How to open an international bank account

What is an international bank account?

Unlike a standard Australian bank account which only allows you to hold Australian dollars, an international bank account lets you to hold different currencies. This could be really handy if you often need to make international payments or accept deposits in another currency.

For example, maybe you often send money to relatives in another country, accept business income or rental income from overseas or pay overseas suppliers.

By being able to hold the foreign currency in your account, it means you can make transactions directly in that currency without needing to first convert the money from AUD for every transaction.

How to open an international bank account

1. Pick your account.

Choose an international bank account that suits your needs. For example, if you travel and spend a lot overseas you'd want one that comes with a debit card. If you need the account primarily to send money to relatives abroad make sure the account you choose allows you to hold the currency you need.

2. Check eligibility.

Some international bank accounts require you to be over a certain age. If you're opening the account from Australia you may also need to be an Australian citizen or permanent resident.

3. Apply online.

Due to the international nature of the bank account you will typically need to submit an application online, but you may be able to visit a branch to provide proof of ID.

4. Submit the required documents.

You will need to provide proof of identification such as a driver's licence or passport.

5. Fill out personal details.

You will need to provide information such as your full name, date of birth, residential address and tax file number.

6. Submit application and wait for approval.

Once approved your account will be opened instantly and the details sent to you. Your debit card will arrive in the mail in a few business days, but you'll be able start using the account right away online.

"I got a Wise account which has been great for when I am travelling overseas. Opening the account was very easy, I did it all through my phone and I had my card delivered in less than a week. It has been very helpful to take advantage of changes in exchange rates depending on where I am travelling. I can easily check the exchange rates and once it is favourable I can convert my AUD to my desired currency. The card is also very responsive to where you are, so if you have a balance in 2 different currencies, it will spend the currency of the country you are in."

Juan Peña

Finder crew member

What are the benefits of having an international bank account?

• Multiple currencies: International bank accounts typically allow you to hold multiple currencies, saving you the fees and exchange rates you'd pay with a standard account.

• International money transfers: You'll pay less fees for sending money overseas, given that you can hold the foreign currency that you're using in the account.

• Convinience: If you often need to make transactions in another currency, it'll be very convinient to be able to hold that currency in your Australian bank account.

• Exchange rates: You can exchange money into a different currency when the exchange rate is good.

• Debit card access: You can use the debit card to pay overseas with the local currency, or simply use in Australia as your day-to-day account.

Frequently asked questions

• Can you open a bank account internationally?

  You might be able to open a bank account internationally if you have a local address there. Otherwise, you can open an Australian bank account that lets you hold international currencies instead.

• Is there an international bank in Australia?

  A lot of Australia's major banks, such a westpac and Commonwealth Bank, do have some offices internationally however they're not international banks. Other major banks such as HSBC and Citi are international banks.

• What's the best way to send money to a bank account internationally?

  If you choose a local bank account that allows you to hold different foreign currencies, you can more easily send money overseas in the correct currency staright from your account.

Written by

Rebecca Pike

Editor, Money

Rebecca Pike is Finder’s money editor, with over 7 years of experience in mortgages and personal finance. A frequent TV and radio commentator, she frequently appears on Sunrise and 7News, Today and 9News, as well as Sky News, Channel 10 and across radio and print. Rebecca previously served as Editor of Mortgage Professional Australia. She has a Master’s degree in Journalism as well as ASIC-recognised certifications in Tier 1 Generic Knowledge and Tier 2 General Advice Deposit Products, which comply with ASIC guidelines. See full bio

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