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The top EUR bank accounts in Australia. The options, fees and how-tos
With 20 countries using the Euro (EUR) as the local currency, having an account dedicated to transacting in EUR can be a great idea. Even more so if you are planning to travel or make purchases within Europe in the near future. Luckily, you’ll find several financial institutions that let you open your own EUR account within Australia.
This article will introduce you to your options, plus some things to keep in mind before opening a foreign currency account.
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The benefits of having a EUR account in Australia
Whether or not you need an account for personal or business reasons, there are a range of general benefits attached with EUR accounts including:
- Convenient way to send and receive payments in EUR
- Avoid currency conversion and international transaction fees.
- Expand business to accept payments in EUR
- Easily send money to friends and family living in many European countries
- Be able to make EUR denominated purchases directly
An overall benefit to opening a EUR account in Australia means you will usually be eligible to access other major currency accounts in denominated currencies like USD, NZD, CAD, or GBP. This is because providers commonly offer general foreign currency or multi-currency accounts, rather than singular foreign currency accounts.
What to consider when choosing a EUR account in Australia?
With this in mind, each provider also offers varying features, costs and eligibility requirements to hold a EUR account. This is why you should consider:
- Whether the account is for personal or business use
- If you require a digital or physical card for spending your EUR funds
- How frequently you'll be making or receiving EUR transactions
- How often you’ll need to transfer between AUD and EUR
- If you want the account for EUR transactions, savings or to deposit funds long term
It's important to understand why and how often you will be using your currency account to determine which provider suits your needs best.
Here are some of the banks and alternative providers like Wise that offer EUR account in Australia
With all this in mind, here are some of the top EUR accounts on offer in Australia and some associated fees with making different transactions with the dedicated account. You can click on each provider to see our full review.
| Provider | Who can open a foreign currency account | A$ Fee for incoming payments | A$ Fee for outgoing payments (online) | Exchange rate | Available currencies | A$ Intra account transfer/conversion fee (online) |
|---|---|---|---|---|---|---|
| Wise Account | Both businessand private customers | There’sno fee charged by Wise for receiving EUR* | A small flat fee that differs per currency. To send a low cost EUR transfer using SEPA it’s €0.37 per transaction* | Mid-market rate, no margins | More than 50 currencies available | A variable percentage depending on currency pairs. For example: 1000 AUD to EUR cost 0.44% |
| NAB² | Private and Business customers¹ | Up to $15 to receive funds into a NAB account | 0$ for transfers sent in denominated currency but possible intermediary bank fees may be charged | NAB indicative rate includes margin³ | 16 currencies¹ | $0 fee for transferring funds in and out of foreign currency account to another NAB account |
| St George⁴ | Private and Business customers | $15 per transaction | $10 (Online) $32 (staff assisted) | St George indicative rate with a margin⁵ | 15 currencies | - |
| Westpac⁶ | Different products for Private customers and business customers⁷ | $12 per transaction | $0 for transfers made through Westpac banking $20 for corporate online | Westpac indicative rate with undisclosed margin | 12 currencies | - |
| Commbank⁸ | Private and business customers | Up to $11⁹ | $6 per transfer⁹ | CommBank indicative rate includes a margin¹⁰ | 18 currencies | Free (but other fees may apply) |
| Citibank¹¹ | Private and business customers | No fees but possible intermediary bank fees | No fees but possible intermediary banks fees | Undisclosed rate | 10 currencies | - |
| HSBC¹² | Private and Business customers | $0 | $8 | HSBC indicative rate includes margin + extra margin on weekends¹² | 10 currencies | $0 |
* Sending EUR outside of SEPA may incur higher fees
*See Wise pricing calculation for other currencies
| Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up-to-date pricing and fee information. |
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How to open a EUR account in Australia?
Just like opening any bank account, there are some certain things that you’ll need to provide and prove during the application process. Here are some of the requirements that are common when applying for a foreign currency account.
General eligibility requirements:
- Applicants must be at least 18 years old and an Australian resident.
- An existing transaction or savings account may be needed with the particular provider
Required documents:
- Valid identity documents
- Proof of address in Australia
- For business accounts, the business name, address, industry details, business registration, and all director or owner details are common documents to provide
Online or branch application
- Some banks may require you to contact them directly to open a foreign currency account, while others allow you to open and manage an account online.
If online accessibility is important to you, Wise is one alternative provider that lets customers open and manage their multi-currency account completely online. Be sure to keep in mind that eligibility requirements can differ between each provider.
Check out Wise’s Financial Services Guide and Disclosure Statement document to learn more about the Wise Account.
| Read more: best foreign currency accounts in Australia |
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What to keep in mind when you open a EUR account in Australia
Although there are plenty of benefits, there are also some common pitfalls that can come with opening an EUR account. These include:
- Exposure to fluctuations in exchange rates when exchanging the Euro
- Some banks may require the funds to be exchanged back into AUD to be withdrawn or spent
- A minimum balance may need to be maintained to keep a foreign currency account open⁴
- Extra telegraphic fees can apply on certain transactions
- Some providers may have maximum balance limits on accounts
Some providers also don’t offer protection for funds held in foreign currencies.⁷ Before choosing your new EUR account, be sure to research the risks with transacting or holding a foreign currency account in Australia.
Wrapping up
As you can see, there are a few things to keep in mind when deciding which EUR account is best for you. If you like things to be simple, transparent and straightforward, the Wise Account may be for you.
With so many factors to consider, why not choose an account that is designed to make international money management easy and cost-effective.
Wise is an alternative e-money provider that offers a multi-currency account, a debit card and money transfer services.
You can also order a debit card for spending at home and avoiding foreign transaction fees while abroad.
The Wise Account from Wise, enables you to store over 50 international currencies and get local account details for a number of different countries, including AUD, NZD, EUR, USD and GBP. You can use these to easily transfer your money to Wise.
If you need to send your money to an overseas account you can do a simple Wise money transfer straight from your bank account, or store it in your multi-currency account until you're ready to convert the AUD.
Join over 13 million customers currently using Wise.
[Register your Wise Account
in minutes](https://wise.com/register/)
| Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up-to-date pricing and fee information. |
|---|
Sources:
- NAB Foreign Currency account
- NAB transaction fees
- NAB foreign currency transfer fees and FX rate
- St George fees
- St George FX Margin
- Westpac Business foreign currency
- Westpac foreign currency
- CommBank foreign currency
- CommBank fees
- CommBank FX rate
- CitiBank foreign currency
- HSBC Global account
Sources checked on: 26 March 2023
*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
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