Best Australian Dollar Account in the UK 2024

OFX

Currency specialist OFX has a Global Currency Account for businesses and online sellers which lets account holders accept payments in 7 different currencies including AUD. Get paid from marketplaces like Amazon, and use your local bank account details to get paid in a range of global currencies without fees. You can also access OFX’s 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

• OFX exchange rates: Rates include a small markup

• Receiving payments: receive payments in 7 currencies

• Other notable features: OFX transfers and currency conversion have no upfront fees but there will be a markup on the exchange rate used. Currency risk management products also available, with support of personal brokers

Barclays

Barclays Australian dollar accounts can be managed online and through the mobile banking service. If you ever need to you can also pay in and withdraw cash at a local branch, although you may need to arrange an appointment in advance for this service. Accounts are primarily targeted at customers who need to send payments frequently in AUD, such as for ongoing overseas bills - this is not really an account intended for day to day spending.

• Barclays fees: No fee for the Canadian dollar account, but you also need a GBP account which may have fees
• Supported currencies: Accounts offered in CAD - or separate account options in other major currencies
• Barclays exchange rates: Barclays rates are likely to include a markup 
• Receiving payments: Pay in and out from other Barclays accounts
• Other notable features: You must have a GBP account with Barclays for 6 months before you can apply for a currency account

HSBC

HSBC offers Australian dollar accounts for both personal and business customers. There are no monthly fees for personal account holders, and you’ll get the live HSBC exchange rate if you need to exchange currencies to make a payment. Accounts do not come with a debit card, but you can make payments easily online and in the HSBC app, including regular payments and scheduled payments up to one year in advance.

• HSBC fees: No opening or monthly fee for personal accounts, charges for some transactions such as some overseas payments; business fees can vary based on account type

• Supported currencies: Personal accounts can be opened in 14 currencies, business accounts can operate in any tradeable currency
• HSBC exchange rates: HSBC rates are likely to include a markup
• Receiving payments: Pay into your account from other HSBC accounts
• Other notable features: Several different types of foreign currency business account available

Natwest

Natwest personal customers in the UK can open a Cash Management account if they have non domiciled status. Businesses have other AUD account options, to suit differing needs. Cash Management accounts include easy access saving options and fixed term deposits. To be eligible you’ll need savings of 25,000 GBP or a salary of 40,000 GBP.

• Natwest fees: No monthly fee for cash management account
• Supported currencies: 25 major currencies covered
• Natwest exchange rates: Natwest rates are likely to include a markup
• Receiving payments: Options vary depending on account selected
• Other notable features: Cash management accounts offer interest and both easy access and fixed term deposit options

What is a Australian dollar account?

With an Australian dollar account you can hold an AUD balance to send payments to others, save or invest. The most flexible AUD accounts also support other currencies as well as AUD, and come with debit cards for spending and withdrawals. Different accounts have their own features and fees, so comparing a few is the best way to find the right one for your needs.

How does a Australian dollar account work?

The features of your Australian dollar account can vary depending on the provider you pick, but you’ll usually find you have options to hold, send and receive AUD payments. This means that you can add money to your account yourself if you need to send money to someone in Australia, or have other people send you money in AUD. Some accounts also let you deposit cash. As we've mentioned, not all accounts come with debit cards - if you don’t have a debit card you might still be able to make an over the counter cash withdrawal in AUD if you visit your bank’s branch.

Australian dollar account with debit card

UK banks which target customers who want to save, invest or send payments to Australia don’t usually provide a debit card with their AUD accounts. If you want to use your AUD account to travel or shop online, an AUD account from a non-bank provider might be more flexible, as you’ll be able to get a linked debit card to access your money more easily. Here’s a reminder of the non-bank alternatives we introduced earlier:

Wise account and card: Get your card for a one time 7 GBP fee, and spend in 150+ countries, in 40+ currencies. AUD supported for holding and exchange, and currency conversion uses mid-market rates with low fees.

Revolut account and card: All Revolut account plans have a linked card although the card and the fees you pay will vary based on your account type. All accounts have some no fee currency conversion, but fair usage and out of hours fees may apply depending on how you transact.

How to open an Australian dollar account in the UK

You can open an AUD account with a bank or specialist online service. You’ll be able to open an account with a fully digital provider online - and banks usually also offer an online opening process as long as you can provide all the right ID and address documents. In either case, but the process is usually similar:

1. Choose the best provider for your needs

2. Register for your account online, through the provider app, or in a branch

3. Give your personal and contact information

4. Complete the required verification steps

5. Fund your account - and you’re ready to go

   To comply with law, you’ll need to prove your ID and residential address to open your account. These documents are used to verify your identity and prevent crime and fraud. What you need might vary depending on the account type you pick, but can include:

• Government issued photo ID

• Proof of address - a utility bill or bank statement in your name for example

• Business registration documents if you’re opening a business account

How to open an AUD account online

Most banks let you open an AUD account through their online or mobile banking service. It’s usually necessary to have a GBP account before you can add on a foreign currency product, so you may need to complete the application process for a current or savings account first. The process is easy, and usually just requires you to enter your personal and contact information and get verified by uploading images of your key ID documents.

What are the advantages of an AUD account in the UK?

An AUD account can cut the costs of international transactions, for you or for your business. If you transact regularly in AUD, to send or receive payments, you may be able to get a better exchange rate and manage fluctuations in currency exchange rates to keep more of your money in the end.

If you get paid in AUD you can hold your balance as it is, rather than converting back to pounds if rates look poor. Or maximise gains by buying AUD when the rates are good, and holding them until you need them

Some AUD accounts also let you get paid for free by local transfer from Australia, using your own local account details. If you’re a freelancer or business owner you can use these details on invoices, or to collect AUD payments from PSPs like Stripe and marketplaces like Amazon.

How to use an Australian dollar account

AUD accounts in the UK tend to be targeted at either people who want to save or invest in AUD, or those who want to use their account for everyday spending. Features vary but can include ways to:

• Hold and exchange AUD or other currencies alongside GBP, in one account

• Get local account details to allow you to receive AUD payments by bank transfer

• Spend in AUD online or in Australia, with a linked debit card

• Invest or save for a future bill or purchase without needing to convert back to pounds

Australian dollar account details

If you’re a freelancer being paid by Australian clients, or need to receive payments for any other reason, look out for an AUD account which has its own local Australian dollar details for receiving local payments. Good options include Wise and the business account from OFX which both come with AUD account information including an account number and BSB, for use when receiving payments.

Australian dollar business account

The features of an AUD account for business might include different features compared to personal customers. You’ll usually be able to hold and send AUD payments, but you may also be able to access features like:

• Ways to issue debit cards to team members

• Multi user access

• Accounting integrations

• Batch payment solutions

  Here are the non-bank business account providers we looked at earlier:

Wise business account: 45 GBP fee to open an account, and 3 GBP per debit card, with no ongoing charges. Hold 40+ currencies, exchange with the mid-market rate, and get cloud accounting integrations and batch payments

Revolut business account: Several different accounts with varying features included in the account price. All options have cards for convenient spending and can hold, receive and exchange AUD and many other currencies

OFX business account: For businesses and online sellers, looking to receive customer payments and get paid through PSPs and market places. CAD offered alongside  6 other currencies

Conclusion: Australian dollar account in the UK

An Australian dollar account can help you cut costs if you need to send or receive international AUD transfers, or spend when you travel to Australia. AUD accounts in the UK are available from banks and non bank providers, with a varied range of features to suit different customer needs. Highstreet banks primarily offer AUD accounts aimed at investing and saving, while non-bank providers have accounts which come with a card for easy spending.

With a non bank provider like Wise or Revolut, you’ll often find you can get a flexible account with low fees and no minimum balance requirement, which you can open from home on your smartphone. Use this guide to kickstart your research and find the best AUD account for you, whether you’re a personal or business customer, freelancer or online seller.

AUD account FAQs

Can I open an Australian  dollar account in the UK?

Yes. You can open an Australian  dollar account with a bank, or a specialist non-bank online service. Different accounts have their own customer niches, and so offer different features, fees, and eligibility requirements. Compare a few including Wise and Revolut, to find the right fit.

How much does it cost to open an Australian  dollar account?

Generally Australian dollar accounts from banks can be opened for free, with no monthly charges. However, transaction fees and minimum balance requirements will apply. Some non-bank services like Wise have no monthly fees, while others may have ongoing fees to pay.

Which UK banks offer Australian dollar currency accounts?

UK banks including HSBC and Barclays offer AUD accounts - but these are often meant for people looking to save or invest in a foreign currency rather than as a day to day spending account. As an alternative consider a non-bank provider like Wise or Revolut which can often be cheaper and more flexible.