The best foreign currency accounts in Australia
last updated time: 15 Oct 2024
Looking for the best foreign currency account in Australia for fast and easy cross-border payments? We compare the top five multi-currency accounts in Australia for businesses.
Key takeaways
- Find an account that can grow with your business and offers main features you need including foreign exchange tools and exclusive payment integrations
- When comparing foreign current accounts, consider the number of supported currencies, transaction fees and currency conversion rates
- Other things to take into account are the speed of transfers and additional services such as forward contracts, multi-currency cards, or accounting software integration
Foreign currency accounts offer several financial benefits for global businesses. They let you hold and manage money in multiple currencies, so you can pay suppliers in the same currency your customers pay you, reducing the need for conversions. Additionally, these accounts often provide competitive exchange rates and the flexibility to convert currencies when rates are favourable.
There’s quite a lot of research involved if you’re in the market for a new foreign currency account. To make things easier, we’ve rounded up the best foreign accounts in Australia.
Table of Contents
What is a foreign currency account?
A foreign currency account or a multi-currency account allows you to hold, manage and transact in multiple currencies.
You can hold funds in different currencies to make payments to suppliers or withdraw them into your bank account when exchange rates are in your favour.
For example, a foreign currency account provider could allow you to open a US dollar account in Australia without needing a local US-based address for your business. You can then hold USD funds from international customers and use them to pay suppliers abroad.
With a separate USD account in Australia, you avoid costly conversions and can take advantage of better exchange rates, rather than being forced to convert on the spot.
How do I compare foreign currency accounts in Australia?
Here are the main factors to consider when comparing foreign currency accounts in Australia.
Number of supported currencies
While some foreign currency accounts support over 10 currencies, others may only support two or three. But it’s not about who offers the most local currency accounts. When considering a foreign currency account, look for a service provider that supports all the major currencies your business usually transacts in.
Transaction fees and other costs
Foreign currency accounts can be a cost-saving solution if you make frequent foreign transactions. But some have fees attached to different account activities, such as receiving payments or holding funds. You should read the fine print before opening a new foreign currency account. Common fees to look out for include conversion fees, transaction fees, monthly fees and account setup fees.
Currency conversion rates
Compare currency rates of different providers. While banks add a markup to mid-market rates, there are payment providers that offer interbank exchange rates. It’s important to compare foreign exchange rates to find the best account that aligns with your requirements.
Account balance
Some foreign currency accounts require you to keep a minimum account balance.
Security
Look into the security measures used by the foreign currency accounts. Do they offer two-factor authentic and fraud monitoring? Are they regulated and licensed by the major government bodies? How are the funds stored?
Money transfer speed
Look into how long it takes for money to arrive in your supplier’s bank account or for you to receive money from customers.
Multi-currency cards
Multi-currency cards are payment cards linked to your foreign currency or multi-currency accounts. They enable you to make transactions in different currencies using the existing balance in your accounts, helping you avoid extra conversion fees. You can also add funds to your multi-currency account when exchange rates are favourable and hold the funds until you’re ready to make a payment.
For example, if you receive payments from customers in USD, you can hold the funds in your account and use your multi-currency card to make USD transactions directly–whether for SaaS tools, to marketing agencies, or for paying other business expenses.
It’s preferable to choose a business bank account in Australia that allows you to issue cards to different employees or teams, ensuring better expense management and spend control. You should compare their features to see what other benefits they offer.
Top foreign currency accounts in Australia
WorldFirst
WorldFirst allows global businesses to open local currency accounts in 15+ local currencies, including GBP, USD, EUR, AUD, JPY, NZD, SGD, HKD, CNH and CAD. You can also make fast, secure, and reliable international payments in 100+ currencies across 200+ countries and regions.
The multi-currency account lets you collect payments from 130+ marketplaces and payment gateways including Amazon, eBay, Stripe, Etsy and PayPal. All international transactions are processed at competitive exchange rates, with no fees for opening a new World Account or receiving funds into it.
To further simplify global spending, WorldFirst offers the World Card, a multi-currency debit card that supports payments in 150+ currencies. When making payments in 15 major supported currencies, you’ll pay zero foreign exchange fees, as long as you hold sufficient balances in your account. You can apply for up to 20 World Cards for your business.
Learn more about how WorldFirst works and supports global businesses like yours.
Pros of opening a foreign currency account with WorldFirst:
- Open local currency accounts in 15+ currencies
- Payto China, USA, New Zealand, Europe and 200+ countries and regions in 100+ currencies
- Collect payments at zero costs from 130+ marketplaces and payment gateways
- Pay 1688 suppliers directly from your account
- Make instant and free transfers between World Accounts
- Keep more of what you make with competitive exchange rates
- Set up forward contracts or firm orders
- Decrease admin tasks with Xero and NetSuite integration
- No minimum balance required
WorldFirst fees
| WorldFirst | |
|---|---|
| Monthly fee | Zero |
| Opening a multi-currency account | Zero (15+ currencies) |
| Receiving funds | Zero |
| Sending payments to WorldFirst users | Free and instant payments |
| Sending payments to other accounts | |
| Holding funds in multiple currencies | Zero |
| Currency conversion | |
| Multi-currency card | ✅ Up to 20 virtual cards available at no additional cost |
| Forward contracts | ✅ |
| Integration with accounting tools | ✅ |
- Open 15+ local currency accounts and get paid like a local
- Pay suppliers, partners and staff worldwide in 100+ currencies
- Collect payments for free from 130+ marketplaces and payment gateways, including Amazon, Etsy, PayPal and Shopify
- Take control of spending with the World Card, a business expense card that saves you more with 1% cashback. Learn more
- Save with competitive exchange rates on currency conversions and transfers
- Lock in exchange rates for up to 24 months for cash flow certainty
Westpac
Westpac offers foreign currency accounts in 12+ currencies, including USD, GBP, JPY, and SGD.1 No minimum amount is required to open it. You can manage the account online, from signing up and receiving payments to handling different currencies.
But you need to be an existing Westpac AUD transaction account holder to open a foreign currency account online or send payments through it.1 Non-Westpac users would first have to visit a branch to open the account.
Check out the Westpac foreign currency account review to learn more about the account.
| Pros | Cons |
|---|---|
| Westpac foreign currency account fees2 | |
|---|---|
| Monthly fee | Zero |
| Multi-currency account | Zero (You need a linked Westpac AUD transaction account, which might have its own monthly or annual fees) |
| Receiving funds | AUD 12 for every payment |
| Sending payments | Zero to AUD 32, depending on the mode of transfers |
| Holding funds in multiple currencies | A deposit maintenance fee may apply, depending on the currency and amount |
| Currency conversion | A margin is added over the current market rates |
| Multi-currency card | ❌ |
| Forward contracts | ✅ |
| Integration with accounting tools | ✅ |
*Fees checked in August 2025
NAB
NAB’s foreign currency account supports 16 currencies, including USD, EUR and HKD.3 There are no account opening fees, monthly fees, or minimum balance requirements. However, holding large balances may incur a foreign currency holding fee.
An overdraft facility is available to eligible businesses, subject to NAB’s terms. The interest rates charged on overdrawn amounts can vary depending on the currency.
Check out our detailed NAB foreign currency account review to learn more.
| Pros | Cons |
|---|---|
| NAB foreign currency account fees4 | |
|---|---|
| Monthly fee | Zero |
| Opening a multi-currency account | Zero |
| Receiving funds | Up to AUD 15 |
| Sending payments | Zero to AUD 30 |
| Holding funds in multiple currencies | NAB may charge interest when funds exceed the threshold amount set for different currencies |
| Currency conversion | A margin is added over the current market rates |
| Multi-currency card | ❌ |
| Forward contracts | ✅ |
| Integration with accounting tools | ✅ |
*Fees checked in August 2025
Commonwealth Bank
Commonwealth Bank supports 18 foreign currencies, including USD, GBP and EUR.5 The multi-currency account can be accessed online through CommBank’s mobile app or website. To open a CommBank account, you’ll need to visit a bank branch and have an existing CommBank AUD account.
While domestic businesses need to have an ABN and/or ACN to be eligible for a foreign currency account, foreign companies doing business in Australia must be registered with ASIC.5
Check out the CommBank foreign currency account review to learn more.
| Pros | Cons |
|---|---|
| CommBank foreign currency account fees6 | |
|---|---|
| Monthly fee | Zero |
| Opening a multi-currency account | Zero, but you need to have an eligible CommBank AUD account, which may have additional fees |
| Receiving funds | Up to AUD 11 per transaction |
| Sending payments | Zero to AUD 30 |
| Holding funds in multiple currencies | CommBank could charge a credit deposit fee on some currencies |
| Currency conversion | A margin is added over the current market rates |
| Multi-currency card | ❌ |
| Forward contracts | ✅ |
| Integration with accounting tools | ✅ |
*Fees checked in August 2025
Wise
Wise Business’s multi-currency account allows customers to access local account details for over 23 currencies, including AUD, CAD, USD and EUR for a one-off fee of AUD 22.7
Wise also offers multi-currency debit cards which businesses can use to make purchases in 40+ currencies.
Check out the Wise business account review to learn more about the account.
Pros and cons of Wise Business account
| Pros | Cons |
|---|---|
| Wise Business account fees8 | |
|---|---|
| Monthly fee | Zero |
| Opening a multi-currency account | AUD 65 |
| Receiving funds | Zero for AUD, CAD, EUR, GBP, HUF, NZD, RON, SGD, TRY and USD (non-wire) SWIFT payments have a fixed fee, which depends on the currency |
| Sending payments | Fee starts at 0.63% (varies by currency) |
| Holding funds in multiple currencies | Free |
| Currency conversion | From 0.63% |
| Multi-currency card | ✅One physical card and up to three virtual cards available9 |
| Forward contracts | ❌ |
| Integration with accounting tools | ✅ |
*Fees checked in August 2025
Airwallex
Airwallex offers a foreign currency account with support in 20 currencies, including USD, GBP, EUR, AUD, CNY, HKD and CAD.10 Customers can choose monthly subscriptions from AUD 29-999 to get access to the account.11
There are virtual and physical multi-currency debit cards available which allow users to make payments in 150 currencies.
Check out the Airwallex review to learn more about the account.
| Pros | Cons |
|---|---|
| Airwallex account fees11 | |
|---|---|
| Monthly account fee | AUD 29-999, depending on the plan (zero if you deposit at least AUD 5K per month or hold a minimum balance of AUD 10K) |
| Opening a multi-currency account | Zero |
| Receiving payments | Zero |
| Sending payments | Zero for domestic payments International payments attract a transfer and currency conversion fee SWIFT payments cost AUD 10–35 |
| Holding funds in multiple currencies | Airwallex does not specify any fee |
| Currency conversion | 0.5% for major currencies and 1% for other currencies |
| Multi-currency card | ✅Number of cards depends on the monthly plan.The starter plan of AUD 29 comes with 2 free employee cards and 10 company cards |
| Forward contracts | ❌ |
| Integration with accounting tools | ✅ |
*Fees checked in August 2025
WorldFirst simplifies payments for SMEs
We aim to simplify international transactions for small businesses and SMEs. A World Account makes it easy for businesses to send payments to suppliers and collect payments from leading marketplaces and payment gateways.
You get a centralised platform to manage all global and local transactions in one place without worrying about high conversion fees.
With a World Account, you can collect overseas sales revenue from 130+ marketplaces and payment gateways, and send supplier payments while saving on conversion fees and transaction costs.
Some of the leading features of the World Account, include:
Cross-border payments: Pay suppliers and other business partners in 100+ currencies
Seamless integration with marketplaces: Collect payments from 130+ marketplaces and payment gateways, including Amazon, eBay, AliExpress, and Stripe
Make instant payments: Payments are free and instant between World Accounts.
Protect profit margins: Lock in exchange rates for up to 24 months with forward contracts
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.
Source
1. https://www.westpac.com.au/business-banking/bank-accounts/foreign-currency-account/
2.https://www.westpac.com.au/content/dam/public/wbc/documents/pdf/cb/foreigncurrencyaccount.pdf
3. https://www.nab.com.au/business/business-bank-accounts/specialised-accounts/nab-foreign-currency-account
4. https://www.nab.com.au/important-information/business/banking-fees-charges#5-nab-foreign-currency-account
5. https://www.commbank.com.au/business/international/international-payments/foreign-currency-accounts.html
6. https://www.commbank.com.au/content/dam/commbank/personal/apply-online/download-printed-forms/ADB1784.pdf
7. https://wise.com/au/business/
8. https://wise.com/au/pricing/business
9. https://wise.com/help/articles/2935762/how-do-i-order-a-wise-card
10. https://www.airwallex.com/business-account/global-accounts
11. https://www.airwallex.com/au/pricing
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- Your money is safeguarded with leading financial institutions
