If your business regularly sends or receives international payments, a multi-currency business account can be invaluable.
There are now more than 3 trillion global payments made each year1, so it's mort important than ever to have easy access to global currencies and payments.
The best multi-currency account lets you hold and manage multiple currencies from a single account and can even help you save money on conversion costs.
A multi-currency account lets you hold two or more currencies under the one account.
Just like a regular bank account, you can use a multi-currency account to send and receive money.
The difference is that when you receive a payment in a supported foreign currency, it won't be automatically converted to Australian dollars by your bank.
Instead you can hold that foreign currency in your account, use it to make payments and overseas purchases, or convert it to AUD when you need.
If your business operates outside Australia, it makes it easy to pay overseas employees and suppliers, get paid in the local currency where you do business and enjoy big savings on currency exchanges.
Before opening a multi-currency business account, you'll need to check the eligibility requirements to make sure you qualify. Requirements vary, but you will generally need to:
If you qualify, here's what you need to do to open an account:
You can compare other multi-currency account providers based on fees and transaction speeds below:
We currently don't have that product, but here are others to consider:
How we picked theseWe review money transfer providers for different features to assign them a score out of 10. The higher the score, the more competitive the product.
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