ANZ foreign currency account: Features, fees, and alternatives

Wondering if the ANZ foreign currency account is worth it? We break down its features, fees, and key limitations–and compare it with WorldFirst to see which offers better value for global businesses

Key takeaways

• ANZ offers foreign currency accounts in 6 currencies: USD, AUD, GBP, EUR, JPY, and CAD
• You can hold, send, and receive foreign currency payments, but each currency requires a separate account setup
• There are no monthly account fees, but transaction and transfer fees apply
• Limited functionality for businesses as there’s no for cards, forward contracts, or bulk payments

The ANZ foreign currency account lets individuals hold and manage funds in major international currencies.

In this review, we’ll examine how the account works, its features, fees, and limitations–and see how it compares with WorldFirst, a more flexible global payments alternative for businesses operating across multiple markets.

What is the ANZ foreign currency account?

The ANZ foreign currency account allows customers to hold funds in popular global currencies and choose when to convert them into AUD or NZD.¹ This flexibility is useful when you are receiving overseas payments and want to manage their currency exposure.

However there are two key limitations:

1- This is a personal account and doesn’t have any business-specific features such as multi-user access, employee cards, or batch transfers.

2- ANZ allows you to open foreign currency accounts in six different currencies including USD, AUD, GBP, EUR, JPY, and CAD. You have to apply for each account separately and manage them separately too.¹

Key features of the ANZ foreign currency account

Supported currencies

ANZ supports 6 currencies: USD, AUD, GBP, EUR, JPY, and CAD. You’ll need to open and maintain each one separately.¹

Payments and transfers

You can send and receive payments and decide when to convert funds. However, there are no bulk payment options or tools to lock in exchange rates for future dates.

Account access

You can access your account online, by phone, or at a local branch, but there is no multi-user access, making it less suitable for growing businesses with multiple team members.

Interest earnings

Some currencies earn interest, depending on the balance and prevailing rates. ANZ also offers foreign currency term deposits with higher interest if you lock funds for 30 days or more.

Marketplace and payment support

ANZ doesn’t offer direct integration with marketplaces or payment platforms. While you can enter your ANZ account details manually into seller accounts, you’ll need to ensure the platform accepts personal bank accounts for payouts.

Currency and card limitations

CNH (Chinese Yuan Offshore) is not supported, so if you have suppliers in China or plan to expand your business in the Mainland, you’ll have to look at other alternatives to set up a CNH account. Also no multi-currency cards are available.

Fees and correspondent bank charges

ANZ charges an “OUR Fee” to cover the costs of correspondent banks involved in processing your transfer. In simple terms: when you send money overseas, intermediary banks may charge extra fees. Paying the “OUR Fee” ensures the recipient receives the full amount, as ANZ covers those intermediary charges.³

However, not all currencies qualify. For example, AUD transfers to Australia or USD transfers to the US may not incur this fee.

Pros and cons of an ANZ foreign currency account

ANZ fees and rates: The breakdown

*Fees last checked in August 2026

Who can open an ANZ foreign currency account?

ANZ’s foreign currency account is suitable for:

• Individuals and sole traders who receive money from overseas
• Freelancers or early-stage businesses that occasionally make international payments

You must be over 18 years old, and you can open the account as an individual or jointly. However, ANZ doesn’t publicly specify additional eligibility requirements.

How to apply for an ANZ foreign currency account

Existing ANZ customers: You can fill the online form and ANZ may contact you within a few business days if more information is needed

New customers: Submit the same form, and ANZ will contact you to schedule a branch visit for identity verification

You’ll be asked for a bunch of information, including

• Your citizenship status
• Current location
• IRD number
• Whether you’re an existing ANZ customer

Alternative to ANZ foreign currency account for businesses: WorldFirst

For businesses expanding globally, WorldFirst offers fast, secure international payments in 100+ currencies across 200+ countries. The World Account supports 20+ local currency accounts, including GBP, USD, CAD, EUR, AUD, NZD, and CNH, helping you operate like a local business in multiple regions–all from one dashboard. No need to open separate accounts for each currency. You can manage all of your local currency accounts through one World Account.

Get paid like a local

Open local bank details in multiple currencies to receive payments directly from customers or marketplaces without forced conversions.

Make supplier payments worldwide

Pay suppliers or contractors globally with competitive exchange rates and transparent fees. You can also manage payroll with bulk payments.

Protect profit margins

Lock in exchange rates for up to 24 months with forward contracts, reducing risk from currency fluctuations.

Instant transfers

Transfers between World Accounts are free and instant, making cross-border operations seamless.

Marketplace integration

WorldFirst integrates with 130+ marketplaces like Amazon, AliExpress, eBay, and Stripe. You can receive payments in local currencies and withdraw when rates are favourable.

Payments to China

WorldFirst supports CNH payments and is the official international payment partner of 1688.com

Multi-currency debit card

Get a Mastercard-powered World Card that works in 150+ currencies, with zero FX fees on 15 supported currencies (as long as you have sufficient balances) and cashback rewards.

ANZ vs WorldFirst: Fee comparison

*Fees last checked in August 2026

Sources

1. https://www.anz.co.nz/personal/fx-international/foreign-currency-accounts/
2. https://www.anz.co.nz/rates-fees-agreements/foreign-exchange-international/
3. https://www.anz.co.nz/personal/fx-international/international-money-transfers/

Disclaimer: The information contained is general only and largely our views. Before acting on the information you should consider whether it is appropriate for you, in light of your objectives, financial situation or needs. Although information has been obtained from and is based upon multiple sources the author believes to be reliable, we do not guarantee its accuracy and it may be incomplete or condensed. All opinions, estimates, mentioned products/services and referenced material constitute the author’s own judgement as of the date of the briefing and are subject to change without notice. WorldFirst shall not be responsible for any losses or damages arising from your reliance of such information.