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Foreign currency accounts

You can save on overseas ATMs, international transaction fees and foreign exchange costs with a foreign currency account. Plus, hold multiple currencies in the one account.

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If you need access to multiple currencies, a foreign currency account is an easy, hassle-free option that can save you money in foreign exchange fees and charges. A foreign currency account, or multi-currency account, allows you to hold several different currencies at once, and switch between currencies when needed. See a couple of options below.

Bank account offer
HSBC Everyday Global Account
monthly fee
ATM withdrawal fee
  • Google Pay, Apple Pay
  • Monthly fees: $0
  • No international transaction fees
  • Up to 10 currencies

HSBC Everyday Global Account

Earn 2% cashback on tap and pay purchases. T&Cs apply.
Earn 2% cashback on tap and pay purchases. T&Cs apply.

Foreign currency accounts in Australia

1 - 1 of 1
Name Product Contactless Payments Instant Payments ATM Withdrawal Fee Monthly account fee
HSBC Everyday Global Account
Google Pay, Apple Pay
Earn 2% cashback on tap and pay purchases. T&Cs apply.
Enjoy no minimum ongoing balance or transaction requirements and the flexibility to hold up to 10 currencies. Apple Pay and Google Pay available.


Compare up to 4 providers

What is a foreign currency account?

Also known as a multi currency account, a foreign currency account is a standard Australian bank account that allows you to send and receive funds in a foreign currency. These funds can either be exchanged into Australian Dollars or held in whatever currency they’re received in until you’re ready to exchange them. Foreign currency accounts can come in both business and personal versions.

Depending on who your account is with you can make deposits and withdrawals at a branch or online, although keep in mind that some accounts will only offer a smaller number of currencies which can be withdrawn at a branch.

How does a foreign currency account work?

If you're regularly using a foreign currency it can can become expensive constantly exchanging your money from AUD. When you use a foreign currency account, you can deposit different currencies into the account and keep them in that currency. You can switch between the currencies to take advantage of changing exchange rates and send money overseas without having to worry about extra charges for conversion (though transfer fees may apply).

This is an ideal way to handle your money if you are often dealing with international transactions. International banks like Citi and HSBC offer accounts for both foreign and Australian currency.

Currencies included in foreign currency accounts

It will depend on the account you choose as to what currencies you're able to hold. However, most will offer the following major currencies:

  • Australian Dollars (AUD)
  • United States Dollars (USD)
  • Great Britain Pound Sterling (GBP)
  • Euro (EUR)
  • Hong Kong Dollars (HKD)
  • Canadian Dollars (CAD)
  • Japanese Yen (JPY)
  • New Zealand Dollars (NZD)
  • Singapore Dollars (SGD)
  • Renminbi (RMB) though currency restrictions often apply

What are the benefits of a foreign currency account?

  • Use multiple currencies with one account

One of the major benefits of a foreign currency account is you can send and receive funds in different currencies without exchanging them. This is ideal for anyone in the import and export business, or anyone with business overseas. Let’s have a look at a fictional example.

Matt uses his multi-currency account

man-on-couch-with-creditcard-and-laptop-ShutterstockLet's say Matt buys stock from China and sells it in the United States. Without a foreign currency account the payment process would be a long and expensive ordeal. They would need to convert funds into Australian dollars when receiving payments from the US, and then convert this to Chinese Renminbi when they needed to purchase stock. This can come with extra fees, and would see them at more risk due to currency fluctuations when converting funds.

Since foreign currency accounts let you send and receive money in any currency, Matt could buy stock using Chinese Renminbi, and receive payments from customers in US Dollars all direct into the one Australian-based bank account. Then they could decide when to convert funds into AUD when they wanted to.

  • Earn interest on different currencies

Some foreign currency accounts will even pay interest rates on selected currencies. These are usually offered in tiers, with better rates offered to larger balances.

Many banks will offer a selection of currencies, so it’s important to first compare the various institutions and products in the market to ensure the currencies you need are offered. Generally speaking, banks will offer major currencies with a foreign currency account, so if you plan on dealing in exotic currencies, you might need to seek the services of an international money transfer service and use a regular bank account.

  • Overdrafts

If you’re unsure of the timing of your foreign currency payments many institutions will also allow you to maintain an overdraft in specific currencies. This can help accommodate delayed or early payments. Always take into account fees and rates for the use of this type of feature.

  • Exchange rate benefits

As mentioned above, a major benefit of this type of account is that you can keep your money in whichever currency you want. This is especially important in regards to exchange rates.

The value of 1 US dollar today could be very different tomorrow, and these fluctuations in value can cost you a lot on larger transactions. In fact the number of Aussie dollars you’ll get in exchange for any currency varies each day based on global financial markets.

In a foreign currency account you can sit on your money until the rates make it worthwhile to transfer it back into Aussie dollars. This can be especially helpful in business transactions, which may be much larger then regular personal transactions, and therefore can see small differences in rates translate to larger losses.

How do I compare multi currency accounts?

In order to ensure that you can take full advantage of having a multi currency account, you should be comparing the following features amongst the various banks:

  • Number of currencies. You will find that some financial institutions are able to provide you with a number of different currencies while others may only have two or three.
  • Supported currencies. Check to ensure that the currencies you deal with most are available with each of the accounts you are comparing.
  • Account minimum. Some banks will require that you maintain a minimum monthly balance in the account.
  • Monthly account fees. You could find some that are charging a maintenance fee every month for a multi currency account.
  • Other fees. Read the fine print to see if you are subject to any cash handling fees for transactions. In some instances this could depend on the particular currency and the type of transaction you are making.
  • Currency conversion charges. In addition to the exchange rate differences, the bank could also be charging you each time you convert your money to another currency.
  • Transfer amounts. The amount you are allowed to transfer per transaction and per day will vary between banks.
  • Transfer types. With most you are going to find that all overseas transfers are conducted as a bank to bank transfer.
  • Money transfer speed. Look to see how long with each account does it take to transfer money from your home bank to one overseas.
  • Flexibility. With some multi currency accounts you will be able to make transfers, deposits and withdrawals over the phone or internet or at a branch. Check to see if any of these transaction types are limited or incur extra fees.

Pros and cons of a multi currency account


  • Multiple currencies. This is the main benefit of holding one. You don’t need to worry about exchanging your money and can deposit foreign currency.
  • Balance requirements. With some banks such as HSBC, Australians will not be required to maintain a minimum balance in a multi currency account.
  • Exchange rates. You can switch between currencies in some instances to take advantage of a better exchange rate.
  • Account keeping fees. You are going to be able to find multi currency accounts that do not charge any monthly or ongoing fees.


  • Cash handling fees. For some of your transactions you can expect to be charged special cash handling fees.
  • Low interest. With this type of account you will not be earning interest payments on your balance.
  • Less choice. Not all bank accounts are able to be used as foreign currency accounts, so you'll have far less choice compared to a standard bank account.

What fees can I expect?

A foreign currency account usually comes with a number of fees in addition to regulars such as monthly service charges.

These include fees for depositing or withdrawing. Some institutions may offer unlimited deposits and allow a certain number of fee-free withdrawals per month, or vice versa. If you do need to pay fees for deposits or withdraws these will typically be under $10 per transaction.

When comparing accounts know what your dealings each month will primarily consist of. If you receive many deposits each month it may be useful to find an account which offers free unlimited deposits.

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How can I open a foreign currency account?

Opening a foreign currency account isn’t very different to opening any other kind of bank account. You’ll need your basic personal and contact information (e.g.: your address and phone number), along with the standard forms of acceptable identification (e.g.: a driver's license).

Frequently asked questions

Picture: Shutterstock

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13 Responses

  1. Default Gravatar
    RobynJanuary 5, 2019

    I am moving to UK and buying a house there. Who offers the best exchange rate for this and also a safe one? Will be wanting to transfer approx 1M AUD.

    • Avatarfinder Customer Care
      JeniJanuary 8, 2019Staff

      Hi Robyn,

      Thank you for getting in touch with Finder.

      You may refer to our guide about making a large international money transfer. In addition, if you have a UK bank account, you might want to consider looking at an international money transfer service, as these typically have more competitive exchange rates than banks.

      I hope this helps.

      Please feel free to reach out to us if you have any other enquiries.

      Thank you and have a wonderful day!


  2. Default Gravatar
    BryanOctober 31, 2018

    I have inheritance coming from the US. It will come from several accounts. I would like to get all the money collected and then look for a competitive exchange rate. What is the best account to do this?

    • Avatarfinder Customer Care
      JeniNovember 10, 2018Staff

      Hi Bryan,

      Thank you for getting in touch with finder.

      Please note that exchange rate varies on time or date of transaction. This page currently provides info from 2 banks that offer multi-currency accounts. I suggest that you contact these banks directly or visit their local branch near you to help you decide on which to open a multi-currency account for your inheritance. It is also helpful to check online forums on this matter. I sincerely apologise that I wouldn’t be able to provide specific recommendation as different banks offer various banking facilities that would suit your needs.

      I hope this somewhat helps.

      Please feel free to reach out to us if you have any other enquiries.

      Thank you and have a wonderful day!


  3. Default Gravatar
    BobSeptember 15, 2017

    Do any Australian banks offer a Malaysian Ringgit foreign account ?

    • Default Gravatar
      LiezlSeptember 15, 2017

      Hi Bob,

      Thanks for your question. None of the banks in our review currently supports Malaysian Ringgit. Common currencies offered by banks are those mentioned above. You may want to contact the bank you wish to open an account with to ascertain this.


  4. Default Gravatar
    PaulJuly 11, 2017

    I have taken a position overseas which I will be paid a salary in US dollars monthly. What is the best account to open? I have heard that some of the banks also charge pretty highly for exchanging between currencies. Which is the best way to deal with this?

    • Default Gravatar
      LiezlJuly 11, 2017

      Hi Paul,

      Thanks for reaching out. As a financial comparison website and general information service, we are unable to recommend a particular product to you.

      If you expect regular remittances in USD, multi-currency account might work for you. You can either opt to exchange the money in AUD or keep it in USD and exchange later. Please carefully go through our review above and see if this account suits your spending and saving habits. You may click the bank’s name for more information.


    • Default Gravatar
      PaulJuly 12, 2017

      Thank you Liezl

  5. Default Gravatar
    TonyJuly 4, 2017

    My company is about to receive over US$100k from overseas for foreign earnings
    This income will in due course be used in Australia but once received does not have to be used or dispersed in a hurry. Meaning we can wait or the US/AU foreign currency rate to be favourable before conversion to AUD.
    Question: Is there merit in having a dual currency account in these circumstances?

    • Avatarfinder Customer Care
      MayJuly 4, 2017Staff

      Hi Tony,

      Thanks for reaching out.

      If you are often dealing with international transactions, it would be ideal to have a multi-currency account. With this type of account, you’re able to switch between currencies while taking advantage of the changing exchange rates whilst not worrying about the extra charges for conversion. With a multi currency account, you can also deposit different currencies.


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