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.

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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.

*See Wise pricing for updated rates for other currencies

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.

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.

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.

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