With two in three Australian businesses1 looking to expand into global markets, access to smart international banking solutions is no longer a luxury. It’s a necessity.
If you’re importing goods, paying global suppliers, or receiving overseas revenue, the right international business bank account can simplify foreign exchange, reduce costs, and bring efficiency to your operations.
While traditional banks still play an important role in international transactions, many Australian businesses are switching to modern fintech alternatives. Platforms like OFX offer multi-currency accounts with FX markups of 0.4–1.5% (compared with 2–4%2 at major banks), access to 30+ currencies, same-day settlement via local payment rails, and integrations with tools like Xero and QuickBooks. These features make them a practical choice for businesses operating beyond borders.
In this guide, we’ll explain what makes a bank account truly “international,” compare top providers, and show why an OFX Global Business Account is a leading choice for Australian businesses with global ambitions.
Jump to:
• What makes a business bank account truly “international”?
• Traditional bank accounts vs fintech global accounts.
• Compare the best international business bank accounts and fintech alternatives.
• Top international business bank accounts and fintechs in Australia.
• How to choose the right international business account.
• Benefits of an International Business Bank Account
• Open the OFX Global Business Account for free
• Best International Bank Account FAQs
What makes a business bank account truly “international”?
A true international business account goes beyond basic banking. Unlike standard domestic accounts built for local transactions, international accounts are purpose-built for global trade.
A defining feature of the best international accounts is the ability to provide local account details (such as BSBs for AUD, routing numbers for USD, sort codes for GBP, and IBANs for EUR). This means your overseas clients can pay you as though you’re a local business, eliminating costly intermediary bank fees and speeding up settlement.
Essential features of an international business account.
- Multi-currency capabilities — Hold, manage, and transfer currencies like AUD, USD, EUR, GBP, and CAD in one place. Avoid forced conversions and manage exchange rate exposure more strategically.
- Low or zero foreign transaction fees — The best accounts minimise costs when sending or receiving overseas payments, protecting profit margins on every transaction.
- Simple cross-border transfers — Send and receive international payments quickly with competitive FX rates and low transfer fees, ideally via local payment rails rather than SWIFT alone.
- Global accessibility and mobile banking — Manage your account from anywhere with easy-to-use mobile apps and online platforms, with no requirement to visit a branch.
- No residency requirements — Many accounts allow you to open and operate them regardless of your residency, which is valuable for remote or global teams.
- Accounting integrations — Connect directly to platforms like Xero, QuickBooks, and Employment Hero to automate reconciliation and reduce manual admin.
- Security and compliance — Top providers ensure strong data protection, fraud monitoring, and compliance with global financial regulations, including ASIC oversight in Australia.
If you’re aiming to manage multiple currencies, cut foreign fees, or access funds while abroad, an international business bank account helps you stay in control and move money with ease, something domestic accounts simply weren’t built to do.
OFX Global Business Account
Receive, hold, convert and send funds across a wide range of currencies, reduce costs and gain greater control over your international payments.
Traditional bank accounts vs fintech global accounts.
Big banks like NAB, ANZ, Westpac, and Commonwealth Bank have long led international banking in Australia. They offer foreign currency accounts, international transfers, and FX services. However, they often do so with FX markups of 2–4%2, slower SWIFT-based transfers, and limited integration with modern financial tools. Bank deposits are protected under the Financial Claims Scheme (FCS) through their status as Authorised Deposit-taking Institutions (ADIs).
Fintechs such as OFX offer a more competitive, flexible alternative. They hold Australian Financial Services Licences (AFSLs) and are regulated by ASIC, though they aren’t ADIs and don’t offer FCS deposit protection. They typically provide more transparent pricing, FX markups of 0.4%–1.5%, and agile multi-currency solutions with same-day settlement through local payment rails.
Compare the best international business bank accounts and fintech alternatives.
| Provider | Monthly fee | Intl transfer fee | FX markup | Multi-currency support | Accounting integrations |
|---|---|---|---|---|---|
| ANZ | $0 (Business Essentials)3 | $0–$18 | Bank markup | Limited (per-currency accounts) | Bank feeds |
| NAB | $04 | $0 (foreign currency online) | Bank markup | 40+ currencies | Bank feeds |
| CBA | $0 (some plans)5 | ~1% | Bank markup | Per-currency accounts | Bank feeds |
| Westpac | $0 (some accounts)7 | $0 (foreign currency) | Bank markup | Per-currency accounts | Bank feeds |
| Macquarie | $09 | $0 | 0.5-2% | Limited | Xero, Bank feeds |
| OFX | $0 (Standard)10 | $0 | 0.4–1.5% | 30+ currencies | Xero, QuickBooks, Employment Hero, Bank feeds |
| Wise | A$65 one-time setup11 | From 0.63% | 0% (mid-market rate) | 40+ currencies | Xero, QuickBooks, Bank feeds |
Top international business bank accounts and fintechs in Australia.
Below is a detailed review of Australia’s leading international business bank accounts and fintech alternatives, helping you evaluate their key features, fees, and suitability for your cross-border payment needs.
ANZ Bank.
ANZ is one of Australia’s Big Four banks and offers foreign currency accounts alongside its standard business banking products. It’s backed by FCS deposit protection and has a large branch network, making it a familiar option for businesses that prefer traditional banking relationships.
Best for: Businesses with existing ANZ relationships and frequent high-value transfers over $250,000.
Key features:
- Foreign currency accounts available.
- FCS deposit protection as an ADI.
- Branch and relationship manager access.
- ANZ will cover certain correspondent bank fees.
Fees:
- Monthly fee: $0 on the Business Essentials account3
- FX markup: bank-set retail exchange rate applies.
NAB Bank.
NAB stands out among the Big Four for its $0 transaction fee on foreign currency international payments made via online banking. It supports a wide range of currencies and destinations, and covers overseas correspondent bank fees in most cases.
Best for: Businesses that want a Big Four bank with no upfront international transfer fees on foreign currency payments.
Key features:
- Transact in over 40 foreign currencies4 and send to over 230 countries
- No minimum transfer amount for overseas payments
- Dedicated app to track payments
- FCS deposit protection as an ADI
- Foreign currency accounts available
Fees:
- Monthly fee: $0 on select business accounts4
- International transfer fee: $0 on foreign currency payments via online banking4; NAB covers overseas bank fees in most cases
- FX markup: bank-set retail exchange rate applies
Commonwealth Bank (CBA).
CBA offers dedicated foreign currency accounts for businesses that already hold an eligible CBA bank account. It has an extensive range of supported currencies and countries, though its international transaction fees can be higher than some alternatives.
Best for: Existing CBA customers who want to add foreign currency capability to their current banking setup.
Key features:
- Dedicated foreign currency account5 (requires an existing eligible CBA account)
- Wide range of supported currencies and countries
- FCS deposit protection as an ADI
- Branch network and relationship manager support
Fees:
- Monthly fee: $0 on some plans
- International transaction fee: ~1% of transaction amount6
- FX markup: bank-set retail exchange rate applies
Westpac.
Westpac offers foreign currency accounts and international transfer capabilities with no transfer fee on payments made in foreign currency. It’s one of the few providers that charges a cancellation fee on exchange transactions, which is worth noting if your business needs flexibility.
Best for: Businesses working with global partners who primarily send in foreign currencies rather than AUD.
Key features:
- Foreign Currency Account available
- FCS deposit protection as an ADI
- Online banking security guarantee
- Branch network and relationship manager access
Fees:
- Monthly fee: $0 on some business accounts.7
- International transfer fee: $0 on foreign currency payments7 (fees apply for AUD payments).
- Exchange cancellation fee: $25.8
- FX markup: Mastercard wholesale rate with bank markup applied.
Macquarie Business Transaction Account.
Macquarie Bank offers a business transaction account with no FX markup and no monthly fees, though it requires a minimum balance of A$250,0009. A key differentiator is that the account earns variable interest on held balances.
Best for: Established businesses with high account balances that want fee-free international transfers and interest on deposits.
Key features:
- No FX markup on currency conversions.
- Unlimited international transfers.
- Variable interest earned on held balances.
- FCS deposit protection as an ADI.
Fees:
- Monthly fee: $0.9
- International transfer fee: $0.
- FX markup: 0%
- Minimum balance: A$250,0009.
OFX Global Business Account.
OFX is an ASIC-regulated, ISO 27001:2022 certified fintech that’s been helping businesses move money internationally for over 25 years. The OFX Global Business Account is built for Australian businesses that need to send, receive, hold, and convert funds across a wide range of currencies with competitive rates and full visibility.
Best for: SMEs and mid-market businesses with regular cross-border payments who want lower FX costs, hedging tools, and accounting integrations.
Key features:
- Hold and transact in 30+ currencies with local account details in AUD, USD, CAD, GBP, and EUR.
- FX hedging with Forward Contracts and Limit Orders.
- Batch payments for paying multiple suppliers or contractors at once.
- Integrations with Xero, QuickBooks, and Employment Hero.
- Multi-currency Corporate Cards with no cross-border fees on held balances.
- 24/7 human support from currency specialists.
- OFX Business App for mobile account management.
Fees:
- Monthly fee: $0 on the Standard plan10
- FX markups: 0.4–1.5%
- No minimum balance requirement
- No hidden fees on international transfers
Wise Business.
Wise Business uses the mid-market exchange rate with no markup, instead charging a transparent percentage-based fee on each conversion. It’s a popular choice for businesses that make frequent, smaller international payments.
Best for: Businesses making frequent, lower-value international payments who prioritise transparent per-transaction fees.
Key features:
- Hold and convert between 40+ currencies, send to 140+ countries.
- Debit cards for team members, usable in 150+ countries
- Batch payments for up to 1,000 recipients at once
- Multi-user access with permission controls
- Integrations with Xero, QuickBooks, and other cloud accounting solutions
Fees:
- Registration: free to register.
- One-time fee of A$65 for local account details to receive in 8+ currencies11.
- International transfer fees: from 0.63%11.
- FX markup: 0% (mid-market rate used; fee charged separately).
How to choose the right international business account.
Choosing the best international business account for your operations means weighing several factors against your specific payment patterns and growth plans. Here’s what matters most.
- Fees and FX costs
Total cost goes beyond the monthly account fee. Compare FX markups, per-transfer fees, card fees, and any hidden charges for receiving payments. Even a small difference in FX markup (say 0.5% vs 3%) adds up quickly on six-figure annual transfer volumes.
- Multi-currency holding
If you regularly transact in several currencies, look for an account that lets you hold, convert, and pay in those currencies without forced conversions. The ability to convert when rates are favourable, rather than at the time of payment, can meaningfully reduce FX costs.
- FX risk management tools
For businesses with predictable future payments, tools like Forward Contracts and Limit Orders let you lock in exchange rates or set target rates. These features protect margins against currency volatility.
- Settlement speed
Payments sent via SWIFT through traditional banks can take 2–5 business days. Providers that use local payment rails (ACH, SEPA, BACS, NPP) can settle same-day or next-day, improving cash flow for you and your suppliers.
- Accounting integrations
Manual reconciliation of international transactions is time-consuming and error-prone. Native integrations with Xero, QuickBooks, or Employment Hero automate this process and give your finance team cleaner, real-time data.
- Security and regulation
Verify that your provider is regulated in Australia. Banks are ADIs supervised by APRA and covered by the Financial Claims Scheme. Fintechs like OFX hold AFSLs and are regulated by ASIC. Look for additional certifications like ISO 27001 for information security.
- Customer support
International payments don’t follow business hours. Providers offering 24/7 human support across time zones ensure help is available when you need it, whether that’s a transfer query at midnight or an urgent payment during a public holiday.
- Scalability
Look for providers that support batch payments, multi-entity management, approval workflows, and the ability to add users and currencies without complex setup.
Benefits of an international business bank account.
The right international business account can unlock efficiency, cost savings, and flexibility for companies trading across borders. Key benefits include:
- Simplified global transactions
Send and receive payments in foreign currencies without constant conversions or manual workarounds. - Reduced FX exposure and risk
Hold funds in multiple currencies and choose when to convert, helping you manage rates more strategically. - Faster international payments
Cut down on delays with faster settlement times—ideal for meeting supplier terms and strengthening client trust. - Improved cash flow control
Greater visibility over incoming and outgoing international transactions makes it easier to plan ahead. - Stronger global relationships
Paying suppliers or receiving funds in their local currency helps reduce friction and build long-term partnerships. - More professional presence overseas
Having local account details in key markets can boost credibility with clients and partners abroad.
Why more Australian businesses are choosing OFX
OFX offers a modern alternative to traditional international business banking without the high FX fees. Here’s why so many Australian businesses are switching to OFX:
- No monthly fees: Keep operating costs down with a free-to-open, free-to-maintain business account on our free Standard plan.
- Competitive FX rates: Transparent pricing with no hidden markups means more value per transaction.
- Multi-currency accounts: Hold and manage 30+ currencies in one platform.
- Local account details: Receive funds in AUD, USD, GBP, EUR, CAD and more as if you were a local with no international transaction fees.
- 24/7 support from real people: Get help when you need it, with human support available around the clock.
- Security and regulation: Regulated in over 50 jurisdictions, with enterprise-grade data protection.
- Smart integrations: Connect with Xero and QuickBooks accounting software.
Ready to simplify your global payments? See our business pricing or request a demo today and start managing international transactions with less admin, lower costs, and full control.
Best international bank account FAQs
What is an international business bank account?
An international business bank account is a dedicated business account that supports sending, receiving, and holding multiple foreign currencies alongside AUD. These accounts are designed for businesses that trade across borders, offering features like competitive FX rates, multi-currency holding, and access to local payment rails in key markets.
Can a foreign company open a bank account in Australia?
A foreign company can open an Australian business bank account, but most banks and fintechs require the entity to establish a legal presence in Australia first. This typically involves registering with ASIC as a foreign company and providing documentation such as proof of registration, identification of directors, and a registered Australian address.
What happens if you transfer more than $10,000 in or out of Australia?
Transfers of $10,000 AUD or more (in cash or monetary instruments) into or out of Australia must be declared to AUSTRAC under anti-money laundering reporting obligations. Electronic transfers over this threshold are automatically reported by your financial institution. This doesn’t prevent you from making large transfers; it’s a regulatory compliance requirement.
How do I choose the right international business account in Australia?
Focus on five factors: FX markup rates, multi-currency holding capabilities, settlement speed, accounting software integrations (Xero, QuickBooks), and the quality of customer support. Weigh these against your transaction volume, the currencies you use most, and your growth plans. The comparison table above provides a side-by-side view of how each provider stacks up.
What fees should I expect with an international business bank account?
Common fees include monthly account fees ($0–$29), international transfer fees (0%–3.5%), FX markups (0%–4.3%), and one-time setup or card issuance fees. Some providers also charge receiving fees, cancellation fees, or minimum balance penalties. Reviewing the full fee schedule before committing to a provider is essential.
Do I need a separate business bank account for international payments?
Companies, partnerships, and trusts in Australia are legally required to hold a separate business bank account. While you can make international payments from a standard business account, a dedicated international account simplifies multi-currency management, reduces FX costs, and makes tax-time reconciliation far more straightforward.
What is the difference between a foreign currency account and a multi-currency account?
A foreign currency account typically holds a single foreign currency at one bank. You’d need a separate account for each currency you operate in. A multi-currency account lets you hold, convert, and transact in dozens of currencies under one login, giving you greater flexibility and a clearer view of your global cash position.
What are the differences between Banks vs fintech alternatives in Australia?
Understanding the regulatory and structural differences helps you make a more informed choice:
- Deposit protection: Bank deposits are covered by the Financial Claims Scheme (up to $250,000 per account holder per ADI). Fintech accounts don’t carry FCS protection, though providers like OFX hold client funds in segregated trust accounts.
- Regulation: Banks are supervised by APRA as ADIs. Fintechs like OFX and Airwallex hold AFSLs and are regulated by ASIC.
- FX pricing: Banks set their own retail exchange rates with markups of 2–4%. Fintechs typically offer markups of 0–1.5% or use the mid-market rate with a transparent fee.
- Feature depth: Fintechs generally offer deeper multi-currency functionality, corporate cards, batch payments, and native accounting integrations that banks are still building out.
- Onboarding: Fintechs allow fully digital onboarding in minutes. Banks may require branch visits, paperwork, and longer verification timelines.
What are the top international bank & business accounts in Australia in 2026?
Here are some of the top international business accounts in Australia:
- ANZ
- OFX
- NAB
- CBA
- Westpac
- Macquarie
- Wise
Are fintech business accounts safe in Australia?
Fintech providers like OFX and Airwallex hold Australian Financial Services Licences (AFSLs) and are regulated by ASIC. Security measures typically include ISO 27001 certification, data encryption, two-step verification, and segregated client trust accounts. They don’t carry FCS protection like banks, so it’s worth understanding how each provider safeguards client funds.
How long does it take to open an international business bank account?
Fintech platforms like OFX and Airwallex allow online registration in under 10 minutes, with identity verification typically completed within 2–3 business days. Traditional banks may require branch visits, physical documentation, and longer processing timelines, sometimes taking several weeks for full account activation.
References
- https://insideretail.com.au/business/strategy/two-in-three-australian-brands-are-looking-abroad-to-scale-up-heres-why-202408
- https://www.currencytransfer.com/blog/expert-analysis/how-to-send-large-international-business-payments-without-bank-markups
- https://www.anz.com.au/business/accounts/transaction-accounts/business-essentials/
- https://www.nab.com.au/business/international-and-foreign-exchange/international-money-transfers
- https://www.commbank.com.au/business/international-business-payments/international-money-transfer.html
- https://www.commbank.com.au/content/dam/commbank/personal/apply-online/download-printed-forms/ADB1784.pdf
- https://www.westpac.com.au/business-banking/transaction-accounts/
- https://www.westpac.com.au/content/dam/public/wbc/documents/pdf/bb/deposit-accts-bus-customers-tandc.pdf
- https://www.macquarie.com.au/business-banking/business-accounts/compare.html https://www.monito.com/en/international-money-transfers/macquarie-bank/australia
- https://www.ofx.com/en-au/business/pricing/
- https://wise.com/au/pricing/business
IMPORTANT: The information is based on our online research at time of publication. 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. If you would like to request updated information, please contact us at business@ofx.com. Please see our pricing pages for the most up to date OFX pricing and fee information.
