If your business works internationally, you know the challenges of dealing with different currencies, fluctuating exchange rate movements, and high conversion fees. Whether you pay suppliers overseas, receive payments from global clients, or manage payroll for remote teams, finding a smart way to deal with foreign currency is essential.
That’s where foreign currency accounts or multi currency accounts come in. These specialised accounts are designed to help Australian and international businesses save money, manage multiple currencies, and simplify international transactions.
However, opening a foreign currency account with your bank can come with a range of international fees – a cost consideration to be aware of.
In this guide, we’ll give you a clear and simple explanation of what foreign currency accounts are, what the best multi-currency accounts come with and we’ll compare some popular foreign currency accounts available in Australia to help you find the best fit for your needs.
Summary:
• What are foreign currency accounts?
• Banking foreign currency account vs multi-currency business account
• How do I compare foreign currency accounts in Australia?
• Best foreign currency accounts in Australia 2025
• What currencies are usually available for Australians?
• What is the eligibility for a foreign currency account?
• How to open a foreign currency account
• Try the OFX Multi-Currency Account for free
• Best foreign currency accounts FAQs
What are foreign currency accounts?
A foreign currency account is a financial account that allows you to process payments in currencies other than Australian dollars. Unlike a regular bank account, a foreign currency account helps you avoid repeated currency conversion fees and offers more control over when and how you exchange funds.
As well as helping you reduce the fees for making payments in different currencies, a foreign currency account means you can receive payments in a client’s local currency and hold it until the exchange rate suits you.
Because some multi currency accounts let you handle multiple currencies in a single platform, they have the potential to make your global transactions more efficient and improve your money transfer speed. This makes them popular with businesses that operate across borders.
Banking foreign currency account
vs
Multi-currency global business account
Foreign currency account
Not all foreign currency accounts are created equal. Traditional banks offer foreign currency accounts, often with limited currencies and features. These accounts usually come with a monthly account-keeping fee and may require visiting a local branch to open or manage.
Additionally, bank foreign currency accounts often have additional fees. This means you should always read the fine print before opening one.
Multi-currency global business account
Multi-currency global business accounts, like the one offered by OFX, are built for today’s international business needs. They are digital-first, provide access to multiple major currencies in one place, and come with these handy features:
- Multi-currency corporate cards linked to your account so you can spend from held balances and avoid FX fees
- Batch/bulk payment capabilities
- Currency risk management – forward contracts
- Real-time exchange rate tools
- 24/7 human support
Essentially, the key differences between these two types of accounts are:
- Traditional bank foreign currency accounts often only support one currency per account. They also may include higher monthly fees and could require an in-person setup. In many cases, additional fees will apply.
- Multi-currency accounts support multiple currencies under one master global account. They often have lower transaction costs and offer greater control over international payments.
OFX Multi-Currency Corporate Card
Access to 30+ currencies directly linked to your business account, reducing unnecessary exchange conversions when you spend in those currencies.
How do I compare foreign currency accounts in Australia?
Businesses need to consider account features like the number of supported currencies, the flexibility of the platform, any monthly fees, access to multi-currency debit cards and whether the account is easy to open and maintain.
Monthly fees
Monthly fees vary widely – some accounts waive them based on minimum balances, while others charge regardless. Check the fee structure to avoid unexpected costs.
International transaction fees and other costs
Watch for hidden costs like fees for sending, receiving, or holding funds. These can add up quickly, so review all account activity charges before signing up.
Currency conversion rates
Many banks apply a markup on exchange rates. Compare rates and look for providers offering rates closer to the interbank rate to save more on every conversion.
Minimum account balance
Some banks require a minimum balance to open or maintain the account. Review your cash flow to see if it can meet these requirements to avoid penalties or account closure.
Security
Choose a provider with strong security features like two-factor authentication, fraud monitoring, and regulatory oversight.
Money transfer speed
Delays can impact operations. Look into how long it takes for payments to clear, both incoming and outgoing. Being able to send payments and get support outside of banking hours is particularly important in times of high volatility.
Multi-currency debit cards
Not all foreign currency accounts offer a linked debit card. If you need one for spending in multiple currencies, confirm availability before opening the account.
24/7 Support
Reliable customer support matters, especially when dealing with cross-border transactions. Check for 24/7 access, business account specialists, and fast resolution times.
Best foreign currency accounts in Australia
Choosing the right provider can make all the difference when it comes to managing foreign currency. Here’s an overview of some of the most popular account options:
Compare foreign currency accounts
| Provider | Currencies Available | Monthly Account Fee | Setup Required | Additional Fees | Business Suitability |
| OFX | 30+ currencies | $0 | Online | No international transaction or conversion fees when paying in or receiving AUD, NZD, USD, CAD, GBP, EUR using local account details, Others margin on FX rates | Ideal for small to medium-sized businesses; no minimum balance required |
| Commonwealth Bank3 | 14 currencies | $0* per month *minimum deposit and age rules apply | In branch or online | International transaction fee to send $30, to receive $11, margin on FX rates | Best for customers already banking with CBA |
| Westpac4 | 12 currencies | $12 per month | In branch | International transaction fee to send $20, to receive $12, margin on FX rates | Suitable for businesses with low-volume needs |
| NAB5 | 19 currencies | $0 | In branch or online | International transaction fee to send $30, to receive $15, margin on FX rates | Strong support for importers and exporters |
| ANZ6 | 11 currencies | $0 | In branch | International transaction fee to send upto $28, to receive $15, margin on FX rates | Best for businesses transacting with Asia-Pacifi |
| HSBC7 | 9 currencies | $0 | Online | No International transaction fee, margin on FX rates | Suitable for businesses with UK or EU clients |
While major banks may offer foreign currency accounts, they often require separate accounts for each currency. Additionally, they may charge a monthly account fee, conversion fees, or impose minimum balance requirements.
If you want to reduce fees, speed up transactions, and manage multiple currencies from one account, digital-first options like OFX are worth exploring.
What currencies are usually available for Australians in foreign currency accounts?
Many foreign currency accounts in Australia offer a selection of major global currencies. Commonly available currencies include:
- Australian dollars (AUD)
- US dollars (USD)
- Euros (EUR)
- British pounds (GBP)
- Canadian dollars (CAD)
- Japanese yen (JPY)
- Chinese yuan (CNY)
- New Zealand dollars (NZD)
- Singapore dollars (SGD)
- Hong Kong dollars (HKD)
Some providers offer a much longer list of supported currencies. For example, the OFX Multi-Currency Account allows you to manage over 30 currencies across 170+ countries.
This means fewer accounts to manage and more freedom to transact internationally, which is particularly valuable for businesses working across multiple markets or dealing with trading partners in different countries.
The OFX Multi-Currency Corporate Card
If you’re aiming to control international expenses, the OFX Multi-Currency Corporate Card offers a comprehensive solution.
This Visa business debit card is directly linked to your OFX Business Account, allowing you and your team to spend over 30 currencies. Best of all, you won’t incur foreign exchange fees when using held balances in major currencies like AUD, USD, GBP, EUR, and CAD.
Features of the OFX Corporate Multi-Currency Card include:
- Real-Time Virtual Card Issuance: Issue virtual cards instantly to employees worldwide, enabling them to purchase online or via mobile wallets like Apple Pay8 and Google Pay9.
- Spending Controls: Set individual spending limits and budgets for teams or projects, reducing the risk of overspending and enhancing financial oversight.
- Expense Tracking: Gain visibility into all card transactions through a single dashboard, simplifying reconciliation and financial reporting.
- Recurring Payments Management: Create unlimited virtual company cards for specific recurring expenses, such as software subscriptions or marketing costs, and cancel them anytime to prevent unwanted charges.
By integrating the OFX Corporate Multi-Currency Card into your financial operations, you can enhance expense management on an international scale.
What is the eligibility for a foreign currency account?
Before applying for a multi-currency account, check the eligibility rules. Some banks require minimum balances or have associated fees, as they target businesses or high-net-worth individuals. Some accounts are only available to Australian residents or locally registered businesses.
OFX multi-currency accounts are for business customers only, however you can apply even if your business is registered overseas if it’s authorised to do business in Australia and therefore has an Australian ABN. Personal customers can send and receive money in multiple currencies through OFX online and by downloading our app.
How to open a foreign currency account
Opening a foreign currency account in Australia is straightforward, but requirements can vary depending on the provider. Most customers must provide documentation confirming personal identity and their business’s operations.
To get started, you typically need:
- Proof of identity: A passport or Australian driver’s licence for the business owner or authorised signatory.
- Business details: Including your ABN (Australian Business Number), company registration information, and sometimes a business plan or proof of trading activity.
- Explanation of your needs: Some providers may ask why you are opening the account and what currencies or countries you deal with.
You may also need to agree to the provider’s terms regarding foreign currency account fees, minimum balance requirements, and any applicable cash handling or conversion fees. Understanding these terms will help you avoid any unwanted surprises down the track.
For OFX business customers, online setup is quick and transparent, with no monthly account fee on our free Business plan or minimum balance requirements. This makes it easier to get started without a long list of banking hurdles.
Try the OFX Multi-Currency Account For Free
The OFX Multi-Currency Account is built for modern Australian businesses. It lets you hold multiple currencies in one place, convert funds when it suits you, and simplify your global payments.
With OFX, you can:
- Hold, convert and pay in 30+ currencies
- Open accounts with local banking details in AUD, USD, GBP, EUR and CAD
- Reduce conversion fees and transaction costs
- Integration with accounting software
- Track and manage your funds with expert 24/7 support
With no monthly account fee on our free Business plan, no minimum balance requirements, and competitive exchange rates, OFX is a powerful option for Australian businesses ready to grow globally.
See our business pricing and discover how a multi-currency account can help you trade internationally without the high costs many traditional banks charge.
If you’re ready to make your global payment system more efficient and cost-effective, request a demo and explore how a multi-currency account by OFX can simplify your operations.
Best foreign currency account FAQs
How do foreign currency accounts work?
Foreign currency accounts let you send, receive, and hold funds in multiple currencies. For example, if you have clients in the US, you can accept payments in USD and wait until you decide to convert them.
Funds in a foreign currency account can be:
- Sent to overseas partners without conversion
- Received and held for future transactions
- Converted into AUD or another currency when the exchange rate is favourable
Some account providers also offer tools to help you monitor exchange rates, schedule batch payments, and integrate payments into your accounting system. This allows businesses to manage money more efficiently while keeping full visibility of all their international transactions.
How are foreign currency accounts different to regular bank accounts?
Foreign currency accounts are designed specifically to handle international transactions and reduce the costs and delays that often come with currency conversion.
Unlike a regular one currency bank account, they let you receive, hold, and send money in multiple currencies without needing to convert funds into Australian dollars every time.
They also differ from savings accounts or term deposits, where your funds are locked in for a fixed period to earn interest. This is useful for long-term savings, but not for regular transactions.
Foreign currency accounts, on the other hand, are built for active use. You can use them alongside your business bank account to:
- Manage global transactions more efficiently
- Gain better control over exchange rates
- Reduce costs associated with conversion fees
If your business regularly processes international payments, a foreign currency account can offer greater flexibility, fewer transaction costs, and faster access to funds in the currencies you actually use.
Which banks have foreign currency accounts in Australia?
- Commbank
- Westpac
- NAB
- ANZ
- HSBC
What are the top foreign currency accounts in Australia in 2025?
Here are some of the top foreign currency accounts in Australia:
- OFX business account
- HSBC
- Commbank
- Westpac
- NAB
- ANZ
Benefits of foreign currency accounts for business
If your business operates internationally, or plans to, a foreign currency account could be a smart move. Here’s why:
Save on Currency Conversion Fees
Holding money in foreign currencies avoids the cost of converting funds every time you send or receive payments. These fees can add up quickly, especially for high-volume or frequent transactions.
Reducing conversion costs means you can protect more of your revenue and better manage transaction costs.
Better Control of Exchange Rates
You can convert funds when rates are in your favour with a foreign account, giving you more control over your financial planning and potentially saving your business money.
The mid-market exchange rate, which is the midpoint between the buy and sell prices of two currencies, allows you to avoid unfavourable conversions. This can support strategic financial decisions, offering peace of mind during volatile periods.
Simplify International Payments
Pay suppliers or staff in their local currency without additional steps, streamlining your operations. This also reduces the likelihood of payment delays due to banking complications and makes reconciliation easier.
Faster international payments can improve relationships with global clients and vendors.
Improve Cash Flow
Avoid transaction delays and plan your budget more predictably by keeping funds in the currencies you need. This helps reduce cash flow gaps caused by unexpected conversion costs and supports smarter forecasting.
Enhance Professionalism
Having local currency accounts shows partners and clients you are serious about international business and prepared to operate at their level. It also builds trust with overseas vendors who prefer local settlements and simpler invoicing.
Operational Convenience
A multi-currency account allows businesses to manage multiple currencies from one platform. This reduces the hassle of switching between several accounts and helps with consolidated reporting and budgeting.
Looking for an alternative to your bank?
Try the OFX Business Account for free
Sources:
1. Compared to these banks, OFX could save you money on FX transfer fees https://www.ofx.com/en-au/bank-beating/
2. Disclaimer: In Australia, OFX is registered as a financial service provider and regulated by ASIC (AFS Licence number 226 484). OFX is not a bank, and so you are not protected by the Financial Claims Scheme when you send money with OFX. Learn more about how OFX keeps your money and information secure here.
3. https://www.commbank.com.au/content/dam/commbank/personal/apply-online/download-printed-forms/ADB1784.pdf
4. https://www.westpac.com.au/content/dam/public/wbc/documents/pdf/bb/international-service-fees.pdf
5. https://www.nab.com.au/important-information/business/banking-fees-charges#5-international-payments
6. https://www.anz.co.nz/rates-fees-agreements/foreign-exchange-international/
7. https://www.hsbc.com.au/content/dam/hsbc/au/docs/accounts/transaction-savings-terms-and-conditions.pdf
8. Apple Pay is a service provided by certain Apple affiliates, as designated by the Apple Pay privacy notice. Neither Apple Inc. nor its affiliates are a bank. Any card used in Apple Pay is offered by the card issuer.
9. Google Play and Google Pay are trademarks of Google LLC.
IMPORTANT: The contents of this blog do not constitute financial advice and are provided for general information purposes only without taking into account the investment objectives, financial situation and particular needs of any particular person. OzForex Limited (trading as “OFX”) and its affiliates make no recommendation as to the merits of any financial strategy or product referred to in the blog. OFX makes no warranty, express or implied, concerning the suitability, completeness, quality or exactness of the information and models provided in this blog.
