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The best foreign currency accounts in Australia

last updated time: 5 June 2024

Looking for the best foreign currency account for fast and easy cross-border payments? We compare the top five multi-currency accounts in Australia for businesses.

Key takeaways

A foreign currency account or a multi-currency account allows you to hold, manage and transact in multiple currencies
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 or accounting software integration

Introduction

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 some 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.

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 a multi-currency account to make payments to suppliers or withdraw them into your bank account when exchange rates are favourable.

For instance, if you’ve received funds in USD from customers in the USA, you can hold those funds in your foreign currency account and use them to pay your American suppliers.

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 only support two or three . When considering a foreign currency account, look for a service provider that supports all the major currencies your business will require.

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 set-up fees.

Currency conversion rates

Compare currency rates of different payment payment providers. While banks add a markup to live exchange rates, there are payment providers that offer interbank exchange rates.

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 licenced by the major government bodies? How are the funds stored? Are the funds invested or segregated?

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.

Top foreign currency accounts in Australia

Number of currencies	WorldFirst: 15+ currencies Westpac: 15 currencies NAB: 16 currencies CommBank: 14 currencies Wise: 10 currencies
Account setup fee	WorldFirst: Zero Westpac: Zero NAB: Zero CommBank: Zero Wise: AUD 22
Fee for receiving payments	WorldFirst: Zero Westpac: AUD 12 per transaction NAB: Up to AUD 12 per transaction CommBank: Up to AUD 11per transaction Wise: Zero fees for AUD, CAD, EUR, GBP, HUF, NZD, RON, SGD, TRY and USD
Fee for sending payments	WorldFirst: Fixed transaction fee + up to 0.6% margin Westpac: Up to AUD 20 per transaction + current foreign exchange rates NAB: Up to AUD 30 per transaction + current foreign exchange rates CommBank: AUD 6 per transaction via NetBank and AUD 30 via branch + current foreign exchange rates Wise: Varies per currency + margin from 0.43%
Fee for holding currency	WorldFirst: Zero Westpac: Monthly deposit maintenance fee NAB: 1% annual fee when you exceed NAB’s threshold amounts CommBank: Zero Wise: Zero
Fee for same-bank transfers	WorldFirst: No transaction fees Currency conversion rates apply in case of cross-currency transfer Westpac: Same as normal account transfers NAB: AUD 30 fee for banker-assisted transfers Currency conversion rates apply in case of cross-currency transfer CommBank: No transaction fees Currency conversion rates apply in case of cross-currency transfer Wise: No transaction fees Currency conversion rates apply in case of cross-currency transfer
Forward contracts	WorldFirst: Yes Westpac: Yes NAB: Yes CommBank: No Wise: No

	WorldFirst	Westpac[1]	NAB [2]	CommBank [3]	Wise [4]
Number of currencies	15+ currencies	15 currencies	16 currencies	14 currencies	10 currencies
Account setup fee	Zero	Zero	Zero	Zero	AUD 22
Fee for receiving payments	Zero	AUD 12 per transaction	Up to AUD 12 per transaction	Up to AUD 11 per transaction	Zero fees for AUD, CAD, EUR, GBP, HUF, NZD, RON, SGD, TRY and USD
Fee for sending payments	Fixed transaction fee + up to 0.6% margin	Up to AUD 20 per transaction + current foreign exchange rates	Up to AUD 30 per transaction + current foreign exchange rates	AUD 6 per transaction via NetBank and AUD 30 via branch + current foreign exchange rates	Varies per currency + margin from 0.43%
Fee for holding currency	Zero	Monthly deposit maintenance fee	1% annual fee when you exceed NAB’s threshold amounts	Zero	Zero
Fee for same-bank transfers	No transaction fees*Currency conversion rates apply in case of cross-currency transfer	Same as normal account transfers	AUD 30 fee for banker-assisted transfers *Currency conversion rates apply in case of cross-currency transfer	No transaction fees*Currency conversion rates apply in case of cross-currency transfer	No transaction fees*Currency conversion rates apply in case of cross-currency transfer
Forward contracts	Yes	Yes	Yes	No	No

	WorldFirst	Westpac[1]	NAB [2]	CommBank [3]	Wise [4]
Number of currencies	15+ currencies	15 currencies	16 currencies	14 currencies	10 currencies
Account setup fee	Zero	Zero	Zero	Zero	AUD 22
Fee for receiving payments	Zero	AUD 12 per transaction	Up to AUD 12 per transaction	Up to AUD 11 per transaction	Zero fees for AUD, CAD, EUR, GBP, HUF, NZD, RON, SGD, TRY and USD
Fee for sending payments	Fixed transaction fee + up to 0.6% margin	Up to AUD 20 per transaction + current foreign exchange rates	Up to AUD 30 per transaction + current foreign exchange rates	AUD 6 per transaction via NetBank and AUD 30 via branch + current foreign exchange rates	Varies per currency + margin from 0.43%
Fee for holding currency	Zero	Monthly deposit maintenance fee	1% annual fee when you exceed NAB’s threshold amounts	Zero	Zero
Fee for same-bank transfers	No transaction fees*Currency conversion rates apply in case of cross-currency transfer	Same as normal account transfers	AUD 30 fee for banker-assisted transfers *Currency conversion rates apply in case of cross-currency transfer	No transaction fees*Currency conversion rates apply in case of cross-currency transfer	No transaction fees*Currency conversion rates apply in case of cross-currency transfer
Forward contracts	Yes	Yes	Yes	No	No

*Fees as checked at the time of writing this blog in April 2024.

WorldFirst

WorldFirst allows global businesses to make fast, secure, and reliable international payments in 40+ currencies across 130 countries and regions.

With a WorldFirst foreign currency account, you can open local accounts in 15+ currencies including GBP, USD, EUR, AUD, JPY, NZD, SGD, HKD, CNH and CAD. WorldFirst offers interbank/ mid-market exchanges with no markups or hidden fees. You can collect payments from 100+ marketplaces and payment gateways. Your World Account also integrates with third-party accounting tools like Xero and Netsuite.

There are no costs for setting up a multi-currency account or receiving payments. Forward contracts are also available, allowing you to lock-in exchange rates for up to 24 months.

Open a World Account for free

Open 10+ local currency accounts with local account details
Direct CNH payments to 1688.com
Pay suppliers, partners and staff in 40+ currencies and 130+ destinations
Collect secure payments from 100+ marketplaces and payment gateways, including Amazon, AliExpress, Paypal and Shopify
Lock in currency conversion rates for up to 24 months

Westpac

Westpac offers foreign currency accounts in 12 currencies, including USD, GBP, JPY, and SGD [1]. No minimum amount is required to open a foreign current account. But sending payments required a linked Westpac transaction AUD account. The bank charges a flat fee for sending and receiving payments.

Check out the Westpac foreign currency account review

NAB

NAB provides foreign currency accounts in 16 currencies, including USD, EUR, and HKD. They charge an intra-account transfer fee of AUD 30 for each transaction [2]. Additionally, holding large balances may incur a foreign currency holding fee. There are no account opening fees, monthly fees, or minimum balance requirements. The maximum amount you can hold in each local currency may vary depending on market conditions.

Check out the NAB foreign currency account review

Commonwealth Bank

Commonwealth Bank supports 14 foreign currencies, including USD, GBP and EUR [3].

The foreign currency exchange rates include a margin. The bank charges up to AUD 30 per transfer for sending money and up to AUD 11 per transfer for receiving money [3]. Transfers between CommBank accounts are free. The account can only be opened from CommBank branches–not online.

Check out the Commbank foreign currency account review

Wise

Wise Business’s multi-currency account allows customers to access local account details for over 10 currencies, including AUD, CAD, USD and EUR [4].

There are no monthly fees, but you need to pay a one-off fee to register and for a multi-currency account. You’re also charged a fixed fee every time you receive a USD wire payment. The fee for sending money depends on the currency. There are also no forward contract options.

Check out the Wise business account review

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 directly through 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.

A World Account lets you collect overseas sales revenue from 100+ marketplaces and payment gateways like Amazon, eBay and Stripe. You can send payments to overseas suppliers directly while saving on conversion fees and transaction costs.

Some of the leading features of the WorldFirst foreign currency account, include:

Cross-border payments: Pay suppliers and other business partners in 40+ currencies. Save up on currency fees and instead focus on building long-lasting business relationships

Seamless integration with marketplaces: Collect payments from 100+ 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

https://www.westpac.com.au/content/dam/public/wbc/documents/pdf/cb/foreigncurrencyaccount.pdf
https://www.nab.com.au/content/dam/nab/documents/rates-and-fees/banking/nab-business-banking-guide-to-fees-charges.pdf
https://www.commbank.com.au/content/dam/commbank/personal/apply-online/download-printed-forms/ADB1784.pdf
https://wise.com/au/pricing/business
https://wise.com/us/blog/how-to-send-money-wise-to-wise

Written by Nidhi Kataria, Head of Marketing ANZ at WorldFirst

Nidhi Kataria has worked in marketing since 2009 across various functions, specializing in acquisition growth. She has held regional and global marketing roles at notable financial and technology firms and has lived in Australia since 2014. She believes that businesses can benefit from WorldFirst to make finances clearer, easier, and simpler to manage, allowing them to focus on growing their businesses.