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How to open a USD account in Australia
The simple, step-by-step guide to getting your own USD account down under.
Key takeaways
- A USD account benefits travellers and businesses by simplifying US dollar transactions.
- Compare providers for competitive exchange rates and all associated fees like conversion costs.
- Look for accounts offering US bank details or multi-currency options with linked debit cards.
Over 1.3 million Australians visit the United States each year and spend over US$8 billion1, so having a USD account can save you time and money.
These days, there are a number of banks and other providers that offer foreign currency or even multi-currency accounts.
This means you can hold a range of different currencies, including USD, under a single account, and convert currencies whenever you need with competitive exchange rates.
How to open a USD account from Australia
You can open a USD account by completing the following steps:
- Compare providers that offer USD accounts. Depending on what you need the USD account for, look for the provider or bank that offers the best exchange rates on USD, and whether it has any additional account fees. You can compare some of the best providers here.
- Open an account. Once you've picked a provider, you'll need to submit your personal details, as well as an ID document.
- Deposit funds. You'll need to add AUD (or another currency) to your account which you can then use to convert to USD.
- Convert funds to USD. Once you've deposited funds, you can then convert them to US dollars. Just make sure to check the rate you are being offered a reasonable conversion rate.
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How to find the right USD account in Australia
There are a couple of things to keep in mind when comparing USD accounts:
- Does it use US bank account details? In a lot of cases, you'll be given a US account number and routing number so that you can receive payments in USD as you would if you had a regular US bank account.
- Does it support other currencies? Many accounts will also let you hold multiple currencies, allowing you to send and receive payments in USD, EUR, GBP and more.
- Is it available for personal use? Some banks and transfer services only offer multi-currency accounts for business or personal use, but other providers offer accounts to suit both types of customers.
- Is there a linked debit card? Many foreign currency accounts come with a linked debit card that you can use to make ATM withdrawals and everyday payments.
- How can you access the account? You'll be able to access any of these accounts online, but it can be helpful to have a specialised app that makes it easier to sort your money on-the-go.
- Are the fees and rates competitive? While most services offer free accounts, you should check out how the exchange rate differs. In general, banks will offer worse rates than a third-party service.
Our expert says: Look beyond the banks
"I've used both Wise and Revolut to hold foreign currencies, including USD, and find providers like that offer more flexibility (and better value) than the big Australian banks."
What fees should I look out for?
You'll need to consider the following fees when opening and managing a USD account:
- Incoming payment fee. Some companies will charge a handling fee on all payments made into your account.
- Outgoing payment fee. This fee may apply to every payment you make from your account. Other accounts may allow a limited number of fee-free withdrawals each month.
- Account keeping fee. Some services charge a monthly or annual account management fee.
- Currency conversion fee. You'll also need to consider the cost of converting from USD to AUD in your account. You may be charged a fee that's a percentage of your transaction amount or the fee may be included as part of the provider's exchange rate mark-up.
- ATM fees. If your account comes with a linked debit card, check whether there are any ATM withdrawal fees.
Finder survey: Do Australians think the Australian dollar will get stronger over the next 12 months?
| Response | 75+ yrs | 65-74 yrs | 55-64 yrs | 45-54 yrs | 35-44 yrs | 25-34 yrs | 18-24 yrs |
|---|---|---|---|---|---|---|---|
| No | 53.57% | 56.71% | 58.13% | 56.73% | 56.04% | 55.56% | 59.34% |
| Yes | 46.43% | 43.29% | 41.88% | 43.27% | 43.96% | 44.44% | 40.66% |
Source: Finder survey by Pure Profile of 1004 Australians, December 2023
What are the advantages of having a USD account?
There are several reasons why it makes sense to open a USD account:
- Get paid in USD. You can receive USD payments straight into your bank account and convert them to AUD at a time that suits you.
- Make payments in USD. If you need to pay a bill in the US, you can make your payment using the local currency.
- Save money on exchange rates. You can hold USD in your account and wait until a better rate becomes available to convert your funds to AUD, so you won't be at the mercy of fluctuating exchange rates.
- Support for other currencies. You may wish to open an account that supports multiple currencies, allowing you to receive local-currency payments from several countries around the world.
- Simple to use. Multi-currency accounts are just as easy to manage as your everyday transaction account.
Who might benefit from a USD account?
A USD account might be worthwhile for the following types of people:
- Businesses receiving payments from US clients and paying suppliers based in the US
- Freelancers who provide their services to US clients
- Those with family in the US
- Overseas students who are studying in the US
- People with investments in the US
- Those who regularly travel to the US
If you're visiting the US for a short holiday, it might make more sense to get a travel money card instead.
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