Best foreign currency account in Australia: Providers, features, fees

Foreign currency accounts, also known as multi-currency accounts, are useful for people from all walks of life. From expats and those working, studying, or planning to retire abroad, to businesses that work with staff and suppliers in other countries, they can be a handy way to manage your money.

There is a wide variety of foreign currency accounts on offer, both from traditional banks and international money specialists like Wise. Figuring out which one is best for you can be a mission, so to help, here’s all you need to know about the best multi-currency accounts in Australia.

What is a foreign currency account?

A foreign currency account allows you to hold your money in one or more currencies other than Australian dollars. The exact terms and conditions of each account will vary, and there are often different accounts for personal and business customers.

Things to consider when choosing a foreign currency account

When choosing a foreign currency account, there are a wide range of factors for you to take into account, thinking about how they apply to your situation. Here are a few we suggest considering:

• Eligibility - Check who is eligible for an account, and if there are specific documents that need to be provided.
• Minimum deposit - Find out if there’s a minimum deposit needed to open the account.
• Monthly fees - Look at the fee schedule to see if there are any monthly subscription or account maintenance fees.
• Currency conversion fees - See if there is a fee when you convert between currencies, and be sure to compare it to other companies or banks.
• Foreign transaction fees - Check if you get charged fees simply for sending or spending money abroad.
• Supported currencies - Get a list of all of the supported currencies, including whether local account details are available.
• International transfers - Find out what international transfer options are available, including the payment, sending, and payout methods.
• Card availability - See if the account comes with physical or virtual cards, and what the fees are for using them.

Best foreign currency accounts in Australia - Main comparison

To get you started finding the best foreign currency account, here are five of the top options in Australia and how they measure up in some of the key decision-making factors.

Now let’s look at the personal accounts offered by each of the providers in more detail.

Wise

Wise is a global fintech company that offers services to personal and business customers around the globe, including Australia. The aim is to make sending money across borders cheaper, fairer, and simpler.

• Supports 40+ currencies for holding
• Get global account details for 8+ currencies
• Spend with the Wise card in over 150+ countries
• Earn returns on AUD and USD
• Easily managed online or through the Wise app

Wise uses the mid-market exchange rate, which means no hidden mark-up to worry about. Looking at the fees charged by Wise, this account comes with no monthly fees. Transfers have a variable currency conversion fee that starts from 0.63%, and there is a one-time fee of 10 AUD to order a physical card. For ATM withdrawals, you can withdraw up to 350 AUD per month for free (in 2 or fewer withdrawals). After that, an ATM fee of 1.75% plus 1.50 AUD per withdrawal will apply.

🚀 Sign up for Wise

Revolut

Founded in London, Revolut is a fintech company that offers international money transfer services to businesses and individuals.¹ Alongside this, they offer other services like crypto and commodities investments, eSIM data plans, and loans.

• Supports 35+ currencies for holding²
• AUD and EUR local account details, with SWIFT for all other supported currencies
• 4 tiers of plan with varying perks and fee structures
• Managed online or through the Revolut app

For the exchange rate, Revolut uses its own rate, without disclosing where it comes from.⁴ Revolut operates on a tiered system with a monthly fee that ranges from a free Standard plan up to $28.99 for the Metal plan. All plans include a monthly allowance for free currency conversions and ATM withdrawals. Once this allowance is exhausted, a 0.5% currency conversion fee and a 2% ATM fee will apply. It's also worth noting there is an additional fee for weekend currency exchanges (1% for the Standard plan and 0.5% for Plus), as well as a one-time fee to order a physical card.

Here are some of the pros and cons of using Revolut’s foreign currency account.

HSBC Everyday Global

HSBC is an international bank that operates in Australia as HSBC Australia.⁵ Among other banking products, they offer a foreign currency account called the HSBC Everyday Global account.

• Supports 10 currencies for holding
• Opportunities for cash back
• Spend with the HSBC Everyday Global Visa Debit card in 200+ countries and territories
• Can be managed online or through the Mobile Banking App

HSBC uses its own exchange rate or the Visa rate, and they don't list any charges for monthly fees, transfers, cards, or ATMs. There may a margin hidden in the exchange rate itself. To get the full picture, you should always compare their rates to the true interbank exchange rate offered by other providers.

Here are some of the pros and cons of the HSBC Everyday Global account.

NAB

One of Australia’s biggest banks, NAB offers various accounts and financial services to its customers. For people and businesses looking to manage multiple currencies, there’s the NAB Foreign Currency Account.⁷

• Open an account in one of 16 currencies
• Send, receive, and hold funds
• No minimum account balance
• Convert funds whenever it suits

For the exchange rate, NAB uses its own, which you can check and compare online. The fees are quite low, so like some of the other options on this list, it’s a good idea to check the exchange rate against the mid-market rate to see if there’s a margin. They also do not have any charges for monthly fees or transfers.

Overall, here are some of the pros and cons of having a NAB Foreign Currency Account.

Westpac

Another of Australia’s big four banks, Westpac offers a few international services, including its travel money card. For customers looking specifically for a foreign currency account that can send and receive funds, there’s the Westpac Foreign Currency Accounts.⁹

• Open an account in one of 12+ currencies
• Can open the account online for 12 of the currencies
• Comes with Australian account details
• Viewable within Westpac Online Banking alongside your other accounts

Westpac uses its own exchange rate for international transactions.¹⁰ The account shows no monthly fees while for transfer, a 12 AUD fee applies for receiving an online telegraphic transfer (with no fee for sending one).

Summarising it, here are some of the main pros and cons of the Westpac Foreign Currency Account.

Commbank

Rounding off the list, we have Commbank. Among its many personal and business products, it offers the Foreign Currency Account, which allows you to send, receive, and convert foreign currencies.¹¹

• Open a foreign currency account in one of 18 currencies
• Earn competitive interest on certain currency balances
• Manage it through Netbank or the CommBank App
• Foreign currency cash can be deposited or withdrawn at CommBank branches

CommBank uses its own exchange rate for all currency conversions.¹² While there are no monthly fees, it’s important to note that transfer fees apply when receiving funds (up to 11 AUD), even though sending them online is free.

Here are some of the pros and cons of using the Commbank Foreign Currency Account.

Summary

Which foreign currency account is right for you depends on how you plan to use it.

Traditional banks like NAB, Westpac, and Commbank are solid choices if you want a basic foreign currency account and are already a customer of the bank. However, most of these only support one currency at a time and don’t offer debit cards for spending, which can limit their practical use.

HSBC’s Everyday Global Account stands out for travel, with a debit card and cashback incentives, although it supports fewer currencies and may include a margin on the exchange rate.

For more flexibility and transparency, digital providers like Revolut and Wise offer accounts with dozens of supported currencies that are linked to virtual and physical cards. Revolut may appeal to those who want extras like travel insurance or crypto features, while Wise is best for those who prioritise low fees and the mid-market exchange, without the need for a subscription.

🚀 Sign up for Wise

Please see Terms of Use and product availability for your region or visit Wise Fees & Pricing for the most up to date pricing and fee information.

Sources:

1. Revolut - Compare Plans
2. Revolut - Supported Currencies for Holding
3. Revolut - What currency account details are available to me
4. Revolut - Standard Fees
5. HSBC - HSBC Everyday Global Account
6. HSBC - Personal banking
7. NAB - NAB Foreign Currency Account
8. NAB - Personal Fees & Charges
9. Westpac - Foreign Currency Accounts
10. Westpac - Foreign Currency Account T&Cs
11. Commbank - Foreign Currency Account
12. Commbank - Standard fees and charges for international payments and travel funds