Commercial accounts in foreign currencies

Can I open a business foreign currency account?

Yes, many Australian banks offer such services to businesses that deal with international transactions or have operations in foreign currencies. These accounts allow businesses to hold funds in various currencies, make and receive payments in those currencies, and hedge against currency exchange rate fluctuations.

What documents do I need to open the account? How do I open a commercial currency account?

To open the foreign business account in Australia, you will typically need to provide certain documents and information:

1. Proof of Business Registration. This could include your Australian Business Number (ABN), Australian Company Number (ACN), or other relevant registration documents, depending on your business structure.
2. Identification Documents. Identification for authorized signatories, directors, partners, or beneficial owners of the business. This may include passports, driver's licenses, or other government-issued photo IDs.
3. Proof of Address. Proof of the business's registered address, which may include utility bills, lease agreements, or other official documents.
4. Business Details. Information about your business activities, such as the nature of your business, industry sector, expected transaction volumes, and sources of funds.
5. Taxation Information. Depending on the bank's requirements, you may need to provide tax-related documents, such as tax returns, financial statements, or other relevant records.
6. Business Structure Documentation. Documentation related to the legal structure of your business, such as partnership agreements, trust deeds, or articles of association.

What is the best foreign currency account in Australia?

It depends on various factors including your specific business needs, transaction volumes, currencies involved, and preferences regarding fees and features. Additionally, what may be considered the best option for one business might not be ideal for another.

Some of the major banks in Australia, such as Commonwealth Bank, Westpac, ANZ, and NAB, offer business foreign currency accounts. Each bank may have its own set of features, fees, and benefits associated with its accounts.

To find the best foreign currency account for your business, consider the following factors:

1. Consider the accessibility of the bank's branches, ATMs, and customer support channels, especially if you prefer in-person assistance.
2. Customer Service. Assess the level of customer support provided by the bank, especially for foreign currency transactions and account management.
3. Exchange Rates. Compare the exchange rates offered by different banks as they can vary and affect the overall cost of transactions.
4. Consider account maintenance fees, transaction fees, currency conversion fees, and any other charges associated with the account.
5. Minimum Balance Requirements. Determine if there are any minimum balance requirements for maintaining the account and whether they are feasible for your business.
6. Online Banking Services. Evaluate the quality and convenience of the bank's online banking platform for managing foreign currency transactions.
7. Range of Currencies. Check which currencies are supported by the account and whether they align with your business's international transactions.
8. Reviews and Reputation. Look for reviews and feedback from other businesses or customers who have used the bank's foreign currency accounts.

What foreign currencies are available for business bank accounts?

Generally, major banks in Australia offer a range of commonly traded foreign currencies to cater to the needs of businesses engaged in international trade and transactions:

• US Dollar (USD)
• Euro (EUR)
• British Pound Sterling (GBP)
• Japanese Yen (JPY)
• Canadian Dollar (CAD)
• Swiss Franc (CHF)

Additionally, some banks may offer accounts in other major currencies such as:

• Chinese Yuan (CNY)
• Singapore Dollar (SGD)
• New Zealand Dollar (NZD)
• Hong Kong Dollar (HKD)
• South Korean Won (KRW)
• Indian Rupee (INR)
• Thai Baht (THB)
• Malaysian Ringgit (MYR)

The availability of specific foreign currencies may vary between banks, and not all banks offer the same range of currencies. Therefore, if your business requires accounts in specific foreign currencies, it's advisable to inquire with different banks to find one that meets your needs.

You can also place free funds on a savings account.

Calculate your future income on a savings account (example): 

You can also get more detailed calculations by using our financial calculators.

What is a multi-currency business account?

It is a type of bank account that allows businesses to hold and transact in multiple currencies. Unlike traditional business accounts that are typically denominated in a single currency (usually Australian dollars), multi-currency business accounts provide flexibility for businesses that engage in international trade or have operations in multiple countries.

Key features of a multi-currency business account may include:

1. Currency Diversity. These accounts allow businesses to hold balances in various currencies, including but not limited to Australian dollars, US dollars, euros, British pounds, Japanese yen, etc.
2. Cost Savings. By holding balances in multiple currencies and leveraging foreign exchange services, businesses may be able to reduce currency conversion costs and fees associated with international transactions.
3. Foreign Exchange Services. Multi-currency accounts often come with foreign exchange services that enable businesses to convert funds between different currencies at competitive exchange rates. This feature can help businesses manage currency exposure and mitigate exchange rate risks.
4. Global Access. Some multi-currency business accounts offer online banking platforms or mobile apps that provide convenient access to account information and allow businesses to manage their finances across borders.
5. Hedging Options. Depending on the bank or financial institution, multi-currency accounts may offer hedging options such as forward contracts or options to help businesses manage currency risk and protect against adverse exchange rate movements.
6. International Transactions. Businesses can send and receive payments in different currencies, facilitating international transactions with customers, suppliers, and partners around the world.

Multi-currency business accounts are particularly beneficial for businesses engaged in import/export activities, international sales, or those with global operations that require frequent cross-border transactions in various currencies. They provide greater flexibility, efficiency, and cost-effectiveness compared to traditional business accounts when dealing with international payments and foreign currency management.

Which bank offers multi-currency accounts?

Many banks and financial organizations in Australia offer multi-currency accounts for businesses: HSBC, Citibank, CBA, ANZ Bank, Westpac Banking Corporation, TransferWise (Wise), and others.

How do I compare business multi-currency accounts?

When comparing business multi-currency accounts in Australia, there are several factors to consider to ensure you choose the most suitable option for your business needs.

Here's a guide on how to compare these accounts effectively:

1. Consider the range of currencies supported by each account. Some accounts may offer access to a broader range of currencies, while others may focus on major currencies. Choose an account that provides access to the currencies relevant to your business operations.
2. Compare the exchange rates offered by each provider for converting between currencies. Look for accounts that offer competitive exchange rates with minimal markup or fees.
3. Assess the fee structure associated with each multi-currency account. This may include account maintenance fees, transaction fees, foreign exchange fees, ATM withdrawal fees, and transfer fees. Pay attention to any hidden fees or charges that could impact the overall cost of using the account.
4. Evaluate the online banking platform or mobile app provided with each account. Look for features such as real-time account access, transaction history, payment initiation, and currency conversion capabilities. A user-friendly interface and robust security measures are also important considerations.
5. Consider the ease of conducting international transactions with each account. Look for features such as SWIFT transfers, SEPA transfers, ACH transfers, and international payment capabilities. Assess the processing times and fees associated with international transactions.
6. Some multi-currency accounts may offer hedging options to help businesses manage currency risk. Evaluate whether the provider offers forward contracts, options, or other hedging instruments to protect against adverse exchange rate movements.
7. Ensure that the provider complies with all relevant regulatory requirements and standards. Look for accounts offered by reputable banks or financial organizations with a strong track record of regulatory compliance and customer protection.
8. Research customer reviews, ratings, and testimonials for each provider to gauge their reputation and reliability. Look for feedback from other businesses that have used the multi-currency accounts to assess the overall satisfaction level.

See the similar FAQ about Australian banks:

• Bendigo Bank BPAY options
• Bendigo Bank merchant services
• CBA BPOINT offer
• CBA business banking
• CommBank virtual credit card
• Bank confirmation audit request to Westpac Bank
• Bank of Melbourne business banking
• BankSA business banking online

Details of companies offering the financial services:

Bank of Melbourne

Head office’s address: 525 Collins Street

Contact center: 61-132266

Phone: 61-3-9982-4186

Mail address: 525 Collins Street Melbourne

Web-site: https://www.bankofmelbourne.com.au/

Swift code: SGBLAU2S

ABN: 33 007 457 141

BSB: 193-879

Bendigo and Adelaide Bank

Head office’s address: The Bendigo Centre

Contact center: 1-300-361-911

Phone: 61-2-8023-5417

Mail address: The Bendigo Centre PO Box 480 Bendigo Vic 3552

Web-site: http://www.bendigobank.com.au/

Swift code: BENDAU3B

Stock code: BEN

ABN: 11 068 049 178

BSB: 633-300

CommBank

Head office’s address: 201 Sussex Street

Contact center: 13-22-21

Phone: 61-2-8055-4001

Mail address: Level 10, Tower One, Darling Park, 201 Sussex Street

Web-site: https://www.commbank.com.au/

Swift code: CTBAAU2S

Stock code: CBA

ABN: 48 123 123 124

NAB

Head office’s address: 800 Bourke Street

Contact center: 13-22-65

Phone: 61-3-8566-7023

Mail address: Level 4, 800 Bourke Street, Docklands, VIC

Web-site: http://www.nab.com.au/

Swift code: NATAAU3303M

Financial institution code: NAB

Stock code: NAB

BSB: 086-027

St. George Bank

Head office’s address: 275 Kent Street

Contact center: 13-33-30

Phone: 61-2-9553-5333

Mail address: St.George Bank Locked Bag 1 Kogarah NSW 1485

Web-site: http://www.stgeorge.com.au/

Swift code: SGBLAU2S

Financial institution code: STG

Stock code: SGB

ABN: 33 007 457 141

BSB: 112-908

Suncorp Bank

Head office’s address: 80 Ann Street

Contact center: 13-11-55

Phone: 61-7-3362-2222

Mail address: PO Box A50 Sydney South NSW 1235

Web-site: http://www.suncorpbank.com.au/

Swift code: METWAU4B

ABN: 66 010 831 722

BSB: 484-799

Westpac Bank

Head office’s address: 275 Kent Street

Contact center: 13-20-32

Phone: 61-2-9155-7700

Mail address: 275 Kent Street, Sydney, NSW

Web-site: https://www.westpac.com.au/

Swift code: WPACAU2S

Financial institution code: WBC

Stock code: WBC

ABN: 33 007 457 141

BSB: 032-063