Which Australian banks have foreign currency accounts?

ANZ, CommBank, NAB and Westpac all provide foreign currency accounts as well as providers such as Bendigo Bank, Bank of Queensland and HSBC. However, some accounts are designed for personal use only while others are meant for business use, so you'll need to check with each bank to find out what's available.

Should I open a multi-currency account?

If your business regularly sends and receives foreign currency payments, a multi-currency business account offers several benefits. It allows you to save money on currency conversion costs, makes it easy to pay people and get paid in the countries where you do business, and it simplifies the management of all your global transactions. But if your business only sends or receives overseas payments on rare occasions, a multi-currency account may not be necessary.

Can I have a foreign currency account in Australia?

Yes, it's now extremely straightforward to open a foreign currency or multi-currency account that lets you hold and transact in multiple currencies from the one account.

What is the interbank exchange rate?

The exchange rate at which banks trade foreign currency with one another. Also known as the mid-market rate, it shows the real value of one currency relative to another at any given time. But if you're converting between currencies, you typically won't get the interbank exchange rate - the provider that handles the exchange will most likely add an exchange rate markup.

Tim Falk, Writer at Finder

Tim Falk

Writer

Tim Falk is a writer for Finder, writing across a diverse range of topics. Over the course of his 15-year writing career, Tim has reported on everything from travel and personal finance to pets and TV soap operas. When he’s not staring at his computer, you can usually find him exploring the great outdoors.