Small transfers
7 best multi-currency accounts for business and individuals
The best foreign currency business accounts to manage all your international payments.
Key takeaways
- Multi-currency accounts simplify global transactions potentially reducing currency conversion expenses for businesses.
- Providers offer varied features such as 30+ currencies or earning Qantas Points on conversions.
- Opening an account typically requires an ABN or ACN and valid proof of identity.
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.
Most multi-currency accounts are provided by non-bank payment companies under an ASIC Australian financial services licence, not by banks, so your balance is not a bank deposit and is not covered by the government's Financial Claims Scheme. 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.
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:
- 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.
Compare your other options
You can compare other multi-currency account providers based on fees and transaction speeds below:
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How we picked these
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We 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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