7 best multi-currency accounts for business and individuals

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.

What is a multi-currency account?

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.

Finder Score	Fastest Transfer Speed	Fees (Pay by Bank Transfer)
Finder Score Not scored yet Airwallex	Finder Score Not scored yet	Within minutes	$0	0% foreign exchange margin and $0 fees on your first $20,000. T&Cs apply.	View details Compare product selection Compare	loading	Why we like it An Airwallex Global Account lets you open accounts and receive payments in up to 13 currencies. There are no account opening or maintenance fees to worry about, and it's easy to convert between currencies. And with all of your global balances and transactions visible via a simple user interface, you can save time managing your international payments. Pros & cons Pros Supports 13 currencies Convert currencies at the mid-market rate Simplify bookkeeping with accounting software integrations Cons Linked cards can't be used for ATM withdrawals Some complaints about poor customer support Monthly fees apply
Finder Score Not scored yet Qantas Business Money	Finder Score Not scored yet	Within minutes	$0	Earn 1 Qantas Point on every $1AUD equivalent converted in foreign currency. T&Cs apply.	View details Compare product selection Compare	loading	Why we like it A Qantas Business Money Global Account offers business bank accounts in up to 11 currencies - AUD, USD, GBP, EUR, CNY, CAD, CHF, HKD, JPY, SGD and NZD. It's also easy to convert funds in your account and send payments in over 30 currencies, while you'll earn 1 Qantas Point for every $1 you convert as an added bonus. Qantas Business Money claims you can save up to 50% on conversion fees compared to using a big bank. Pros & cons Pros Open accounts in 11 currencies Earn Qantas Points on currency conversions Save on currency conversion costs Supports batch payments Cons Exchange rate markups of at least 1.75% on currency conversions Extra fee for payments in CNY SWIFT payments fee applies
Finder Score Not scored yet OFX Business Transfers	Finder Score Not scored yet	24 hours	$0	Go to site View details Compare product selection Compare	loading	Why we like it The OFX Global Currency Account is a multi-currency business account that provides bank account details in up to seven currencies - AUD, CAD, EUR, GBP, HKD, SGD and USD. There are no account setup fees, monthly fees or receiving fees, and you'll get competitive exchange rates when you send transfers to over 50 currencies. Xero integration also makes it easy to stay on top of your bookkeeping. Pros & cons Pros No fees for receiving funds Hold funds in up to seven currencies Easy to open and manage an account Backed by 24/7 support Cons Fee for same-currency transfers Exchange rate markup applies
Finder Score Not scored yet TorFX Business Transfers	Finder Score Not scored yet	24 hours	$0	TorFX guarantees to match any competitor's exchange rate. T&Cs apply.	Go to site View details Compare product selection Compare	loading	Why we like it TorFX provides personal and business overseas payments. It offers competitive exchange rates on international transfers, plus advanced order types to help you secure the exchange rate you want. You also get support from a dedicated account manager, and easily store #your currencies in a secure multi-currency wallet. Pros & cons Pros No transfer fees Use forward contracts and set limit orders Dedicated account managers Cons Not a dedicated multi-currency business bank account No linked debit card Exchange rate markups apply
Finder Score Not scored yet Revolut Business	Finder Score Not scored yet	Within minutes	$0	View details Compare product selection Compare	loading	Why we like it Revolut's online multi-currency account for business supports over 25 currencies and lets you send payments to more than 100 countries. You can send five fee-free international transfers per month and exchange up to $15,000 at the mid-market rate per month with Revolut's cheapest plan (known as Grow), and the account also comes with a physical and virtual company card that lets you spend in over 150 currencies. Pros & cons Pros Get the mid-market rate on currency exchanges Supports over 25 currencies Comes with physical and virtual debit cards Handy accounting software integrations Cons Plans start at $21 a month Limits on the number of fee-free transfers you can send per month Limits on the amount of money you can exchange at the mid-market rate per month
Finder Score 6.7 Standard Send Payments	Finder Score 6.7 Standard	24 hours	$0	Go to site View details Compare product selection Compare	loading	Why we like it Founded in 2018, Send Payments is a Gold Coast-based money transfer service with fee-free international transfers. You can send funds around the world in 37 different currencies, plus get competitive exchange rates on your conversions. It's quick and easy to open an account online, and you can send business transfers 24/7. Pros & cons Pros Dedicated account manager No transfer fees Easy-to-use platform Cons No linked debit card Limited information available online
Finder Score 9 Excellent Wise Most Loved	Finder Score 9 Excellent	Within minutes	From 0.63%	Go to site View details Compare product selection Compare	loading	Why we like it Wise Business offers a multi-currency account that allows you to pay employees and clients in over 70 countries. It's easy to convert between currencies in your account, and you get the mid-market exchange rate when swapping currencies. You also get local bank account details in up to 10 different currencies so you can get paid in the countries where your business operates, and the Wise account also comes with a linked debit card for easy access to your funds Pros & cons Pros Send payments to over 70 countries No exchange rate markups Local account details in up to 10 currencies Supports batch payments Cons $22 account opening fee Currency conversion fees from 0.42% $6 fee to get a debit card

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How to open a multi-currency business account

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:

• Be 18 years or older
• Be opening an account for business purposes
• Have an Australian Business Number (ABN) and/or Australian Company Number (ACN)

If you qualify, here's what you need to do to open an account:

1. Compare options. Compare foreign currency accounts to find one that suits your business needs.
2. Fill out an application form. While traditional banks might require you to visit a branch to apply, fintechs allow you to apply online.
3. Provide information. You'll need to provide your name, date of birth, contact details and position at the company. You'll also have to provide details such as your business name, address and tax residency information.
4. Upload proof of ID. You can use your driver's licence or passport as proof of ID.
5. Fund your account. Transfer funds into your multi-currency account from your everyday business transaction account. Also, you can provide your account details to customers so they can send funds directly to your account.

Compare your other options

You can compare other multi-currency account providers based on fees and transaction speeds below:

9 of 9 results

Updated regularly

Filter Values	Finder Score	Fastest Transfer Speed	Fees (Pay by Bank Transfer)
Xe Business Transfers		Finder Score Not scored yet	Within minutes	$0	Xe has fast transfers, low fees and a range of foreign currency tools. Send money to 200 countries in 130+ currencies.	Go to site View details Compare product selection Compare	loading
Finder Score Not scored yet TorFX Business Transfers		Finder Score Not scored yet	24 hours	$0	TorFX guarantees to match any competitor's exchange rate. T&Cs apply.	TorFX sends money overseas in 30+ currencies, with competitive rates for transfer amounts over $2,000.	Go to site View details Compare product selection Compare	loading
Finder Score Not scored yet OFX Business Transfers		Finder Score Not scored yet	24 hours	$0	OFX has no maximum limit transfers, with competitive exchange rates for 50+ currencies.	Go to site View details Compare product selection Compare	loading
WorldFirst		Finder Score Not scored yet	24 hours	From $0	Open bank accounts in Australia, the UK, US, Canada, Japan and Europe. Send and receive funds with zero fees for large sums, including same-currency supplier payments.	Go to site View details Compare product selection Compare	loading
Send business		Finder Score Not scored yet	24 hours	$0	Send provides no Send payments fee transfers via its 24/7 multi-currency payments platform with real-time quotes.	Go to site View details Compare product selection Compare	loading
Finder Score Not scored yet Qantas Business Money		Finder Score Not scored yet	Within minutes	$0	Earn 1 Qantas Point on every $1AUD equivalent converted in foreign currency. T&Cs apply.	Set up accounts in 11 different currencies and get rewarded for global business payments by earning Qantas Points.	Continue View details Compare product selection Compare	loading
Finder Score Not scored yet Revolut Business		Finder Score Not scored yet	Within minutes	$0	Revolut allows your business to move money around the world quickly and cheaply with 30+ currencies and no maximum limit transfers. Plan fees apply.	Continue View details Compare product selection Compare	loading
Finder Score Not scored yet Airwallex		Finder Score Not scored yet	Within minutes	$0	0% foreign exchange margin and $0 fees on your first $20,000. T&Cs apply.	Streamline global payments across 150+ countries with fast settlements and competitive rates in over 60 currencies.	Continue View details Compare product selection Compare	loading
CurrencyFair		Finder Score Not scored yet	24 hours	€3	CurrencyFair has bank-beating exchange rates and fast transfer times on 20+ popular currencies.	Continue View details Compare product selection Compare	loading

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Frequently asked questions

• 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.

Written by

Tim Falk

Writer

Tim Falk is a writer for Finder, writing across a diverse range of topics. Over the course of his 20-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. See full bio