Best USD accounts in Australia

Whether you’re a US citizen living in Australia, or an Australian traveling to the US frequently, a USD account can be a handy tool to make cross currency transactions cheap, quick and convenient.

Major local and global banks offer USD accounts to Australian residents – but there are also ways to open a USD account in Australia with specialist services that can be more flexible. You could choose to open a multi-currency account covering AUD and USD from a provider like Wise, for example. This guide covers all you need to know to help you choose the best USD currency account for you.

What is a USD currency account?

A USD currency account is an account which lets you hold US dollars. 

You might also be able to hold and exchange other currencies in your account if you choose a USD account with multi-currency features. Other common features include linked debit cards, international transfer services and ways to get paid in USD from others. Some USD savings accounts in Australia also offer interest on the balance you hold. 

What can you do with a USD account in Australia?

If you’re a US citizen living in Australia for work or study, or an Australian citizen who travels to the US a lot for work or leisure, a USD account can be a useful tool.

Different USD accounts have their own features – but these are some of the more common uses for a US dollar account:

• Hold and convert a USD balance: Hold a balance in USD without needing to convert to AUD if you don’t want to. This allows you to save in USD to pay bills or for planned travel, while cutting out unnecessary conversion costs.
• Receive payments in USD: Get paid by others in USD, often with local account details, allowing the sender to make a local payment which is fast, cheap and convenient for them.
• Send payments in USD: If you’re paying bills in the US, a USD account lets you process cross border transfers in a few taps, with options for regular or recurring payments for bill payments, mortgages and other ongoing commitments.
• Spend and withdraw USD: If you need to spend and withdraw, accounts from providers like Wise offer a debit card for convenient and low cost USD transactions in person and online.

Types of USD accounts

You’ll find some good USD account products available from major Australian banks intended for people sending USD payments often. There are also USD accounts which allow customers to hold, exchange and manage other currencies all in one account, usually from specialist providers. Here are the core options typically available:

Multi currency accounts: Multi currency accounts are commonly available from digital providers. You can hold USD alongside many other currencies in a multi currency account which can be a convenient option for people living international lifestyles.

• Wise Account: Hold 40+ currencies, and get local account details for receiving 8+ currencies including USD, and SWIFT details for receiving 20+ currencies easily. 
• Revolut Account: Hold 25+ currencies and get local details to receive AUD and SWIFT details to receive other supported currencies. 
• HSBC Everyday Global Account: Hold USD along with 9 other currencies, with no HSBC ATM or monthly account keeping fees
• Airwallex Account: Business account supporting 20+ currencies including USD and AUD, with ways to receive customer bank and card payments online.

Foreign currency accounts: Foreign currency accounts are most commonly the option offered by banks, and may be used as USD savings accounts in Australia. These accounts support only 1 currency, and let you hold and send payments in a foreign currency – but have no debit card for day to day transactions. 

• Westpac Foreign Currency Account: No minimum balance and no account keeping fee, with easy ways to see your Westpac AUD and USD balances side by side.
• Commbank Foreign Currency Account: No ongoing fees, for an account which lets you receive USD and hold your balance as long as you like, for future payments or until you see a good conversion rate.

Best USD currency accounts in Australia

There’s not really one best USD currency account in Australia, as different products have their own features to suit different customer needs. 

You might prefer multi-currency account and card services from providers like Wise if you want to hold USD with AUD and other currencies in one account, and spend with your debit card locally and overseas. These services are digital only and do not have a branch network which can be a drawback if you need to deposit cash or checks.

As a major global bank, HSBC also offers a multi-currency account solution for customers who want to hold 10 currencies including USD. There are also personal USD accounts from banks like Westpac or Commbank. These products are part of the bank’s foreign currency account options, aimed at people who want to save, and send payments primarily.

Finally, there are business USD accounts which can be opened with Australian banks, or with digital first providers like Wise, Revolut and Airwallex. Digital accounts like those we feature in this guide offer a broad range of supported currencies, cards, and low fees for common business transaction needs.

Here we’ve selected some different providers and banks offering USD accounts in Australia for personal and business use, looking at convenience, cost and customer intention. 

Read on to learn more about each and how their USD account in Australia works.

💡 At a glance
Wise Account	Hold and exchange USD and 40+ other currencies, spend with a Wise card in 150+ countries, send and receive payments globally in AUD, USD, GBP and more.
Revolut Account	Choose from 4 different account plans which all offer a debit card, and support 25+ currencies for holding and withdrawal. Travel perks available on some account tiers.
Westpac USD Account	View your USD balance alongside your AUD balance in the Westpac app, receive and send payments locally and globally.
Commonwealth Bank USD Account	No account keeping fees, with ways to get paid in USD and convert when you see a good exchange rate.
HSBC Everyday Global Account	Multi-currency account supporting USD and 9 other currencies, with no monthly fees and cash back opportunities
Airwallex Account	Business account supporting USD, AUD and 20+ other currencies for holding and exchange, with low conversion costs and great exchange rates.

*Details correct at time of research – 21st August 2025

Wise Account

Open a Wise Account online or in the Wise app, for personal or business use, and hold USD alongside AUD and 40+ other currencies all in the same account. You can exchange between currencies in the app with the mid-market rate and low, transparent fees, order an optional debit card for spending and cash withdrawals, and send and receive payments globally in AUD, USD and more. 

Accounts offer local and SWIFT details to receive payments, with no fee to receive USD (non wire, non SWIFT payments ) to your Wise account. There’s a small Wise fee to receive wires and SWIFT payments.

• Hold and exchange USD and 40+ other currencies
• Mid-market currency exchange with low, transparent fees
• Use your Wise card in 150+ countries for spending and cash withdrawals

Account opening fee: No opening fee for personal customers. Business customers pay 65 AUD for full feature access. No minimum balance

Eligibility criteria: Available to residents of Australia and many other countries and regions globally

Supported currencies: 40+ currencies, including AUD and USD.

Monthly fees: None

Exchange rates: Mid-market exchange rates

Revolut Account 

You can open 4 different types of Revolut Account as a personal customer in Australia, with an additional 4 plan options for business customers. As a personal customer you can choose a Standard plan with no monthly fee, or upgrade to a plan with account keeping fees up to 28.99 AUD/month. 

Higher tier plans offer more no fee transactions, discounts and perks – but all accounts have a linked debit card and ways to convert in the account between 25+ currencies including AUD and USD.

Account opening fee: No opening fee, no minimum balance

Eligibility criteria: Available to residents of Australia and many other countries and regions globally

Supported currencies: USD, AUD and 25+ other currencies 

Monthly fees: Personal customers pay 0 AUD- 28.99 AUD/month, business customers 10 AUD- 79 AUD/month

Exchange rates: Weekday currency exchange uses the Revolut rate to plan limits. After this fair usage fees of up to 0.5% may apply depending on plan. Weekend exchange may attract an extra fee up to 1%.

Westpac USD Account

You can open a Westpac USD Account with no monthly account keeping fee, although it’s important to note that to use your account fully you also need a Westpac AUD account which might have its own ongoing fees. You can receive payments in USD, with a 12 AUD incoming payment fee, and see your foreign currency balance alongside your AUD balance for convenience. You can then decide when to convert your USD back to AUD, or use your balance to send USD to someone else.

• No monthly fee to pay, no minimum balance
• Hold and receive USD, and send payments locally and globally
• Open online in just a few minutes

Account opening fee: None 

Eligibility criteria: Australian residents – you need a Westpac AUD account to fully use the account, including for outward transfers 

Supported currencies: USD

Monthly fees: None

Exchange rates: Exchange rates are likely to include a markup

Commbank USD Account

The Commonwealth Bank USD Account lets you receive, hold, and send British pounds. Commbank markets this as a tool for people who want to manage fluctuations in exchange rates. You can get paid in USD with an incoming payment fee of up to 11 AUD, and then wait to convert your money back to AUD until you see a good exchange rate. Because you’re not forced to change to AUD immediately, you can ride out dips in the rate, and end up keeping more of your money in the end.

• No ongoing fees and no minimum balance
• Hold USD and convert as and when you choose to
• Open in Netbank if you’re already a Commbank customer

Account opening fee: None 

Eligibility criteria: Australian residents, aged over 18, with a Commbank AUD account

Supported currencies: USD

Monthly fees: None

Exchange rates: Exchange rates are likely to include a markup

HSBC Everyday Global Account

You can open an HSBC Everyday Global Account online and in the HSBC app, to hold 10 currencies including USD and AUD. You’ll get a debit card for spending and withdrawals, with no ongoing fees and no HSBC ATM fees to pay. You can earn cash back on select contactless transactions, and send payments using the HSBC Global Money Transfer service with no specific fee – exchange rate markups may apply.

• No account keeping fees
• Digital debit card linked to your account
• Cash back earning opportunities on your card spending 

Account opening fee: None

Eligibility criteria: Australian residents, over 16, with an Australian passport or driving license

Supported currencies: 10 including AUD and USD

Monthly fees: No monthly fees

Exchange rates: HSBC rate which may include a fee

Airwallex Business USD Account

If you need a USD account for business purposes, an Airwallex Business USD Account could help you take customer payments online, with corporate debit and expense cards for business spending online and in person. 

Airwallex accounts offer great exchange rates with low fees for exchange, making this a solid choice for ecommerce businesses in particular.

• Receive, hold, send and spend 20+ currencies 
• Take customer card payments online easily
• Business features including batch payments, corporate cards, interest on your balance, and more

Account opening fee: None

Eligibility criteria: Australian business owners with eligible proof of address and ID, as well as business verification paperwork

Supported currencies: 20+ including AUD and USD

Monthly fees: 0 AUD- 999 AUD depending on plan

Exchange rates: Interbank rates with a fee of 0.5% for major currencies and 1% for less commonly traded currencies 

Fees for USD accounts in Australia

It’s good to know that the fees for USD accounts in Australia might look a bit different to the charges associated with your AUD everyday account. You can often find an account with no ongoing fees to pay, but there are usually some transaction fees to think about. Check your account fee schedule to make sure you understand the costs of your account before you transact. 

Here are some fees to look out for:

• Monthly account keeping fee: Some USD accounts might have a monthly fee, or you might find you have to open an AUD account first, which has its own service fees to pay. Not all accounts use this sort of ongoing charge – for a low cost alternative check out providers like Wise which don’t charge an account keeping fee.
• ATM withdrawal fees: If your USD account has a debit card, check if ATM fees apply. Costs can be either a flat charge or a percentage of the withdrawal – and often taking money out overseas is far more expensive than in Australia. Providers like Wise offer some no fee ATM use each month to help you lower your transaction costs.
• Foreign transaction fees: A foreign transaction fee can push up the costs of purchases in a currency you don’t have in your account by about 3%. This fee doesn’t usually apply on accounts like the Wise Account, which allow you to spend currencies you hold with no fees, and convert with low charges where needed.
• Outgoing transfer fees: Sending payments to and from USD may incur fees, including costs added to the exchange rate used for currency conversion. Compare both the rate and the fee applied before you transact. Providers like Wise can often offer lower overall costs compared to your bank.
• Incoming transfer fees: Generally with an Australian bank you’ll pay a fee when you receive a payment to your account, which is likely to be 11 AUD – 12 AUD. This applies on AUD and USD payments.

How to open a USD account in Australia

The most convenient way to open a USD bank account in Australia is online. All digital providers offer an online account opening option, but this isn’t always an option with banks.

Before you sign up to any USD account read through the eligibility criteria and application process. While this does vary a bit, it’s usually pretty similar across different banks and providers, including providing your proof of ID, as well as your Tax File Number for verification. If you hold tax residency in any country other than Australia you will also be asked to give details of that.

Here’s an outline of the USD account opening process:

With banks: Some banks let you add a USD account online if you already have an AUD account, but you might find you need to go to a branch instead. This isn’t always the most convenient option, but you can often book an appointment in advance and  then you’ll be talked through the application by a team member on arrival.

With online providers: Specialist providers like Wise don’t have branch locations so you’ll complete your account application, verification and onboarding all digitally. You’re guided through the process by onscreen prompts and you’ll need to take a snap of your ID and address documents with your phone to get verified.

How to use your USD account in Australia

Finally let’s look at how using a USD account can help you manage your US dollar payments and transactions with lower fees and less time spent navigating administration. 

• Send international money transfers: Send payments to the US and many other countries with just your phone, often with great exchange rates and low fees. Providers like Wise use their own payment network to make sure you get a super fast transfer time, too.
• Hold and exchange USD and AUD: Keep USD and AUD all in one account to make it easier to budget and plan across different currencies. Multi-currency accounts can also let you manage different currencies for things like saving for travel or to send a payment, too.
• Receive USD payments: Use your USD account to receive USD easily with local or SWIFT account information that the sender can use to initiate your transfer without needing to convert it to AUD.
• Use your debit card for spending and withdrawals: Use your USD debit card to spend and withdraw with low costs and no foreign transaction fees in many cases. Choose a provider like Wise and it’s free to spend a currency you hold sufficient balance in, and cheap to convert to any currency you might need to cover a purchase.

Conclusion

There are several different ways to open USD accounts in Australia, depending on how you need to transact. 

You could pick a USD account from a bank like Commbank or Westpac if you want to send payments to Australia to cover a mortgage or bills. Global banks like HSBC also offer ways to hold USD which can be handy for payments and travel use.

Or, as a more flexible alternative with broad multi-currency features you might prefer Wise which lets you hold USD along with AUD and 40+ other currencies. Use your account to send, spend, hold and receive USD for day to day payments, travel and bills, with low costs and great exchange rates.

Useful resources:

Revolut Personal Pricing Plans – Revolut Australian personal pricing plans and feature descriptions

Revolut Business Pricing Plans – Revolut Australian business pricing plans and feature descriptions

Westpac foreign currency accounts – Westpac foreign currency account landing page

Commbank foreign currency accounts – Commbank foreign currency account landing page

Commbank international fees – Commbank international fees covering transfers in and out of accounts 

HSBC Everyday Global Account – HSBC Everyday Global Account landing page 

Airwallex Pricing – Airwallex Australian account descriptions and pricing plans