The Best International Bank Accounts in Australia for 2024

Expanding your business internationally opens up a world of opportunities. It also brings unique financial challenges. 

If you’re gearing up for global operations, or have already grown beyond borders, choosing the right international business bank account should be one of your top priorities. How you manage international transactions, currency conversions and cross-border payments can significantly influence your bottom line and operational efficiency.

A deep dive into international business banking in Australia reveals a variety of solutions, ranging from traditional banks to innovative fintech solutions. Although each has its benefits, your choice of provider can dramatically impact your business’s ability to navigate foreign markets, deal with exchange rate risks, and manage international cash flow.

In this article, we’ll: 

• Explore some of the best international business bank accounts available in Australia in 2024; 

• Compare and contrast offerings from the “Big Four” banks and innovative fintech companies like Airwallex; and

• Ensure you have a comprehensive understanding of how to find the right fit for your international business needs.

What is an international business bank account?

An international business bank account is a specialised financial product designed to cater to the unique needs of businesses operating across multiple countries. 

Just like regular business bank accounts, they make financial administration and accounting easier by separating your personal finances from your business finances. International business bank accounts also go beyond the basic functionalities of a standard business account, offering features that facilitate efficient and cost-effective management of global transactions.

Here’s a closer look at what an international business bank account can offer your business:

Seamless cross-border transactions

A significant advantage of an international business banking account is the ability to handle cross-border transactions seamlessly. Traditional business accounts can often come with hefty fees and delays when processing international payments. 

International business accounts are tailored to minimise costs and ensure quicker processing times. This allows businesses to make and receive payments in foreign currencies with ease, often at competitive exchange rates, which can save substantial amounts over time.

Multi-currency management

An international business banking account typically offers multi-currency management features. This means that you can hold, transfer, and convert various currencies within the same account. 

This sort of functionality is crucial for minimising costs from frequent currency conversions and for taking advantage of favourable exchange rates. Also, managing multiple currencies within one account simplifies bookkeeping and financial planning for businesses, making it easier to monitor cash flow and performance across different markets.

Global accessibility and control

International business banking accounts frequently come with advanced online and mobile banking platforms, providing business owners with real-time access to their finances from anywhere in the world. 

Global accessibility allows you to manage your financial operations around the clock, regardless of the time zone, enabling quicker decision-making and optimal control over your international funds.

Customisable solutions

Many providers of international business banking accounts offer customisable solutions to meet the specific needs of different industries and business models. 

Whether you need to manage payroll across several countries or are involved in e-commerce with global customers, these accounts can be tailored to provide the necessary tools and services. 

Features might include specialised support teams, dedicated account managers, and integration with accounting software to streamline financial operations.

Enhanced security and compliance

Conducting business internationally requires navigating complex regulatory environments, and these accounts often come with compliance support to help businesses meet international financial regulations.

They may also offer enhanced security and compliance measures, mitigating risks associated with international financial fraud and ensuring the safety of your global transactions. 

Competitive advantages

Being able to transact in the local currency of your overseas customers not only builds trust but can give your products or services the edge against competitors who don't offer the same convenience. 

Efficient management of international finances can also help build better supplier relationships and improved cash flow management, which are critical for scaling your business internationally.

What’s the difference between an international business bank account and other global business accounts?

International business bank accounts are specifically offered by institutions that have a banking licence, which is typically the traditional banks.

In contrast, organisations that don’t hold a banking licence (but are still fully regulated under financial services licences) can also offer international or global business account options.

Many contemporary fintech companies have chosen not to become traditional banks. Businesses like Airwallex, for example, provide a comprehensive international business account service, encompassing payment collection, treasury management, money transfers, payouts, invoicing, expense management and card issuing.

Top 5 international business account providers in Australia

Historically, Australia's "Big Four" banks – Commonwealth Bank, ANZ, Westpac and National Australia Bank (NAB) – have been the go-to for business customers because of their long history and comprehensive service offerings. Businesses have relied on the Big Four not just for their day-to-day banking needs, but also for their ability to manage international transactions.

With broad local and global networks, these banks offer services that include multi-currency accounts, international payment solutions and advisory services that make it possible for businesses to operate beyond Australian borders. 

While the Big Four provide a sense of security that’s hard to overlook, the financial landscape is changing. And so are business needs! Traditional banks aren’t the only options on the table anymore. 

This brings us to non-traditional solutions like Airwallex – a fintech powerhouse that gives businesses a fresh alternative with innovative and cost-effective solutions for international banking. Airwallex’s platform streamlines global transactions and offers bank-beating rates and features that are often faster and more economical than other options.

In this section, we'll explore the fees, features and limitations of international business bank accounts offered by the Big Four banks in 2024 and take a closer look at what Airwallex brings to the table. This will give you a better understanding of your options and help you decide which solution fits your international business needs and growth ambitions best¹:

Commonwealth Bank Foreign Currency Account

Commonwealth Bank, with the largest customer base among the Big Four banks, has a long history as a premier bank for individuals and businesses. It has around 17 million customers and also offers services through Bankwest and Colonial First State. 

The bank offers a Foreign Currency Account for customers who make, receive and convert regular payments in foreign currencies.

Fees

• Up to $30.00 per transaction for International Transfers Sent

• Up to $11.00 per transaction for International Transfers Received

• $0 Monthly Account Fees.

Features and benefits

• Make and receive payments in most convertible currencies

• Avoid short-term currency fluctuations by holding foreign currency and converting as needed

• Earn interest on selected currencies.

Limitations

• Some currencies are subject to eligibility criteria

• Some currencies have very low or negative interest rates and may incur a Credit Deposit Fee. 

Take a closer look at the account here.

National Australia Bank Foreign Currency Account

NAB has around 8.5 million business and retail customers, with services also provided by online-only UBank and Bank of New Zealand. It offers a Foreign Currency Account for customers who frequently make or receive payments in a foreign currency.

Fees

• $0 for International Transfers Sent with currency conversion using NAB Connect

• $20 for International Transfers Sent In AUD or from a NAB Foreign Currency Account in the same currency using NAB Connect

• $0 to $35.00 per transaction International for Money Transfers Received

• $0 Monthly Account Fees.

Features and benefits

• Choose from 16 major global currencies

• Convert funds when it suits you.

Limitations

• Account balance must exceed USD $5000 to attract interest.

Take a closer look at the account here.

ANZ FX Online

The ANZ Bank provides a secure platform to help business customers manage their international business payments and foreign exchange risk online.

Fees

• $0 establishment and maintenance fees 

• Transaction fees and foreign currency account fees may apply. An ANZ representative can provide more information.

Features and benefits

• Initiate international payments

• Request full hedging functionality to actively manage FX exposure

• Manage FX contracts in over 270 currency pairs

• Online platform with dedicated help desk.

Limitations

• Limited to businesses that send or receive a combined total of $250,000 (AUD equivalent) or more in foreign currency each year.

Take a closer look at the account here.

Westpac Bank Foreign Currency Account

Westpac manages a portfolio of financial brands including St George Bank, Bank of Melbourne, BankSA, BT and RAMS which, as a group, services 12.7 million customers.

The bank offers a Business Foreign Currency Account that allows you to make and receive payments in foreign currencies and choose when to convert funds. 

Fees

• $20 for Outward Telegraphic Transfers in a foreign currency (via Corporate Online)

• $20 for Outward Telegraphic Transfers in Australian dollars (via Westpac Online Banking)

• $32 for Outward Telegraphic Transfers in Australian dollars or foreign currency (via branch/over-the-counter)

• $12 for all Inward Telegraphic Transfers in Australian dollars or foreign currency

• $0 Monthly Account Fees

• A deposit maintenance fee may be applied.

Features

• Choose when your foreign currency is converted into AUD

• Access the Foreign Currency Account alongside other accounts in Westpac Online Banking

• Open online for 12 foreign currencies: USD, GBP, JPY, ZAR, EUR, NOK, CAD, DKK, SGD, NZE, CNY, HKD.

Limitations

• Bank or personal applications may be required for foreign currencies other than those listed above

• Very low or no credit interest rates.

Take a closer look at the account here.

Airwallex Global Business Account

Airwallex’s Global Business Account is a non-bank alternative that gives you loads of extra flexibility and the ability to earn market-beating returns on your account balances.

Fees

• Airwallex pricing works in a high-value bundle system. Our most accessible bundle is $29/month or $0/month if you meet a modest fee waiver

• You pay a small FX margin whenever you convert funds into different currencies, which is either 0.3% or 0.6%.

• Make money transfers to over 150 countries. At Airwallex, we offer access to the interbank rate for transfers, unlike some traditional banks which may add steep markups to their rates.

Features and benefits

• Create multi-currency business accounts for 23+ currencies so you can send, hold, and receive international currencies, and avoid double conversions.

• Earn competitive returns on your multi-currency balances with no minimum lock-up period.

• Create multiple virtual debit cards in seconds, and start using them immediately. 

• Create and order physical debit cards for your team and have them sent out instantly, without needing to visit a branch.

• Eliminate receipts and replace repetitive admin and clunky software with an easy-to-use experience your employees will love.

• Syncs seamlessly with leading accounting software like Xero and QuickBooks, so you can automatically keep all your financial information up to date.

Plus, you can get up and running in no time. As soon as your account is verified, you can use it immediately without lengthy authorisation periods.

Sign up for your Airwallex Global Business Account here.

¹Note: Fees, features and benefits are current at the time of writing

What to look for in an international business bank account

Now that we’ve provided some of the top international business bank account options, you may wonder how to make the best choice for your business.

Here are some factors to consider when choosing an account that will meet your specific needs and provide the most effective support for your global operations, whether it’s from the Big Four, fintechs or other providers:

Multi-currency capabilities

One of the most important features to look for is multi-currency management. This allows your business to hold, send, and receive payments in various currencies, which can save on conversion fees and mitigate exchange rate risks. 

A good international account should offer competitive exchange rates and the ability to seamlessly convert between currencies.

Ease of cross-border transactions

Evaluate how efficiently the account handles international transactions. Look for features like low or transparent fees for international payments, quick processing times, and ease of executing cross-border transactions. 

The account should support your business operations without creating delays or unexpected costs.

Global access and usability

Your international business account should offer robust online and mobile banking platforms, providing you with real-time access to your funds from anywhere in the world. 

This global accessibility ensures you can manage your financial operations without time zone constraints, making it easier to stay on top of your finances regardless of where you are.

Regulatory compliance and security

Your chosen account should adhere to regulatory requirements and offer advanced security measures to protect your business against financial fraud and ensure that your operations comply with international laws and standards.

Integration with business tools

The ability to integrate your banking account with other business tools and software will streamline your financial management and save you countless hours of admin. 

Look for accounts that easily sync with your accounting software, ecommerce platforms and other core business systems to enhance overall efficiency and reduce manual effort.

Customer support availability

When dealing with international finances, customer support can be invaluable. 

Opting for a provider that has a dedicated team for handling business accounts can make a significant difference in resolving issues quickly and effectively.

Cost structure

Carefully examine the fees associated with the account. This includes establishment costs, monthly maintenance fees, transaction fees, currency conversion fees and any hidden costs. 

Understanding the full cost implications will help you choose an account that provides value without eroding your profit margins.

Scalability and flexibility

As your business grows, your financial needs will change. Ensure the account you choose is scalable and offers the flexibility to adapt to your evolving requirements. 

Things to look at include higher transaction limits, additional account features, or more sophisticated financial services as your business expands.

Local and international network

Lastly, consider the network of the provider, both locally and internationally. A strong global network can facilitate smoother transactions and offer additional support when operating in multiple countries.

What are the benefits of an international business bank account?

International business bank accounts offer numerous advantages that can facilitate global operations and drive business growth:

Efficient currency management

Currency management is a standout benefit of international business accounts. Businesses can hold and transact in multiple currencies without constant conversions, benefit from favourable exchange rates and save on conversion fees.

Streamlined international transactions

Business bank accounts handle cross-border payments seamlessly. Faster processing times and lower fees make it easier to transact internationally and can improve cash flow.

Global accessibility

These accounts typically come with robust online and mobile banking platforms, giving business owners real-time access to their funds from anywhere in the world. They allow for immediate decision-making and financial control regardless of time zones.

Enhanced security and compliance

Many international business bank accounts offer advanced security measures to protect against fraud and cyber threats. They can also help businesses adhere to international financial regulations and minimise the risk of legal issues. 

Customisable solutions

Many international business bank accounts offer customisable features tailored to meet specific business needs and support your strategic goals. This can include specialised support teams, dedicated account managers, and integration with accounting or ERP software.

Better supplier and customer relationships

Being able to transact in the local currencies of your suppliers and customers can make your products or services more attractive to overseas buyers and enhance business relationships by showing a commitment to their local market. This capability can also streamline negotiations and simplify the invoicing process.

Financial flexibility

International accounts often come with higher transaction limits and additional financial services that can grow with your business. This scalability ensures that if your company expands its international footprint, your banking services can keep pace, offering continuous support without switching providers.

What are the disadvantages of an international business bank account?

It’s important to consider the potential disadvantages of international business bank accounts and weigh them against the benefits to make an informed decision that aligns with your business’s unique needs and goals:

Potentially higher fees

International business bank accounts can come with higher fees than standard business accounts. These may include monthly maintenance fees, transaction fees, and currency conversion fees. It's essential to weigh these costs against the benefits to ensure they don't erode your profit margins.

Complex setup process

Depending on the provider, opening an international business bank account can be more complex and time-consuming than setting up a domestic account. The application process may require extensive documentation to meet regulatory requirements, which can be a hurdle for some businesses, especially smaller ones.

Foreign exchange risk

Despite offering multi-currency management, international business bank accounts are still subject to foreign exchange risk. Fluctuations in currency value can impact your finances, and while these accounts help manage such risks, they can't eliminate them entirely.

Regulatory challenges

While these accounts offer compliance support, navigating international regulations can still be challenging. Different countries have varying financial laws and reporting requirements, and staying compliant can require ongoing effort and expertise.

Limited local presence

Some international bank accounts, particularly those offered by non-traditional providers, may have limited physical presence in certain countries. This can be a disadvantage needs a local branch for certain services.

5 things to consider if you're a small to medium-sized business wanting to open an international business bank account

For small to medium-sized businesses, every decision can have an outsized impact, making it particularly important to make fully informed financial and operational choices.

Whether you opt for a traditional bank or a fintech provider like Airwallex, these considerations will help you choose a solution that best supports your business’s growth:

1. Ease of opening the account: Traditional banks often have extensive paperwork and stringent requirements for opening an international business bank account. Modern fintech solutions like Airwallex simplify this process with streamlined online applications and quicker approvals, allowing SMEs to get started without bureaucratic hurdles.

2. Low fees and transparent pricing: Every dollar matters for an SME, so avoid accounts with hidden costs, and scrutinise charges for services like currency conversion, cross-border transactions, and account maintenance. Fintech alternatives often have more competitive fee structures, making them an attractive option for cost-conscious businesses.

3. Scalability: As an SME, your banking needs will evolve as you grow. It's essential to choose an international business account that can scale with your operations. Look for features like higher transaction limits, additional currency options, and advanced financial services that can be added as needed. 

4. Specialised support: Consider providers that offer specialised support and programs tailored to the needs of startups and smaller businesses. Airwallex, for example, offers the Airwallex for Startups program, providing benefits such as fee discounts, dedicated account management, and tools to streamline financial operations.

5. Integration with business tools: Efficiency is key for small businesses. Having an account that integrates seamlessly with your existing business tools can save time and reduce manual workload. Fintechs often excel here, offering solutions that can sync with your accounting software, ERP systems, and payment platforms. 

What alternatives are there to an international business bank account?

The great news is that businesses aren't stuck with traditional banks for their international banking needs anymore. There are now plenty of other options out there with innovative features that often outshine conventional banks.

These modern platforms provide the same core services – like multi-currency management and cross-border payment solutions – while frequently offering improved flexibility, lower fees, and better tech integrations.

Bureaucratic processes and outdated systems can bog down traditional banks. Many non-bank alternatives, on the other hand, can offer quicker transaction times, more transparent fee structures, and a user-friendly experience that includes real-time data analytics and seamless integrations with other business tools. 

Fintech solutions also tend to be more adaptable, offering scalable services that grow with your business, making them an attractive option for startups and SMEs as well as larger enterprises.

These alternatives are not just about doing things differently; they offer tangible benefits that can significantly impact your bottom line and operational efficiency, so your business can operate more fluidly across borders. 

Why open an Airwallex Global Business Account?

Designed to meet the special demands of international businesses, Airwallex offers a suite of features that go beyond traditional banking capabilities, making it a compelling option for any business looking to expand its global footprint.

It’s built for international business: One of the main advantages of the Airwallex Global Business Account is its ability to manage multi-currency transactions effortlessly. 

Businesses can hold, transfer, and convert funds in a vast number of currencies without the hefty fees typically charged by traditional banks. This multi-currency functionality is complemented by competitive exchange rates, helping your business save money on FX.

It’s fast: Airwallex excels in providing seamless and rapid cross-border transactions with faster payment processing times, allowing businesses to maintain healthier cash flow and more effectively manage their international supply chains.

This is a great boost for businesses that count on prompt payments and receipts to and from overseas partners and customers.

It’s user-friendly: The Airwallex platform gives you robust online and mobile banking functionality with real-time access to accounts, advanced security measures, and comprehensive reporting tools. This means you’re in full control of your finances at all times. 

It plays well with other systems: Integration with other business software, such as accounting and ERP systems, further streamlines your financial operations, reducing manual effort and the potential for errors.

It’s scalable: Whether you’re a startup just beginning your international journey or an established enterprise looking to optimise your global operations, Airwallex provides scalable solutions tailored to your specific needs. 

It has valuable features: Airwallex makes expense management easy by allowing you to issue physical and virtual cards, earn rates of return on your multi-currency accounts and more. These and a host of other features are designed to help your business thrive.

It’s startup-friendly: Programs like Airwallex for Startups offer unique benefits such as fee discounts and dedicated support, making it easier for growing businesses to grow abroad without the usual financial barriers.

In short, Airwallex helps your business operate smoothly and efficiently across borders, allowing you to concentrate on growth and innovation. Get started now by opening a Global Account.

FAQs:

• What are the top international business accounts in Australia?

The top international bank accounts in Australia include those offered by the Big Four banks – Commonwealth Bank, ANZ, Westpac, and NAB – as well as other Australian and international banks. Fintech alternatives like Airwallex also offer international accounts with custom-made features for doing business globally.

• How quickly can I open an international business account?

The time to open an international business account varies; traditional banks may take several days to weeks, while fintech solutions like Airwallex can often get you set up in a matter of hours.

• Will opening an international business account make transactions faster/easier?

An international business account can simplify and speed up transactions, especially those designed for cross-border payments with lower fees and quicker processing times.

Disclaimer: We wrote this article in Q3 2024. The information was based on our own online research and we were not able to manually test each tool or provider. The information is provided for educational purposes only and a reader should consider the specific requirements of their business when evaluating providers. This research is reviewed every six months. If you would like to request an update, feel free to contact us at [email protected].

This information doesn’t take into account your objectives, financial situation, or needs. If you are a customer of Airwallex Pty Ltd (AFSL No. 487221) it is important for you to read the Product Disclosure Statement (PDS) for the Direct Services, which is available here. If you are a customer of Airwallex Capital Pty Ltd (ACN 661 618 819, AFSL No. 549026), it is important for you to read the PDS for Airwallex Yield, available at www.airwallex.com/au/terms and issued by K2 Asset Management Ltd (ABN 95 085 445 094, AFSL No. 244 393), a wholly-owned subsidiary of K2 Asset Management Holdings Ltd.