Need an Australian bank account for non-residents? Compare local AUD bank accounts and multi-currency providers available to South Asian businesses
Key takeaways
- Pakistani and Bangladeshi banks offer foreign currency accounts that allow customers to maintain balances in AUD
- Multi-currency providers offer South Asian businesses another way to receive and hold AUD without opening an Australian bank account
- World Account supports receiving, sending, converting and holding 15+ currencies including AUD
Businesses in Pakistan and Bangladesh receiving AUD payments from Australian clients or suppliers may face conversion costs and intermediary bank fees. Opening an Australian bank account as a non-resident can also involve documentation requirements. This guide covers foreign currency accounts from local banks and multi-currency accounts supporting AUD, including their features, fees and the World Account by WorldFirst.
Can South Asian businesses open an Australian bank account remotely?
Generally, Pakistani and Bangladeshi businesses cannot open traditional Australian bank accounts entirely remotely. Banks such as NAB, Commonwealth Bank, Westpac and ANZ may require Australian residency, a local address, identity verification or physical presence, depending on the account.
Some Australian banks allow individuals moving to Australia to start the account-opening process before arrival. But these services are intended for relocating individuals and do not generally extend to Pakistani or Bangladeshi businesses operating remotely. Businesses operating from South Asia can consider local foreign currency accounts or multi-currency providers supporting AUD receipts.
AUD bank accounts offered by South Asian banks
| Provider | Category | Availability | Monthly fee | AUD receiving fee | Card |
| Bank Alfalah Islamic | Pakistani bank | Pakistan | Not specified | Not specified | Not specified |
| Dhaka Bank RFCD | Bangladeshi bank | Bangladesh | Zero | Not specified | Supported |
| World Account | Multi-currency provider | Pakistan, Bangladesh | Zero | Zero | Up to 20 virtual cards |
| Payoneer | Payment provider | Pakistan, Bangladesh | Zero, but US$29.95 annual fees if you receive less than US$6,000 over any 12 consecutive months | From 1%5 | Supported4 |
| nSave | Digital account provider | Pakistan, Bangladesh | Zero, but one-time setup fee of US$2007 | Not supported | Supported8 |
*Details checked in November 2026
1. Bank Alfalah Islamic Foreign Currency Current Account (Pakistan)
Bank Alfalah Islamic Foreign Currency Current Account allows customers to maintain funds in AUD, USD, GBP, SAR, AED, CAD and EUR.1 The account requires an initial deposit of 100 units in the selected currency.1
Customers can make unlimited deposits and withdrawals and access a cheque book, electronic statements and SMS alerts.1 A semi-annual account statement is also available at no cost.1 Account holders can receive Islamic insurance coverage by maintaining an average monthly balance of PKR 10,000.1
Pricing: Not specified2
2. Dhaka Bank RFCD Account (Bangladesh)
Dhaka Bank’s Resident Foreign Currency Deposit (RFCD) Account is available to citizens aged 18 or above residing in Bangladesh.3 Customers can maintain balances in AUD, USD, GBP, EUR, CAD or SGD using foreign currency brought into Bangladesh after returning from abroad.3
Deposits exceeding US$10,000 or equivalent require the relevant customs declaration documentation within 30 days of arrival.3 Also, the account has no maintenance fee and offers international debit and credit card facilities.3
Pricing: Not specified
What to know about local AUD accounts
Pakistani foreign currency accounts are subject to State Bank of Pakistan (SBP) regulations, while Bangladesh’s RFCD accounts follow Bangladesh Bank rules. Before applying:
- Confirm whether AUD deposits from business clients are permitted
- Check the source-of-funds and foreign currency declaration requirements
- Verify whether branch visits are required
- Ask about account maintenance, withdrawal and transaction charges
- Confirm business eligibility and required registration, identity and tax documents
Multi-currency account providers offering AUD receiving
1. World Account by WorldFirst
World Account is a multi-currency account for businesses in Pakistan and Bangladesh receiving and sending international payments. Businesses can access local receiving account details in 15+ currencies. Australian clients can send AUD to support receiving details, while businesses can hold AUD without automatically converting it into local currency. World Account supports payments across 200+ countries and regions and connects with 130+ marketplaces and payment gateways, including Amazon, Shopify, Etsy and Stripe.
Businesses can also create up to 20 virtual World Cards at zero issuance cost. The Mastercard-powered virtual card supports spending in 150+ currencies. Transactions made via the multi-currency card in 15 currencies incur zero fees when the matching balance is held.
Additional features of the World Account
- Maintain balances in 15+ currencies, including USD, EUR, CNH, GBP and AUD
- Send instant, zero-fee transfers to other World Account holders
- Pay suppliers through World Pay, the authorised international payment provider for 1688.com
- Integrate with Xero and NetSuite to simplify account reconciliation
| Fee type | World Account fees |
| Monthly fee | Zero |
| Opening virtual local currency accounts | Zero |
| Receiving payments | Zero |
| Holding funds in multiple currencies | Zero |
| Sending payments to other World Account holders | Zero |
| Sending payments | Standard payment fee of 1.5% (Pakistan and Bangladesh) |
| Paying 1688.com suppliers | Up to 0.8% currency conversion fee |
| World Card issuance | Zero |
*Fees checked in November 2026
2. Payoneer
Payoneer is an international payments provider that offers receiving and sending services for businesses and individuals.4 Its network covers 190+ countries and territories and 70+ currencies, with receiving options that include 10 local-currency receiving accounts.4
Businesses can receive marketplace payments, send bank transfers, issue invoices and payment links, and transfer funds to other Payoneer users.4 Businesses can also access virtual payment cards, with each card assigned to a single currency balance.4 Those handling multiple currencies may need to issue separate cards for each currency balance.4
| Fee type | Payoneer fees5 |
| Monthly fee | Zero, but US$29.95 annual fees if you receive less than US$6,000 over any 12 consecutive months |
| Opening virtual local currency accounts | Not specified |
| Receiving payments | From 1% |
| Holding funds in multiple currencies | Not specified |
| Sending payments to other Payoneer users | Not specified |
| Sending payments | Not specified |
| Paying 1688.com suppliers | Not supported |
| Card | US$29.95 |
*Fees checked in November 2026
3. nSave
nSave provides digital accounts in USD, GBP and EUR for receiving and sending international payments.6 The platform also supports transfers to personal and business bank accounts and mobile wallets in Pakistan and Bangladesh.6 Converting between USD, GBP and EUR incurs a 0.6% fee.7
Plus, nSave offers a virtual Visa card that works at over 175 million locations across 200+ countries and territories.8 Users can add it to Apple Pay or Google Wallet, track transactions through real-time alerts and freeze or unfreeze the card instantly.8
| Fee type | nSave fees7,9 |
| Monthly fee | Zero, but one-time setup fee of US$200 |
| Opening virtual local currency accounts | Zero |
| Receiving payments | Not specified |
| Holding funds in multiple currencies | Not specified |
| Sending payments to other nSave users | Not specified |
| Sending payments |
|
| Paying 1688.com suppliers | Not supported |
| Card |
|
*Fees checked in November 2026
Which AUD banking option fits your business?
Businesses receiving foreign currency deposits and maintaining established local banking relationships may consider Pakistani or Bangladeshi bank accounts. But account eligibility and deposit restrictions need to be checked.
Businesses receiving regular payments from Australian clients may prefer to look for multi-currency providers with AUD receiving capabilities. Compare supported currencies, receiving details, conversion charges and withdrawal options before applying.
FAQs
1. What’s the best way to receive AUD payments in Pakistan?
Businesses can look for foreign currency accounts offered by Pakistani banks or multi-currency providers like WorldFirst with AUD receiving capabilities. Availability, fees and account requirements vary.
2. What are the fees for AUD accounts in South Asia?
Bank Alfalah’s initial deposit is 100 units of the selected currency (like US$100). Dhaka Bank RFCD has no maintenance fee. World Account has zero opening, monthly, AUD receiving and holding fees, with conversion charges of up to 0.6%. Other fees should be confirmed directly with each provider.
Sources
- https://www.bankalfalah.com/islamic-banking/personal-banking/deposit-accounts/alfalah-islamic-foreign-currency-current-account/
- https://prodbaf.blob.core.windows.net/data/SOC%20Islamic%20English%20(Black%20Text)%20(Jul-Dec%202026)%2029-05-26%20copy.pdf
- https://dhakabank.com.bd/dhaka-bank-rfcd-account/
- https://www.payoneer.com/
- https://www.payoneer.com/about/pricing/
- https://www.nsave.com
- https://www.nsave.com/pricing
- https://www.nsave.com/cards
- https://www.nsave.com/plans
This article is intended for informational purposes only and does not constitute legal advice or professional advice. This article should not be regarded as constituting an offer or a solicitation to buy or sell any regulated or financial products or services. WorldFirst makes no representations or warranties regarding the accuracy, completeness, or applicability of the content, and readers are encouraged to consult with legal professionals or other professionals for advice tailored to their specific situation. WorldFirst does not guarantee the accuracy and completeness of this article and expressly disclaims any and all liability to any person in respect of the consequences of anything done or omitted to be done wholly or partly in reliance on this article.
