AUD accounts in the UK

Opening an AUD account in the UK can be a smart plan for Australians living in the UK, international students, business owners and frequent travelers. Whether you’re receiving rent from Australia to the UK, sending money down under to cover bills, or spending dollars during a trip there, an AUD account may help you cut your costs.

There are different AUD account types, depending on your transaction needs, from digital providers like Wise, and from UK banks. This guide covers all you need to know to help you choose the best AUD currency account for you.

What is an AUD currency account?

An AUD currency account is an account from a bank or a digital provider which lets you hold Australian dollars.

All AUD accounts let you hold Australian dollars – but other features might vary quite a lot. Some AUD accounts are single currency options supporting AUD only, while others allow you to hold many other currencies including GBP in the same account. You might also be able to earn interest, send payments, receive local AUD transfers or get a debit card, depending on the account you pick.

What can you do with an AUD account in the UK?

We’ll cover some of the most popular AUD account options available for UK residents in this guide – but first, let’s look at why you might want one.

Here are some common uses for an Australian dollar account:

• Hold and convert an AUD balance: Receive and hold AUD payments, or store up AUD in advance of paying a bill or taking a trip to Australia. You can convert to and from AUD conveniently in most Australian dollar accounts, in just a few taps of the provider’s app.
• Receive payments in AUD: Some AUD accounts offer local AUD account information, so you can receive fast AUD transfers which are often also cheap or free for the person sending the payment. Or, you may get SWIFT information to receive AUD as a cross border payment instead.
• Send payments in AUD: Send money with an AUD account to cut the costs associated with cross border payments, whenever you’re sending a payment to an Australian bank account.
• Spend and withdraw AUD: Accounts from providers like Wise offer a debit card, which you can use to spend your AUD balance in Australia with no extra fees, or to make cash withdrawals in Australia and other countries easily.

Types of AUD accounts

AUD accounts have been designed to fit different customer needs, including options for daily use and others for saving and investing in foreign currencies as a diversification strategy. Different products may target either individual or business customers. Generally the options available are either multi-currency products or single currency options.

In this guide we’ve selected a mix of banks like Barclays and HSBC, and specialist providers like Wise and Revolut which have both individual and business accounts. We’ve also included Airwallex as a provider offering AUD support for business customers only – here’s the lowdown on each.

Multi currency accounts: Hold AUD along with anything from a handful to dozens of other currencies side by side in one account, to make it easier to track your overall balance, convert between currencies and make payments in the UK, Australia and wherever else you may choose to.

• Wise Account: Hold 40+ currencies, and get local account details for receiving 8+ currencies including AUD, and SWIFT details for receiving 20+ currencies easily. For personal and business customers.
• Revolut Account: Hold 25+ currencies and get local details to receive GBP and SWIFT details to receive AUD and other supported currencies.
• HSBC Global Money Account: Hold AUD along with 17 other currencies, with no HSBC ATM or monthly maintenance fees
• Airwallex Account: Business account supporting 20+ currencies including AUD and GBP, with ways to receive customer bank and card payments online.

Foreign currency accounts: Foreign currency accounts support only 1 currency – so in this case AUD – although you can often also open additional accounts in other currencies if you’d like to. These products often come from banks and are aimed at people who want to save, make payments, or invest in a foreign currency.

• Barclays AUD Account – AUD account through Barclays to hold and send AUD, and get dollars in cash over the counter if you need them – no debit card offered

Best AUD currency accounts in the UK

The good news is that there are quite a few options for AUD currency accounts in the UK. However, this does also mean you’ll need to do some research to pick the right one for you.

Providers like Wise, Revolut and Airwallex have multi-currency account and card services. These can be flexible to use, supporting many currencies – but you won’t get any branch or face to face support. Wise and Revolut accounts are for individuals and businesses while Airwallex supports businesses only.

Banks like Barclays or HSBC also offer accounts aimed at customers looking to hold Australian dollars, and send AUD payments. Options like the foreign currency accounts from Barclays don’t have a debit card and so aren’t really intended for travel spending, although the HSBC account does have flexible card services.

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

Read on to learn more about each and how their AUD account in the UK works.

💡 At a glance
Wise Account	Hold and exchange AUD and 40+ other currencies, spend with a Wise card in 150+ countries, send and receive payments globally in GBP, AUD, USD and more.
Revolut Account	Choose from 5 different account plans which all offer a debit card, and support 25+ currencies for holding and withdrawal. Travel perks available on some account tiers.
Barclays AUD Account	Accounts which allow you to hold AUD, and send international payments or withdraw cash over the counter in Australian dollars
HSBC AUD Account	Global Money Account to hold 18+ currencies with a linked debit card for spending and withdrawals. Spend at home and abroad, and send payments internationally from the HSBC app.
Airwallex	Business account supporting AUD, GBP and 20+ other currencies for holding and exchange, with low conversion costs and great exchange rates.

Wise AUD Account

Open a Wise Account online or in the Wise app, for personal or business use, and hold AUD alongside GBP 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 GBP, AUD and more.

Accounts offer local and SWIFT details to receive payments, with no fee to receive AUD to your Wise account with local details. There’s a small Wise fee to receive AUD SWIFT payments.

• Hold and exchange AUD 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 45 GBP for full feature access. No minimum balance

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

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

Monthly fees: None

Exchange rates: Mid-market exchange rates

Revolut Account

You can open 5 different types of Revolut Account as a personal customer in the UK, 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 maintenance fees up to 55 GBP/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 GBP and AUD.

• Hold and exchange 25+ currencies in the same account
• Select your account plan based on your transaction needs
• Personal and business services offered

Account opening fee: No opening fee, no minimum balance

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

Supported currencies: AUD, GBP and 25+ other currencies

Monthly fees: Personal customers pay 0 GBP- 55 GBP/month, business customers 10 GBP- 90 GBP/month

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

Barclays AUD Account

You can open a Barclays foreign currency AUD account if you already hold an eligible Barclays current account. This account allows you to hold AUD, send payments, and get cash over the counter. You are only able to open this account in a branch or by phone, which may not be the most convenient option – but there are no ongoing fees to pay once you have your account set up.

This account is aimed at people who want to hold a balance in AUD, and send payments locally and internationally, rather than for travel use.

• Available to eligible Barclays account holders in multiple currencies
• Withdraw your AUD balance as cash in a branch
• Send international payments conveniently using digital banking

Account opening fee: None

Eligibility criteria: Residents of the UK holding eligible Barclays account products

Supported currencies: AUD

Monthly fees: No monthly fee

Exchange rates: Exchange rates include a markup

HSBC AUD Account

The Global Money Account is the HSBC AUD Account for UK residents. This account supports 18 currencies including AUD and many other major currencies making it a good choice for travellers and for sending payments overseas. You can get a virtual and physical debit card to spend and make cash withdrawals, and there’s no fee to spend a currency you have in your balance. Bear in mind that currency conversion costs, and non HSBC fees – such as ATM operator charges – may still apply.

• Hold and exchange 18 currencies including AUD, with a card for travel spending
• No HSBC ATM fees, and no additional fee to spend currency you already hold in your balance
• App based account which makes it easy to keep on top of your transactions

Account opening fee: None

Eligibility criteria: UK residents with an active eligible HSBC GBP account

Supported currencies: 18 currencies, including AUD

Monthly fees: No monthly fees – fees may apply to your underlying GBP account

Exchange rates: Exchange rates are likely to include a markup

Airwallex Business AUD Account

If you need an AUD account for business purposes, an Airwallex Business AUD 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, and more

Account opening fee: None

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

Supported currencies: 20+ including GBP and AUD

Monthly fees: 0 GBP- 999 GBP depending on plan and account usage

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

Fees for AUD accounts in the UK

Some AUD accounts in the UK offer no ongoing fees and low transaction costs. But they’re not usually completely free. Instead, fees can apply depending on how you transact, and what balance you hold, for example. Before you sign up to any AUD account you’ll need to check through the fees for the types of transactions you make frequently – and any ongoing fees you need to pay – to make sure you understand your responsibilities.

Here are some fees to look out for:

• Monthly maintenance fee: Ongoing fees which may be called maintenance or service fees can apply no matter how frequently you actually use your AUD account. This can drain your balance if you’re not expecting it. If you want an account with no monthly fee check out providers like Wise which don’t charge a maintenance fee.
• ATM withdrawal fees: If you’re looking for an AUD account for everyday use, a product with a linked debit card is an essential. However, ATM fees may apply locally or internationally and might be a flat charge or a percentage of the withdrawn amount. Providers like Wise offer some no fee ATM use each month to help you lower your transaction costs.
• Foreign transaction fees: If you’re spending in a currency you don’t hold in your account you might need to pay a foreign transaction fee of around 3%. This fee doesn’t usually apply on accounts like the Wise Account, but is common with bank debit and credit cards.
• International transfer fees: Your bank might waive transfer fees but that doesn’t mean you pay nothing, as the exchange rate used might include a markup – a fee that’s not so easy to spot. Typically providers like Wise and Airwallex can offer more competitive rates than many banks.

How to open an AUD account in the UK

The way you open an AUD account in the UK depends on whether you’ve chosen a product from a bank or a digital first service. You’ll need to double check you meet the eligibility criteria for the account you’ve picked first, and then gather up the information and paperwork the bank or provider needs such as your proof of ID and UK address.

You can then review the account opening process, which may look like this:

With banks: Bank account opening policies vary but you might need to go to a branch in person to open your account, especially if you don’t already have a UK account with that specific bank. If you need to go to a branch a team member will guide you through the application process and you may be able to get your account opened and verified in one visit.

With online providers: Providers like Wise and Airwallex manage your account application, verification and onboarding digitally, so all you need is a smart device or laptop. You don’t even need to leave home. Instead, just complete the information following the prompts on the application screen and then upload clear images of the documents required to support your application. Accounts may be verified instantly or it may take a couple of days.

How to use your AUD account in the UK

Living internationally can be expensive. If you’re an expat or international student in the UK – or if you’re a frequent traveller, business owner or digital nomad, using an AUD account to manage your Australian dollar payments and transactions can help reduce the fees you pay for currency conversion and other cross border services.

Here are some ways expats commonly use their UK based AUD accounts:

• Send international money transfers: If you’re making transfers to Australia from the UK, an AUD account cuts out admin time and can also help you lower the costs. Providers like Wise use their own network to move money quickly and with low fees, which can mean your payment arrives quicker compared to using your checking account.
• Hold and exchange AUD and GBP: For many people living an international lifestyle, managing different currencies is a day-to-day need. With an AUD multi-currency account you can see your AUD and GBP balances at a glance to keep on top of all your payments and transactions more easily.
• Receive AUD payments: Some AUD accounts offer local AUD account details to receive and hold AUD easily. Local transfers like this often cost nothing to receive, and can also be cheap or free for the sender. Get your money in AUD and then convert or spend whenever you like.
• Use your debit card for spending and withdrawals: For daily use, an AUD account with a debit card can be handy – allowing you to spend when you travel for leisure or business, or when you’re shopping with Australian retailers online. It’s usually free to spend a currency you hold, or cheap to convert to AUD if you need to, if you choose a multi-currency account with a provider like Wise or Airwallex.

Conclusion

AUD accounts are popular with UK based expats, business owners, and international students – and can also be handy for UK residents who travel to Australia often for business or leisure. You can open an AUD account pretty easily from a UK bank, or a specialist provider like Wise or Airwallex, but the features and fees you get can vary enormously.

AUD accounts from banks tend to focus on customers who want to save or make payments in AUD, while providers like Wise offer more flexible accounts to send, spend, receive and hold AUD along with the UK and 40+ other currencies. Compare your options looking at features, fees, convenience and currency availability, to see which account type is the best fit for you.

Useful resources:

• Wise – Wise UK landing page with links to pricing and account features
• Revolut Personal Pricing Plans – Revolut UK personal pricing plans and feature descriptions
• Revolut Business Pricing Plans – Revolut UK business pricing plans and feature descriptions
• Barclays Foreign Currency Accounts – Barclays foreign currency account solutions – introducing the Barclays AUD account
• HSBC UK Global Money Account – HSBC AUD Account information summarised, with application details
• Airwallex Pricing – Airwallex UK account descriptions and pricing plans