How to close your Suncorp Bank account and move your money out.
Here’s how to close your Suncorp Bank account and options to move your money out correctly
The top USD bank accounts in Australia. The options, fees and how-tos
As the world's dominant reserve currency, holding some USD can come in handy for a whole range of purposes including travel, shopping, business or for trading. Fortunately, several financial institutions offer customers the ability to have a USD account in Australia.
This article will go through some of the top USD accounts in Australia, including things to consider when choosing your new account and the general eligibility requirements that need to be met.
| 💸 Keep over 50 currencies and get personalised account details for currencies like AUD, EUR, USD, GBP & CAD – Send and receive payments from abroad like a local |
|---|
Learn more about the
Wise Account
The benefits of having a USD account in Australia
Having a USD account in Australia can be beneficial for both individuals or businesses for a range of reasons including:
- Easily send and receive USD payments
- Hold USD and avoid fluctuating exchange rates
- Savings on currency conversion and international transaction fees
- An opportunity for online merchants to expand to a wider international market
- Send USD to friends or family living overseas
USD accounts in Australia are commonly packaged within multi-currency accounts. This means if you are eligible you’ll be able to also hold other major currencies such as NZD, EUR and GBP.
What to consider when choosing a USD account in Australia?
When choosing a provider, you should consider few things to make your decision easier:
- If you need an account for personal or business use
- If you need a card to spend your USD funds
- How often you will be sending or receiving USD payments
- If you frequently travel between the United States and Australia
- If you are looking to accrue interest on your USD funds
Knowing why you require a USD account can help narrow down the types of accounts available and help you get the most out of your foreign currency account.
Here are some of the banks and alternative providers like Wise that offer USD account in Australia
Now let's introduce and compare the top USD accounts available in Australia. If you are interested in learning more about these options, just click on the link associated with each provider to see the 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 USD (free for ACH — SWIFT and Wires cost US$7.50).* | A small flat fee that differs per currency. For USD ACH bank transfer $2.92 USD + 0.2% Wire transfer $6.44 USD | Mid-market rate, no margins | Over 50 currencies available | A variable percentage depending on currency pairs. For example: 1000 AUD to USD will cost a flat fee of 0.62 AUD + 0.48% |
| 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 | $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 margin¹² | 10 currencies | $0 |
*See Wise pricing for updated rates 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. |
|---|
How to open a USD account in Australia?
When you go to open a USD account, you’ll generally need to meet the certain eligibility requirements to open a multi-currency account. Here are some common requirements.
Eligibility requirements
Most banks require applicants to be at least 18 years old and an Australian resident. You may also need to meet additional eligibility requirements, such as having an existing transaction or savings account with the bank.
Necessary documents
You'll typically need to provide your ID and proof of your address in Australia for both personal or business foreign accounts.
If the account will be used for business purposes, you'll also need to provide documentation related to your business, such as the business name, address, industry details, and business registration. It is also possible that you may need to provide more documents depending on the specific provider.
Opening the account methods
Some banks may require you to visit a branch or contact them directly to open a foreign currency account. However, there are providers that allow customers to open and manage an online, like Wise.
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 |
|---|
What to keep in mind when you open a USD account in Australia
There are some pitfalls that can come with maintaining a USD account in Australia. These include:
- Exposed to fluctuations in exchange rates for USD conversions
- Extra fees in exchange rate margins
- Some banks require funds to be exchanged back into AUD to be withdrawn
- A minimum balance requirement
- Extra telegraphic fees can apply including cancellations, tracing or investigation
- Funds in foreign currencies may not be protected
Be sure to do your research and compare different providers yourself to find an account that meets your needs and budget.
| Read more: best foreign currency accounts in Australia |
|---|
Wrapping up
As you can see, there are a few things to keep in mind when deciding which USD account is best for you.
If you need to manage multiple currencies or do business internationally, opening a Wise Account is an easier and potentially a cheaper option than opening an account with many of the major banks.
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..
You’ll also avoid high international transaction fees and get access to the mid-market rate on all conversions. The best part - you can open and manage your Wise account completely online.
Join over 13 million customers currently using Wise.
Register your Wise Account
in minutes
| 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.
Money without borders
Find out more
How to close your Heritage Bank account and move your money out.
Here’s how to close your Heritage Bank account and options to move your money out correctly
How to close your ME Bank account and move your money out.
Here’s how to close your ME Bank account and options to move your money out correctly
How to open a bank account with Heritage Bank. The requirements, account types and fees.
Looking for how to open a bank account with Heritage Bank? We’ve got you covered. Here’s the process, fees and what you need to know.
How to open a bank account with ME Bank. The requirements, account types and fees.
Looking for how to open a bank account with ME Bank? We’ve got you covered. Here’s the process, fees and what you need to know.
Australian bank account for non-residents. What to know.
Planning to move to Australia? Known as the land of sea and sun, Australia offers many great opportunities to new arrivals, although there are of course some...
