Can I have a foreign currency account in Australia?
Yes, you can usually have a foreign current account at Australian banks. Please note that in small banks the list of currencies in which you can open a transaction account may be small and limited to the main currencies (usd, euro).
Can I convert foreign currency at Australia Post?
Yes, you can typically convert foreign currency into Australian dollars or vice versa at select Australia Post locations.
Which Australian bank offers multi-currency accounts?
Several Australian banks and financial organizations offer global currency accounts to cater to customers who frequently deal with foreign currencies: Citibank Australia, HSBC Australia, Macquarie Bank, Wise, and Westpac.
Our analysts analyzed multi-currency accounts for private clients and selected offers on this page with the largest number of currencies in the list and favourable rates.
You can also place free funds on a savings account.
Calculate your future income on a savings account (example):
| Amount, $ | Rate, % | Accrued %, $ |
| 25,000 | 3.00% | 750 |
| 25,000 | 3.05% | 763 |
| 25,000 | 3.10% | 775 |
| 60,000 | 3.15% | 1,890 |
| 60,000 | 3.20% | 1,920 |
| 60,000 | 3.25% | 1,950 |
| 120,000 | 3.30% | 3,960 |
| 120,000 | 3.35% | 4,020 |
| 120,000 | 3.40% | 4,080 |
| 240,000 | 3.45% | 8,280 |
| 240,000 | 3.50% | 8,400 |
| 240,000 | 3.55% | 8,520 |
How do I trade currency in Australia?
To trade Forex, you can apply to:
- Forex Brokers (Pepperstone, IG, CMC Markets, and Plus500)
- Online Trading Platforms
- Banks
- Currency Futures
- Currency ETFs
When choosing the company, consider tariffs, leverage offered by brokers, and regulatory oversight when choosing a trading platform or broker.
