How to open a Virgin Money Australia account. The steps, fees and requirements.
Looking for how to open a bank account with Virgin Money in Australia? We’ve got you covered. Here’s the process, fees and what you need to know.
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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Here are some of the reasons why having a GBP currency account in Australia can be beneficial:
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.
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.
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.
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 |
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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. |
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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.
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.
As an individual, you will need to have:
For business customers, you will need documents that list:
Providers may request other documents to support your application.
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.
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:
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.
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.
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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:
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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