Best USD account for businesses in Australia

Yes. If you have a business in Australia, you can open a USD business account either with a bank or with a non-bank alternative provider. Different providers and banks offer their own account features, fees and benefits, but by shopping around you can find one which will meet your own specific needs. This guide gives you some great ideas to get started with.

Advantages and disadvantages of opening a US dollar account for Australian businesses

All banks and non-bank providers will ask you for some documents to confirm your own identity, and to get some more information about your business. However, the exact way that different banks and non-bank alternatives go about this step can vary. Banks may ask you to present original documents in a branch, while digital providers usually accept clear photos of your paperwork which you can send in or upload for convenience.

Here’s a roundup of the paperwork usually needed for a business account - do check with the provider directly before you apply to make sure you have all the relevant details for your unique situation:

US dollar business account costs

Different banks and providers can offer their own fee structures which do vary a lot. This means it’s important to look carefully at the account fee schedule for any product you’re interested in, before you sign up. For example, some accounts are free to open but have a monthly or annual fee to pay, no matter how often you use your account. Others have a one time opening fee and then only charge for transactions and services you use after that.

As a general rule, using a non-bank provider to open your US dollar business account can be cheaper than using a bank. This is because digital services don’t have the overheads that a bank does, allowing them to offer lower costs for their services. Non-bank providers may not offer quite the same breadth of products and services that a bank does - you usually can’t get credit, for example - but they can be a great tool for businesses looking to add international features to their account for a low overall cost.

Expenses breakdown

Here are a few of the key costs to look out for if you decide to open a foreign currency account:

• Annual or monthly account fee - if these charges apply, they are due even if you only use your account infrequently, pushing up your overall costs

• Currency conversion fee - look out for fees added to the exchange rate used to convert from one currency to another when you send or receive money

• Outgoing payment fee - charges to send money to suppliers or staff can be flat fees, percentages, or a mixture of both

• Incoming payment fee - it’s common to find a fee applied to receive payments to your account, which may vary between currencies

• Card order or annual fee - if your account offers a card there may be a one off or ongoing fee for this

• Foreign transaction fee - fees may apply when you use your card to spend in foreign currencies, both at home when you spend online and when you travel for business

• ATM fee - look out for costs when you get cash from an ATM at home or overseas

What to watch out for

You’ll need to read the account fee schedule carefully before you sign up to any business account. Ongoing fees can be particularly impactful and eat into your business profits, so make sure you’ve selected an account with a monthly or annual fee which fits your budget and requirements.

Another important cost to look out for sits around currency exchange. If your preferred provider or bank uses fees added into the exchange rates they offer when you convert currencies, this can push up the cost of transacting internationally significantly.

Finally, as you’re looking for an account to use internationally, it’s also worth taking care to find one which has a card with no foreign transaction fee. That can allow you to spend on and offline in foreign currencies with lower costs to your business.

Many USD accounts come with local account information you can use to receive payments in USD easily. You’ll just need to access your account details and either add them to your invoice, or use them to receive payments from PSPs and marketplace sites for example.

Fees for receiving USD to your Australian business account

You may find there’s a fee to receive USD to your business account. This can vary a lot depending on the bank or provider you pick, so do be sure to read the account terms and conditions carefully so you know what to expect.

Best USD business account: An overview

Here’s a summary of the account options we’ve looked at in this guide, to give you a feel for which may suit your specific business needs.

Some banks and non-bank providers allow you to open your business account entirely online or in an app, without any need to take time out of your day to visit a branch. This can be a convenient option as you can get started quickly and without leaving home.

Digital providers will always offer the option to open your account online or in app, but some banks still ask you to visit a branch in person. This is even more often required if you have a more complicated business structure or if you’re a new customer.

You’ll be able to find business accounts which are intended for everyday use, as well as some which have more of a focus on saving.

Everyday accounts are more likely to offer a debit card and multi-currency features so you can manage a broad range of transactions all in one place. Accounts with an emphasis on saving may not have a card, and may limit withdrawals - but may also pay interest if you can leave your cash with the bank for a period.

Can I use my USD business account in the US?

If your business moves to the US, you’ll need to check with the bank or provider whether or not you can continue to use your existing account or if you need to switch over to a new one. This can vary. Some banks and providers will let you update your personal and contact information and continue to use your account. Others may insist you close your account if you’re no longer based in a country they serve.

Conclusion - Best US dollar account for businesses 

You can open your US dollar account with a bank or a non-bank provider, to make it easier to manage your business finances across currencies. Different services have their own features and fees. This means you can weigh up a few different options - like those we've featured in this handy guide - to pick the right one for your specific business needs. Remember to compare all the costs and exchange rates available to ensure you get the best deal offered.

Do I need a US dollar account as a sole trader?

You may not be legally obliged to open a US dollar business account as a sole trader, but it can be a good idea if you need to send and receive international transfers. Not only can you keep the coast of transacting low, you’ll also find it easier to view and manage your business finances across currencies.

Are US dollar accounts for businesses expensive?

The costs of opening US dollar accounts for businesses vary enormously, and can include one off, ongoing and service fees. Compare your options using this handy guide to get a feel of the options available before you make your final choice.

What is the best way to pay a USD invoice?

If you have a US dollar account you can pay your invoices from your US dollar account balance, just like you’d pay a bill at home. This can be quick, cheap and convenient to do.

What currency does the US use?

In the US the US dollar is used as the national currency.

Check out our guides on countries around the world:

• Currency in Hungary
• Currency in Indonesia
• Currency in Singapore