CommBank foreign currency account review: Features, fees and more

CommBank’s business foreign currency account lets Australian businesses send, receive and hold funds in major foreign currencies. Take a look at how it works and what it costs

Key takeaways

• CommBank’s business foreign currency account supports 18+ currencies for sending, receiving and holding funds
• The account can only be opened in-person at a CommBank branch and requires an existing CommBank AUD transaction account
• There’s no monthly account fee, but transaction fees apply–up to AU$30 for sending payments and up to AU$11 for receiving payments
• Interest can be earned on selected currencies, while debit interest rates apply when the account is overdrawn
• The World Account by WorldFirst is a multi-currency account for Australian businesses, with the World Card, a Mastercard-powered business payment card, linked to the account

Commonwealth Bank of Australia (CommBank) is one of Australia’s largest banks and offers a dedicated foreign currency account for businesses making and receiving international payments.¹ The account supports 18+ currencies and lets businesses hold balances in supported foreign currencies rather than converting everything into Australian dollars.¹

There’s no monthly account fee for the CommBank foreign currency account.¹ However, transaction fees apply–sending payments can cost up to AU$30 and receiving payments can cost up to 11 per transaction, depending on how the transfer is issued and the currencies involved.^1,4

This review covers the features, fees and eligibility of the CommBank foreign currency account. It then looks at the World Account by WorldFirst, a multi-currency account for Australian businesses with cross-border operations.

What is the CommBank foreign currency account?

The CommBank business foreign currency account lets Australian businesses send and receive international payments and hold balances in foreign currencies.¹ Payments can be made directly from foreign currency balances without first converting to Australian dollars.¹

CommBank is a multinational Australian bank providing banking, insurance and financial services to individuals and businesses. Beyond Australia, CommBank has branches in New Zealand, Europe, Asia and the United States.

The foreign currency account must be linked to an existing CommBank AUD transaction account.³ Businesses can access the foreign currency account through CommBank’s NetBank online banking and the CommBank mobile app.¹

Pros and cons of the CommBank foreign currency account

Key features of the CommBank foreign currency account

• Send, receive and hold funds in 18+ currencies including USD, GBP, EUR, CAD, HKD, JPY and NZD¹
• Make payments directly from foreign currency balances without converting to AUD first¹
• Earn interest on selected currencies such as NZD and ZAR, with rates depending on account balance¹
• Access the account through NetBank and the CommBank mobile app¹
• Transfer between linked CommBank accounts at no additional cost¹
• Debit interest rates apply when the account is overdrawn²
• No monthly account fee¹

CommBank foreign currency account fees

Fees checked in October 2026.

A few things to note about CommBank’s fee structure:

Indirect monthly fees from the linked AUD account: The CommBank foreign currency account has no monthly fee, but it requires a linked CommBank AUD transaction account, which may carry its own monthly fees depending on the account type.¹

Intermediary bank fees for cross-currency payments: CommBank states that it pays fees to correspondent banks where foreign exchange is involved. The payee’s bank may also charge processing fees. These fees are paid by the CommBank account holder making the transaction.⁴

Who can open a CommBank foreign currency account?

To open a business foreign currency account with CommBank, the applicant needs to meet the following criteria:³

• Be 18 years old or above
• Have an approved CommBank AUD transaction account
• Provide an ABN or ACN for domestic Australian businesses
• Foreign companies operating in Australia must be registered with ASIC

Eligibility for foreign companies not registered with ASIC is subject to CommBank review on a case-by-case basis.³

How to apply for a CommBank foreign currency account

Business foreign currency accounts can only be opened by visiting a CommBank branch–there is no online application option.³

Since an existing CommBank account is required to open a foreign currency account, CommBank already has most of the applicant’s information and documents on file. The applicant typically needs to complete a form and provide supporting documents.³

Foreign currency account vs multi-currency account

CommBank states that each foreign currency account holds one currency type.¹ To hold multiple currencies with CommBank, a separate foreign currency account must be opened for each currency, with each account requiring its own setup.¹

A multi-currency account, by contrast, provides access to multiple currency balances after setting up the account once. The World Account by WorldFirst is one such example — a single account provides local currency receiving details across 20+ currencies, with the ability to hold, convert and send between them from the same dashboard.

The right structure depends on whether the business needs one or two foreign currency balances (a dedicated foreign currency account may fit) or multiple currencies managed through one account (a multi-currency account fits).

The World Account: A multi-currency account for Australian businesses

WorldFirst is an international payments provider that supports Australian businesses with cross-border payments, marketplace payouts, foreign currency balances and international supplier payments across multiple markets.

The World Account is a business multi-currency account that lets businesses hold, send, receive and convert funds in 20+ currencies including AUD, USD, GBP, EUR, NZD, SGD, JPY, HKD, CAD and CNH.

Businesses can send payments in 100+ currencies across 200+ countries and regions. Payments can be collected from 130+ marketplaces and payment gateways including Amazon, AliExpress and Stripe.

Multi-currency card: The World Card is a Mastercard-powered business payment card linked to the World Account. It supports payments in 150+ currencies wherever Mastercard is accepted, with zero foreign exchange fees on 15 supported currencies when spending from an existing balance in that currency. Businesses can issue up to 20 cards at no additional cost. Cashback is available on eligible spending (Terms and Conditions Apply).

International payments and FX: WorldFirst supports payments in 100+ currencies at competitive conversion rates. Forward contracts and firm orders are available for Australian businesses that want to lock in an exchange rate for a future payment, subject to eligibility.

Payments to China: The World Account includes a CNH local currency account for holding and converting offshore Chinese yuan. World Pay is the authorised international payment provider for 1688.com, allowing businesses to pay 1688 suppliers in CNH directly from the World Account without a Chinese bank account.

Marketplace and payment gateway integration: The World Account connects to 130+ marketplaces and payment gateways. Businesses can add local currency account details directly to marketplace payout settings and receive funds in the original currency.

CommBank foreign currency account vs the World Account

Fees checked in October 2026.

FAQs

1. What is the CommBank foreign currency account?

The CommBank foreign currency account is a business account that lets Australian businesses send, receive and hold funds in 18+ foreign currencies without first converting to Australian dollars.¹

2. How much does the CommBank foreign currency account cost?

The account has no monthly fee.¹ However, transaction fees apply.

3. Can I open a CommBank foreign currency account online?

No. Business foreign currency accounts can only be opened by visiting a CommBank branch. An existing CommBank AUD transaction account is also required.³

4. Does the CommBank foreign currency account support multiple currencies in one account?

No. Each CommBank foreign currency account holds one currency type. To hold multiple currencies, a separate account must be opened for each currency.¹ A multi-currency account such as the World Account by WorldFirst holds multiple currency balances after a single account setup.

Sources

1. https://www.commbank.com.au/business/international/international-payments/foreign-currency-accounts.html
2. https://www.commbank.com.au/content/dam/commbank/business/pds/CBA3633.pdf
3. https://www.commbank.com.au/content/dam/tmd/Foreign-Currency-Account–Business-Foreign-Currency-Account/foreigncurrencyaccountbusinessforeigncurrencyaccount-tmd.pdf
4. https://www.commbank.com.au/content/dam/commbank/personal/apply-online/download-printed-forms/ADB1784.pdf

The information contained is general only. 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, accuracy is not guaranteed and the information 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 article and are subject to change without notice. WorldFirst shall not be responsible for any losses or damages arising from reliance on such information.