The top GBP bank accounts in Australia. The options, fees and how-tos

With the UK being a common destination for Aussies to visit for holiday or work, having an account that allows you to transact in GBP can come in handy in more ways than one. Fortunately, you can open a GBP account in Australia without setting foot in the UK.

This article will get to know what's available, while covering some key considerations for selecting an account and the general eligibility requirements you need to meet to open an account.

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The benefits of having a GBP account in Australia

Here are some of the reasons why having a GBP currency account in Australia can be beneficial:

1. Avoid unfavourable exchange rates
2. Make it easier to make international transactions in GBP
3. Can benefit from lower transaction and conversion fees
4. Can have GBP ready for use for an upcoming trip to the UK
5. Can take advantage of various GBP-based investment opportunities

If you know you will be transacting in GBP frequently, it can be a smart financial move for individuals and businesses alike to open a dedicated currency account.

What to consider when choosing a GBP account in Australia?

Not all GBP accounts available are the same, or come with the same features. So, here are some top questions to ask yourself before choosing your GBP account provider.

1. Will you be using it for personal or business transactions?
2. Do you need a debit or credit card that allows you to spend your GBP easily?
3. Are you or will you be making one off or frequent transactions in GBP?
4. Do you need currency accounts in other currencies as well?
5. Are you going to be holding large amounts of GBP at any given time?
6. Do you want other features attached such as interest on balances, or getting cashback rewards?

Answering these questions is a great way to direct your research and help you choose the best GBP account that really suits your personal or business needs.

Here are some of the banks and alternative providers like Wise that offer GBP account in Australia

With all this in mind, now it’s time to have a look at the top GBP accounts available in Australia, including some common fees on international transactions and conversions. 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 (margins or not)	Available currencies	Linked debit card available
Wise Account	Both businessand private customers	There’sno fee charged by Wise for receiving GBP*	A small flat fee that differs per currency. For GBP a fixed fee of 0.32p	Mid-market rate, no margins	More than 50 currencies available	Yes for both business and personal use plus access to digital cards for online purchases
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 a margin³	16 currencies¹	No
St George⁴	Private and Business customers	$15 per transaction	$10 (Online) $32 (staff assisted)	St George indicative rate with a margin⁵	15 currencies	No
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	No
Commbank⁸	Private and business customers	Up to $11⁹	$6 per transfer⁹	CommBank indicative rate includes a margin¹⁰	18 currencies	No
Citibank¹¹	Private and business customers	No fees but possible intermediary bank fees	No fees but possible intermediary banks fees	Undisclosed rate	10 currencies	No
HSBC¹²	Private and Business customers	$0	$8	HSBC indicative rate includes margin¹²	10 currencies	Yes

*See Wise pricing calculation for other currencies

If any of these take your fancy, click on the provider you like to check out our existing articles that delve deeper into each option.

Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up-to-date pricing and fee information.

How to open a GBP account in Australia?

In Australia, you will find that GBP accounts are usually packaged within a multi or foreign currency account. This means you must meet certain requirements to open this kind of account. Let’s go through some general requirements.

Eligibility requirements

One of the main requirements is that applicants must be at least 18 years or older and be an Australian resident. You may already need to be a customer of that provider already.

Document requirements

As an individual, you will need to have:

• Valid identity documents
• Proof of address in Australia

For business customers, you will need documents that list:

• Business name and business address
• Industry details
• Business registration
• All director or owner details

Providers may request other documents to support your application.

How to open an account

Whether or not you can open an account online or in a branch will depend on the provider. If you are interested in an account that can be opened and managed online, have a look at Wise.

Check out Wise’s Financial Services Guide and Disclosure Statement document to learn more about the Wise Account.

What to keep in mind when you open a GBP account in Australia

Although there are a range of benefits with having a GBP account, there are still some pitfalls in dealing with foreign currencies in general including:

• Large fluctuations in exchange rates
• Some AU banks require funds to be exchanged back into AUD to be withdrawn
• Transaction and conversion fees vary between providers
• Foreign currencies may not be protected by government schemes⁷
• Not all currencies available for transfers or conversions
• Account details may retain an Australian BSB number

Although we’ve covered a range of benefits and pitfalls with having a GBP account, it is important that you do your own research before committing to any provider.

Wrapping up

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 or get paid by others..

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

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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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Sources:

1. NAB Foreign Currency account
2. NAB transaction fees
3. NAB foreign currency transfer fees and FX rate
4. St George fees
5. St George FX Margin
6. Westpac Business foreign currency
7. Westpac foreign currency
8. CommBank foreign currency
9. CommBank fees
10. CommBank FX rate
11. CitiBank foreign currency
12. HSBC Global account

Sources checked on: 26 March 2023