Revolut
If you regularly send or receive payments in US dollars, opening up a multi-currency account is a great option. Wise is currently among the most popular choices as it typically offers a better exchange rate and lower fees than banks such as HSBC, NAB and ANZ.
If you want to open a USD account in Australia, keep reading to find out how.
How multi-currency accounts work
You can open a USD account by completing the following steps:
To give you a better idea of how multi-currency accounts work, let's take a look at the process of opening a Wise multi-currency account.
| 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% |
You'll need to consider the following fees when opening and managing a multi-currency account:
Some of the features of a USD account include the following:
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 with the speed and the low or no fees of a domestic transfer.
Support for multiple currencies Many accounts will also support additional currencies, allowing you to send and receive payments in USD, EUR, GBP and more.
Available for business and personal customers 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.
Linked debit card Many foreign currency accounts come with a linked debit card that you can use to make ATM withdrawals.
Account access 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.
Reasonable exchange rates and fees 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.A USD account can be a useful tool for a wide range of people, including the following:
However, if you're only going to be spending a short time in Australia – like if you're vacationing Down Under for a couple of months – a travel money card offers a simpler way to manage your funds.
There are several reasons why it makes sense to open a USD account:
Before opening a USD account, make sure you're aware of the following drawbacks:
If you regularly receive payments in USD, a multi-currency account can help you access superior exchange rates, ensuring that more money ends up in your pocket. However, make sure you compare a variety of USD accounts before deciding which one is right for your needs.
Your guide to the best foreign currency accounts for business, including how to open an account.
Your detailed guide to opening a bank account in NZ, including eligibility criteria and how to apply.
All the info you need to know about buying a property in Japan from Australia.
The detailed guide to buying a property in the UK as a foreigner.
If you're looking to transfer money out of Australia, read our guide on the four best transfer companies.
Compare Revolut with Wise on speed and cost to see which is best for your next money transfer.
Check out our review of TorFX's fee-free money transfers.
If you're looking to send money overseas, check out our review of WorldRemit.
Send an international money transfer to someone without a bank account. Get it there instantly and they can pick it up in person, in cash. Get quotes now.
If you’re thinking of sending a money transfer with Western Union, read our review of its transfer speed, exchange rates and fees first.