
• Proof of address – a utility bill or bank statement in your name for example
• Tax ID information
• Business registration documents if you’re opening a business account

Conclusion

Using a GBP account when you need to to receive, hold, send or spend in British pounds can make life easier, and cut your costs when you transact internationally.

While big Australian banks do often offer GBP accounts to both personal and business customers they can be limited in terms of features, with high transaction fees and inflated exchange rates. You’re also unlikely to get a linked debit card, so you won’t be able to access your pounds when you may need them most – when you travel.

Instead of relying on your normal bank, check out some modern online providers to see if one suits you. You’ll often find cheap, easy and flexible multi-currency accounts – which come with a debit card to spend around the world. Use this guide to kickstart your research and find your perfect match.

FAQs – GBP Account in Australia

Can I open a GBP account in Australia?

You can open a GBP account in Australia. However, the accounts offered by many major banks tend to be pretty restrictive, with relatively high fees. Instead, you may find it easier and more convenient to use an online specialist service like those listed in this article.

How much does it cost to open a GBP account?

GBP accounts are often free to open with low, or no ongoing fees – but transaction costs can be high if you choose a mainstream bank. Use this guide to start your research to find the perfect GBP account for your needs.