The Best Foreign Currency Accounts in Australia in 2024

A multi-currency account lets you hold lots of currencies in the same account. Depending on the specific account you select you’ll be able to hold and exchange supported currencies, and you may also get a bank card to spend conveniently when you’re at home and abroad. Foreign currency accounts are useful for both individuals and business owners, and anyone who travels often or needs to send and receive international payments.

What is a Foreign Currency Account?

Foreign currency accounts or multi currency accounts from your bank have a lot in common with your everyday transactional banking account. You can use them to receive money or pay money.

Most accounts also accrue dismal interest, just like most everyday banking accounts. The biggest difference is that the account might hold other currencies, such as US Dollar, Euro or British Pound.

Unfortunately, foreign currency accounts can be subject to multiple international fees – a reality you should consider before you decide to open an account with your bank.

The providers we've selected to feature in this guide to the best multi-currency accounts in Australia allow you to hold anything between 7 and 40+ currencies in the same place. You’ll be able to view your balances in different currencies at a glance, and exchange between them when you need to. 

Compare and Find the Best Foreign Currency Accounts

Pros and cons of using foreign currency accounts

  • Save money on currency conversion fees
  • Hold multiple currencies in a single account
  • Ability to open local accounts in local currencies
  • International businesses can bill in foreign currency
  • Buy currency ahead of time to avoid exchange rate moves
  • High minimum balances
  • Bank fees on these accounts are high, compared to a regular local Australian transaction account
  • Varied bank fees makes it difficult to compare accounts
  • Can be difficult to open an account

Can a multi-currency account be opened in Australia?

Yes. You can open a multi-currency account in Australia, although it’s helpful to know that most of the foreign currency accounts from major banks like Commbank don’t offer multi-currency features. Instead you can hold one currency in one account - and would need to open additional accounts if you need access to more than one currency. That can get pretty cumbersome - but don’t worry: we've picked out a few options in this guide which are more flexible and allow you to hold several currencies in the same place, like Wise or Revolut.

Wise Multi-Currency Account

Wise accounts are available for personal and business customers, and can be used to hold and exchange 40+ currencies.

You can add money to your account in AUD, receive payments from others in 19 currencies, and either exchange to the currencies you need for transacting in advance or at the point of making a payment. Wise accounts offer a linked debit card and all currency exchange uses the mid-market exchange rate with low fees from 0.33%.

Some transaction fees can apply, depending on how you use your account - but there’s no maintenance fee and no minimum balance to worry about.

Read our full Wise Account review here.

Revolut offers 3 different personal account tiers, and 3 further account options for business customers. All accounts support 25+ currencies for holding and exchange, and come with linked debit cards.

You may pay a monthly fee depending on the account tier you select, but all personal accounts come with some no fee currency exchange during market hours, and some no fee ATM withdrawals. Once you exceed the limit for your account tier, you’ll pay a fair usage fee. Exchanging currencies outside of market hours also attracts an extra fee.

HSBC Everyday Global

As a large global bank, HSBC has a multi-currency account you can open from Australia, to hold and exchange 10 currencies in one place. You’ll be able to get a debit card for local and international spending, and there’s no HSBC fee to spend a currency you hold in your account.

If you need currency conversion to cover the costs of a transaction, the HSBC live exchange rate will apply, which may include a markup. You can see the HSBC exchange rate in the HSBC mobile banking app before you transact.

OFX Global Currency Account

OFX is a currency specialist which offers its Global Currency Account for business customers and online sellers. This account supports 7 currencies, and is especially marketed towards businesses getting paid through marketplaces like Amazon or PSPs like Stripe.

You can allow your customers to pay in their preferred currencies, and receive the money to your account without being forced to exchange back to AUD unnecessarily. Accounts do not offer linked debit cards. 

How do foreign currency accounts work?

There are three main steps to setting up a foreign or multi currency account, which we have outlined below. You can also watch our video tutorial (see above) for a complete guide.

Step 1: Register

Register your personal or business details through your bank. You will choose the type of account you need, your details and the currencies you'll transfer. Once you provide some ID, your bank will let you know when your account is ready.

Step 2: Transfer

Once you have a quote for your transfer,  you will go ahead and fill in the details of the person you're sending the money to. Or you can give the person your foreign currency bank account details so they can transfer you money.

Step 3: Payment

Banks usually accept wire payment or bank transfer to move money in or out of your foreign currency account. You can arrange for this online, over the phone, or in-person at your bank branch to make the transfer.

When should I use foreign currency accounts?

If your business is just starting to send money overseas or receive money in other currencies, foreign currency accounts are worth looking at. However they may not be cost-effective given the fees that come with it. There is no magic number at which point they become useful but if you're receiving more than $500,000 in another currency, we think it's a worthy option.

There can also be benefits for international travellers. If you spend cash in local currency overseas from your foreign currency account, you can increase your savings by again, avoiding exchange rate fees. However some banks don't even offer this service, or they charge ATM fees and transaction costs that are ridiculously high.

Which banks have foreign currency accounts in Australia?

There’s no single best multi-currency account in Australia - which is best for you will depend on your personal preferences and needs. You can get a multi-currency account from a non-bank provider, such as Wise or Revolut. Or you may be able to open a multi-currency account from a large global bank like HSBC to hold and exchange a selection of different currencies. Here’s a quick look at some popular options to start your research:

So can I open a multi currency account in Australia?

Yes. You’ll have to hold a local Australian dollar account first. If you need to set one up, allow a few days before you set-up your foreign currency account with your bank.

For more tips, tools and information, go to The Essential Guides to Foreign Exchange for Business. You can also head to the Australian government website EFIC. It gives a good run down of these accounts from an exporters point of view.

Here is a list of some of the best multi currency accounts available in Australia:

Account Eligibility Fees Debit card Best features
Wise Personal and business customers No fee to open or maintain the account; 10 AUD card order fee; currency conversion from 0.33% Available Hold and exchange 40+ currencies, get paid with local details in 19 currencies
Revolut Personal and business customers 0 AUD - 24.99 USD/month fees; some fair usage and out of hours currency conversion fees may apply Available Hold and exchange 25+ currencies, choose from 3 different account tigers based on your preference 
OFX Global Currency Account Business customers No fee to open or maintain the account; currency exchange may include a markup Not available Hold and exchange 7 currencies, access currency risks management products and services
HSBC Everyday Global Personal customers No fee to open or maintain the account; currency exchange may include a markup Available Hold and exchange 10 currencies, no HSBC fee for international spending or cash withdrawals

What is the eligibility for a foreign currency account?

Before you sign up for a multi-currency account check the eligibility rules. Some accounts with major banks have pretty high minimum balance requirements, and may also have associated fees. This usually means they’re targeted towards business customers and high wealth individuals.

For the accounts we've covered above, HSBC offers services to Australian residents aged 16 or above for personal use. Wise and Revolut are both businesses which work across multiple regions, so you can apply for a personal or business account from Australia or many other countries, using your local ID and address - just bear in mind that the features and fees may vary depending on where in the world you are. OFX offers services to business customers only, although you can also apply from a pretty broad range of countries if you have a business registered overseas.

Foreign currency account fees & charges

The most common charge is the monthly account-keeping fee however it may not be the one to watch out for.

Most banks charge you when currency comes into the account AND when you send currency out. For a business that has a lot of payments and receipts in foreign currency, this fee can add up quickly so be careful to monitor it thoroughly.

If you are buying currency to put into your foreign currency account, make sure you check the exchange rate. It can make a huge difference depending on the amount you're buying.

How to compare Australian bank foreign currency accounts

To compare foreign currency accounts, it's important to look at the key conditions, fees and features. Here are the main ones:

  • Minimum balance requirements – NAB, Bank of Queensland and Citibank all have minimum balance conditions to open an account, so make sure you’ll have enough money to open an account.
  • Tiered interest – All the banks we compared will pay you a different interest rate, depending on the balance in your account.
  • Monthly fees – CBA, Citibank and HSBC offer foreign currency accounts without monthly fees. Westpac and NAB charge depending on your account balance, which means you can avoid fees if you keep enough in the account. Bank of Queensland has a flat $25 monthly fee.
  • Being able to deposit and withdraw cash – This is a great feature that is NOT offered by every bank. The Commonwealth Bank is the only Australian bank to offer it, while HSBC only offers deposits and cash withdrawals for US and Hong Kong dollars.
  • Access to a Foreign Currency Overdraft – Not every bank offers this product, which is surprising. All the overdrafts we compared from the CBA, NAB and Westpac are subject to credit approvals, just like a normal business overdraft.
  • Multi-currency accounts – The two international banks we looked at – HSBC and Citibank – both offer multi-currency accounts. This allows you to have multiple currencies that are held in the one account. Multi currency accounts are a great product, but make sure to check the charges and conversion costs if you transfer currencies between one to the other.

Comparison table for Australian foreign currency accounts

Table Plugin

Foreign currency accounts for business

Exporters and billing in foreign currency

Weigh up if the cost of running the account is worth the benefits. If you are receiving under $500,000 a year, or are receiving payment in foreign currency as a one-off, you may want to consider some other options:

  1. Bill in foreign currency, but get your customers to pay into your Australian dollar account. It’s important to note, that some banks will charge to receive the currency and give you a lousy exchange rate.
  2. Bill in foreign currency and use a non-bank currency provider like Wise, OFX or WorldFirst to convert the money. This may be a lot cheaper than sending it to your Australian dollar bank account and easier than opening a foreign currency account.
  3. Ask your customers to pay you in Australian dollars. It’s an easy option for you, but be aware that it could put your customers offside. They may want to pay you less, given they are now having to pay in a currency that is foreign to them and exposes them to currency exchange rate risk.

 

Importers or buying goods from overseas

If you need to send money overseas, but also have the receipts in the same currency, a foreign currency account is really useful.

Importers usually use a foreign currency account to buy currency when they feel it is at a good rate. They hold it in the account until the payment is due. It effectively locks in the exchange rate, but it’s important to note that it also comes with a few drawbacks.

  1. Buying currency and putting it in a foreign currency account ties up your Australian dollar cash-flow.
  2. While the currency is sitting in the account, it usually won’t accrue any interest and can’t be used in the running of the business.
  3. If you buy the currency at what you think is good exchange rate and it continues higher, you may have locked in an unfavourable rate.

There are other alternatives that will protect your business against exchange rate movements, without locking up your cash-flow. Talk to a currency expert or contact a foreign exchange specialist at your bank or currency provider.

 

Read also:

Conclusion

Opening a multi-currency account has advantages for anyone who transacts in foreign currencies regularly - whether that's when travelling, shopping online, or sending and receiving payments. Having a specific multi-currency account - rather than a foreign currency product which only supports holding a balance in one currency - is flexible and may mean you can do more with your account. Use this guide to see if there’s a good multi-currency account out there for your specific transaction needs, to cut your costs when you send, spend, receive or exchange  foreign currencies.

FAQs

Can I open a multi currency account in Australia?

Yes. You can open a multi-currency account in Australia with a non-bank service like Wise or Revolut, or with a global bank like HSBC. Major Australian banks often offer foreign currency accounts but these may not be true multi-currency products - you’d need to open several accounts if you need to transact in a selection of currencies regularly.

How much does it cost to open a multi-currency account?

There’s not usually a fee to open a multi-currency account, although some bank foreign currency accounts do have a pretty high minimum deposit amount. Check through the account fee schedule carefully before you sign up - transaction fees will apply even when there’s no specific account opening or keeping fee.

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Ileana Ionescu
Author
Ileana Ionescu
Content manager
With a background in business journalism, Ileana is an experienced content manager, creating content for Exiap that helps its audience make informed decisions about their finances.
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Last updated
September 19th, 2024