Best AUD account in the US in 2024
An AUD account lets you hold, and manage Australian dollars, as well as giving you the option of converting them back to USD or to another currency. An Australian dollar account can be helpful for personal and business use – whenever you need to send, spend or receive AUD.
However, opening an AUD account in the US can be cumbersome, slow, and, most of all, expensive. Specialist providers like Wise and Revolut can be good alternatives.
In this article, we’ll cover what you need to know about opening an AUD account, including the best AUD account in the US, the costs involved, and how to open one. Let’s get started.
Quick summary: AUD currency account
- Wise AUD account: Personal and business accounts, to hold 40+ currencies including AUD and USD, with linked debit cards and mid-market rate exchange rate
- Revolut AUD account: Personal and business accounts, supporting 25+ currencies including AUD and USD, available with or without monthly fees
- HSBC US AUD account: Personal accounts for eligible HSBC customers to hold 8 currencies including AUD and USD, for payments to and from HSBC accounts
- OFX AUD account: Business accounts to hold and receive AUD, as well as USD and 5 other currencies, plus currency risk management and 24/7 phone support
- Airwallex AUD account: Business accounts to receive payments in multiple currencies including AUD and USD, with lots of extra perks
Can you open an AUD account in the US?
You can open an AUD account in the US – but you may be surprised to discover how few US banks offer AUD or other foreign currency accounts for day to day use. It’s pretty common to find banks offer USD accounts only – and where foreign currency accounts are offered, they’re more aimed at people looking to save and diversify an investment portfolio.
The good news is that non-bank alternatives have stepped up to serve this previously unmet need. There are several AUD account options – often offering broad multi-currency and international features – on the market, including some for business and some for personal customers. This guide walks you through all you need to know.
Best AUD accounts in the the US
The best Australian dollar account for you will depend on whether you need an account for personal or business use, and how you’d prefer to transact. Options are available from some global banks and from specialist non-bank alternatives.
Unfortunately, most US banks do not offer multi-currency account options, particularly for day to day use, for personal customers. If you want an AUD account specifically for saving you may find a product that suits – but if not you may find you’re better off with a non-bank alternative or the international division of a global bank.
Here are a few you might want to consider:
| Provider | Eligibility | Fees | Linked card | Other features |
|---|---|---|---|---|
| Wise | Personal and business customers |
| Yes, Wise card |
|
| Revolut | Personal and business customers |
| Yes, Revolut card |
|
| HSBC | Personal customers with an eligible HSBC US account |
| No |
|
| OFX | Business customers |
| No |
|
| Airwallex | Business customers |
| No |
|
Wise AUD account
Wise Accounts are offered to both personal and business customers, to hold, send, exchange, receive and spend Australian dollars alongside 40+ other currencies.
Account features include local bank account details for 10 different currencies including AUD, Wise debit cards for spending and withdrawals, easy ways to send payments to 160+ countries, and currency conversion which uses the mid-market exchange rate with low, transparent fees.
Business customers can also get extra perks like multi-user access, expense cards for team members, batch payments and more.
Wise fees: No fee to open a personal account, 31 USD one-off fee to get full functionality with a business account. No monthly fee for either personal or business accounts
Supported currencies: 40+ currencies including AUD and USD
Wise exchange rates: Mid-market exchange rate
Receiving payments: Receive payments in 10 currencies with local account details including AUD
Other notable features: Receive payments conveniently to Wise in 10 currencies, send money to 160+ countries, spend with your linked debit card in 150+ countries
If you’re traveling to Australia, this guide might help you: How to use Wise card in Australia
Revolut account
Revolut has both free standard plans, and account tiers with monthly fees which unlock more features and more no-fee transactions. All plans offer some no-fee weekday currency conversion, a linked debit card with in network withdrawals which have no fee to pay, and card spending overseas with market leading exchange rates. Accounts also come with handy extras like budgeting tools, options to add accounts for family members who are under 18, ways to send overseas payments and more.
Revolut Business accounts offer many similar features, as well as extra tools like expense management, virtual and physical company cards, and local account details for the US and SWIFT transfers.
Revolut fees: Standard accounts have no ongoing charges, for both personal and business customers. Upgrade to a higher tier personal account for up to 16.99 USD/month or a business account for up to 119 USD/month
Supported currencies: 25+ currencies including AUD and USD
Revolut exchange rates: All accounts have some no-fee weekday currency conversion – the amount your can exchange without paying charges depends on your account tier
Receiving payments: USD and SWIFT account details available for business accounts
Other notable features: Broad range of account services including budgeting tools, savings and investments
HSBC Global Money Account
The HSBC US Global Money Account lets personal customers who already have an eligible HSBC USD hold and convert between a range of currencies, including Australian dollars, within one account. It’s an in-app account which supports 8 currencies for holding and exchange. You can manage your Global Money Account from your phone or other mobile device, to add USD and convert to AUD, before you send payments to other HSBC accounts, either in your own name, or in someone else’s name.
HSBC fees: No fees to open account or send global transfers to other eligible HSBC accounts
Supported currencies: 8 currencies including AUD and USD
HSBC exchange rate: An exchange rate margin is likely to apply when you convert between currencies in the account, or send to a different currency
Receiving payments: You can transfer from your eligible HSBC USD account only
Other notable features: Intended for moving money between HSBC accounts only – you can add money from a USD HSBC account, convert and then send on to your own or someone else’s HSBC account in a foreign currency
OFX Global Currency Account
Business owners and online sellers in the US can open an OFX Global Currency Account to accept and hold payments in 7 different currencies including Australian dollars. You’ll get local account details for 7 currencies which you can then use to get paid by clients, or through PSPs and marketplace sites more conveniently. Once you have a balance you can send payments in 50+ currencies, with no maximum amount in most cases. OFX also has currency risk management products like forward exchange contracts which can be used to lock in an exchange rate for a future payment.
OFX fees: No fees to open or operate account
Supported currencies: 7 currencies offered including AUD and USD
OFX exchange rates: Exchange rates will include a small markup which is added when you convert currencies in your account or to send a payment
Receiving payments: Local bank details for 7 currencies available
Other notable features: Currency risk management products also available, with 24/7 phone support from personal brokers
Airwallex account
Airwallex accounts for business owners can receive payments using local details in around 11 major global currencies, and make payments in 40+ currencies. Currency conversion costs 0.5% which is added to the exchange rate being used. There are also lots of other extras for business owners like debit cards, an API, ways to pay bills and accounting integrations.
Airwallex fees: No fees to open or operate account, charges apply when you receive a payment or covert currencies
Supported currencies: 40+ currencies available for transfers, including AUD and USD
Airwallex exchange rates: 0.5% fee applies for currency exchange
Receiving payments: Local bank details for around 11 currencies available, plus ways to get paid with SWIFT
Other notable features: Business friendly features like bulk payments available
What is an AUD account?
The main function of an AUD account is to let you hold a balance in Australian dollars. You may also be able to receive AUD payments from others, spend with a linked card, or exchange to other currencies within your account, depending on the bank or provider you picked.
AUD accounts may allow you to:
- Hold a balance in Australian dollars
- Get paid in AUD with local bank details
- Exchange USD to AUD and vice versa, often with preferential rates
- Send payments in AUD easily
- Spend in Australia, and online in AUD, with a linked card
How does an AUD account work?
Different AUD accounts do work differently, so it’s important to check the features of those you’re interested in before you sign up. Any AUD account will allow you to hold a balance in Australian dollars – you may need to transfer in USD and exchange to AUD, or you might get local AUD bank details to deposit AUD directly or have someone send you a payment. Once you have a balance you can usually use it to send to others, and in some cases you can also get a linked debit card to spend your Australian dollars seamlessly online and in person.
AUD account with debit card
If you need an AUD account for day to day use, you might find one with a linked debit card gives the most flexibility. Not all AUD accounts offer a debit card – but if you choose an account from a provider like Wise or Revolut you could get a linked international debit card to use for spending and withdrawals. Generally it’ll be free to spend in Australia if you hold an AUD balance, although conversion fees may apply if you don’t have a balance in Australian dollars in your account.
Here are a couple of key pointers on the Wise and Revolut AUD account and card options:
Wise AUD account & card: Add money to Wise in USD, AUD or another supported currency, and spend globally. It’s free to spend AUD if you have enough balance in your account, and if you don’t you can either convert in advance or at the point of payment, with the mid-market rate and low fees
Revolut account & card: All Revolut account tiers have a linked payment card, although the specific card and its features may vary based on the account you choose. It’s free to spend AUD if you have them in your balance, and you can also exchange some money on a weekday, with no extra fee, based on your account tier
How to open an AUD account in the US
Each bank and non-bank alternative provider has their own application, verification and onboarding process. However, it’s common to be able to apply entirely online or in the provider’s app if you’d like to, with verification done by uploading images of your key documents.
Here’s an overview of the common steps needed to open an AUD account in the US:
- Choose the best provider for your needs
- Register for your account online, through the provider app, or in a branch
- Give your personal and contact information
- Complete the required verification steps
- Fund your account – and you’re ready to go
All financial service providers need to verify customers to keep account services safe and to comply with global laws. This will usually mean adding or showing a couple of documents to prove your identity and address. The exact requirements will vary based on the account you choose – but you’ll commonly need the following:
- Government issued photo ID like a passport
- Proof of address – often a utility bill or bank statement
- Business registration documents if you’re opening a business account
Related: How to open an Australian bank account from overseas
How to open AUD account online
Many providers allow you to open your AUD account online. Bear in mind that some – like the HSBC Global Money Account – are only offered to existing customers. This may mean you need to visit a branch to set up an eligible USD account before you can create an AUD account.
Providers like Wise and Revolut have been built for a simple digital application process.
To give an example of how to open an AUD account online let’s look at how to open a Wise account step by step:
- Open the Wise desktop site or app and click on Create account
- Enter your email address, Google, Apple or FaceBook ID
- Tap the type of account you want to open – personal or business
- Follow the prompts to enter your contact information
- Verify your account with ID and proof of address
- Once your account has been verified, tap Open in the app homepage
- Select Currency Balance and tap AUD to open your AUD account
- Top up your balance, complete any required security step, and start transacting
What are the advantages of an AUD account in the US?
AUD accounts can have different uses and advantages for personal and business customers.
Personal customers can use their AUD account to receive and hold AUD, to save for a trip overseas, or to make it easier to manage fluctuations in the currency exchange rates. Once you have an AUD balance you can spend it easily if you have an account with a linked card – or you can send payments to others in Australia or elsewhere in the world. Learn more: Best AUD cards
Business customers might use an AUD account to receive payments from clients in Australia who would rather use their home currency. You can give your AUD bank account details to clients to receive transfers, or use your account to collect payments from PSPs like Stripe and marketplaces like Amazon.
In both cases, being able to hold and receive AUD means you won’t be forced to convert payments and balances unnecessarily, which can cut down on overall costs when managing different currencies.
How to use an AUD account
You can do different things with your AUD account – although the exact options available to you will depend on the account product you pick. In many cases you’ll be able to:
- Add money to your account in USD and convert to an AUD balance
- Receive payments from others in AUD to your account
- Spend in AUD in person and online with a linked debit card
- Send payments to others in AUD conveniently
AUD account details
If you want to use your account to receive payments from others in AUD you’ll want to pick an account which comes with local AUD account details. This means that the person sending you money can make a local transfer in AUD – which is often free or cheap for them. You can then receive the money direct to your account in AUD with no need to convert back to USD if you don’t want to.
As an example, a Wise AUD account comes with the following – all you need to receive Australian dollar payments:
- BSB number
- Account number
AUD business account
If you’re a business owner and you already trade in Australia – or if you have contractors or suppliers there – you may want an AUD business account. You’ll make it easier to manage AUD payments, and can cut the costs of currency conversion as well.
Advantages of an AUD business account:
- Receive payments from customers and clients in AUD easily
- Hold a balance in AUD for paying contractors, suppliers or tax
- Get linked debit or expense cards for AUD business spending
- Send money to others in a few clicks, often with great rates and low fees
A few of the providers we highlighted earlier offer AUD business accounts. Here are a few more words about a couple you might want to check out:
- Wise business account: Open an account for a one time 31 USD fee to receive AUD, get linked debit and expense cards, and easy ways to send money with the mid-market exchange rate and low fees from 0.42%
- Revolut business account: Choose from several different account types including one with no ongoing fees, get physical and virtual business cards, and some no fee weekday currency exchange for all account tiers
- OFX business account: Receive AUD to hold and send payments – use your AUD account details to get money from PSPs and marketplaces, and have 24/7 phone support if you ever need it
Conclusion: AUD account in the US
Opening an AUD account has big advantages for anyone who needs to transact in Australian dollars for themselves or their business. Few US banks offer accounts you can use to hold and spend AUD conveniently – where AUD accounts are offered they’re more commonly aimed at investors. Luckily, non-bank alternatives have appeared to help customers who want easy access AUD accounts you can manage from a phone. Use this guide to pick the AUD account in the US that works best for you, based on your specific needs.
Best Australian dollar accounts FAQs
Can I open an AUD account in the US?
It’s possible to open an AUD account in the US, but as few banks offer AUD products you may find it easier and more convenient to use an online non-bank specialist service like Wise or Revolut.
How does it cost to open an AUD account?
Many AUD accounts are free to open with low, or no ongoing fees. Check out Wise and Revolut for both personal and business accounts which have no monthly fee. All you need is covered in this guide, to start your research to find the perfect AUD account for your needs.
Which US banks offer AUD currency accounts?
Not many US banks have AUD currency accounts for day to day use. If you’re an HSBC US customer with an eligible account you can open a Global Money Account for holding AUD – but many customers will find they get a more flexible option, with better exchange rates, by using a non-bank alternative like Wise.
Compare AUD exchange rates: Best AUD exchange rate
Also, you can check the exchange rates of some of the providers we mentioned in this article: Wise USD to AUD exchange rate and OFX USD to AUD exchange rate
