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Best multi-currency business accounts

The best foreign currency business accounts to manage all your international payments.

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

Cons

  • Linked cards can't be used for ATM withdrawals
  • Some complaints about poor customer support

Airwallex review

Qantas Business Money

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
  • Extra fee for payments in CNY
  • SWIFT payments fee applies
  • Service is provided by Airwallex

Qantas Business Money review

OFX

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

  • 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

OFX review

TorFX

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
  • No linked debit card
  • Exchange rate markups apply

TorFX review

Revolut

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

Revolut review

Send Payments

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

  • Dedicated account manager
  • No transfer fees
  • Easy-to-use platform

Cons

  • No linked debit card
  • Limited information available online

Send Payments review

Wise

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

  • 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

Wise review

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.

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.

Compare money transfer companies

1 - 7 of 7
Name Product Filter Values Fastest Transfer Speed Fees (Pay by Bank Transfer)
Airwallex
Within minutes
$0
Streamline global payments in 60+ currencies. Send & receive securely in 150+ countries, with fast settlements & competitive rates. Simplify book-keeping & manage everything in one place.
Qantas Business Money
Within minutes
$0
Limited time offer: Earn up to 125,000 bonus Qantas Points as a first-time converter. Ends 30 April 2024. Conversion limits and T&Cs apply.
Set up accounts in 11 different currencies and get rewarded for global business payments by earning Qantas Points.
OFX Business Transfers
24 hours
$0
OFX has no maximum limit transfers, with competitive exchange rates for 45+ currencies.
TorFX Business Transfers
24 hours
$0
TorFX guarantees to match any competitor's exchange rate. Conditions apply.
TorFX sends money overseas in 30+ currencies, with competitive rates for transfer amounts over $2,000.
Revolut
Within minutes
$0
Send money with great rates and low fees in 30+ currencies.
Send business
24 hours
$0

Send provides fee-free transfers via its 24/7 multi-currency payments platform with real-time quotes.
Wise (TransferWise)
Within minutes
From 0.43%
Wise uses the mid-market rate and transparent fees to help you send money in 50+ currencies.
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