If your business regularly sends or receives international payments, a multi-currency business account is a useful resource. This type of account lets you simplify how to manage multiple currencies and can save you money on conversion costs.
What is a multi-currency account?
A multi-currency account lets you hold two or more currencies in one account. For example, you might choose an account that allows you to hold, send and receive money in AUD, USD, EUR and GBP.
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 the exchange rate you want becomes available.
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.
Best multi-currency business accounts.
Airwallex
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
Supports 13 currencies
Convert currencies at the mid-market rate
No monthly maintenance fees or transactions limits
Simplify bookkeeping with accounting software integrations
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
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
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
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
No transfer fees
Use forward contracts and set limit orders
Dedicated account managers
Cons
Not a dedicated multi-currency business bank account
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
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
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
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
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:
Compare options. Compare foreign currency accounts to find one that suits your business needs.
Fill out an application form. While traditional banks might require you to visit a branch to apply, fintechs allow you to apply online.
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.
Upload proof of ID. You can use your driver's licence or passport as proof of ID.
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.
Benefits of multi-currency business accounts
Get paid in the local currency. If your business operates overseas, your customers can pay you directly in their local currency. This also makes it easy for businesses that need to accept foreign currency payments to their ecommerce store or through online marketplaces.
Pay suppliers and employees. If your business employs overseas workers or sources inventory from overseas, a multi-currency account makes it easy and affordable to pay your bills.
Convert funds at the best time. When you receive payment in a foreign currency, you can simply hold the funds in your account and wait for the best exchange rate to become available before converting to Australian dollars.
Save on fees. You can save on currency conversion fees by receiving and holding multiple international payments and converting them to AUD in bulk. Some multi-currency business account providers also offer competitive exchange rates (or even the mid-market rate) to help boost your bottom line even more.
Pay for business travel expenses. If your account comes with a linked multi-currency debit card, you can avoid foreign transaction fees and pay in the local currency when you travel overseas for business.
Downsides of multi-currency business accounts
Account fees. Multi-currency accounts may come with additional fees compared to regular business accounts. These could include monthly fees, transaction fees and currency conversion fees.
May not have a linked debit card. Some foreign currency accounts don't come with a linked debit card, which makes it a little more inconvenient to access funds.
Minimum balance requirement. Some accounts may require you to maintain your balance above a minimum level to avoid being charged a monthly fee.
Supported currencies. Depending on the account you choose, it may not be possible to hold all the currencies your business needs.
May not be able to deposit cash. If your business regularly accepts cash payments, many multi-currency accounts will not accept cash deposits.
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.
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.
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.
Tim Falk is a writer for Finder, writing across a diverse range of topics. Over the course of his 15-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.
What are the best options for sending or receiving a large amount of money overseas? Read this $50,000 case study with exchange rates and fees comparison.
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