Best Multi Currency Accounts in Australia

Wise is the best all-rounder for holding money and getting paid across multiple currencies.

It comes with multiple local accounts which let you receive money like a local.

This means the payment will route through the local or internal network rather than using SWIFT.

This is great if you’re receiving payments from abroad.

Be it USD for work, GBP pension, rent from EU, etc. it will all come into one account with minimal fees.

Here are the local details you get:

Once you hold the balance in any given currency, you can convert it any time to AUD and withdraw (or hold).

There is no exchange rate markup, but instead, Wise charges a fee from 0.63% on all conversions.

If you’re loading money yourself, you can top up instantly and free with PayID or a bank transfer, and spend on the Wise card in 150+ countries.

On the downside, Wise is not a bank so your money isn’t FCS protected, but it's regulated by ASIC (AFSL 513764) and your money is held separately.

I've used Wise for years, and in my opinion it is the simplest option to start with. It simply does a lot of things very well.

I love my Revolut card and take it with me whenever I travel. So far I've had fewer issues with it abroad than my other cards.

I always have it as my main card abroad, because my physical card is a Visa which is more commonly accepted, if not, I just use it through Apple Pay, else I use my Wise card.

You get A$350 ATM withdrawal limit (slightly lower than Wise), but it scales up if you upgrade to one of the paid plans.

I personally never needed to upgrade, instead, I just combine Revolut and Wise for whenever I need to withdraw more than the limit.

But in case you’re interested, here are the prices:

In terms of conversion fees, as long as you’re within your monthly allowance, and it's a weekday, most conversions will be done at the interbank rate and small fee (just like Wise).

Outside your allowance and on the weekends, the fees are a bit higher (covered in the table above).

Since 21 July 2026, Revolut is a licensed Australian bank, so eligible AUD deposits are FCS-protected up to A$250,000.

To be honest, the offering is very similar to Wise with a few nuances here and there like ATM withdrawals and available currencies.

The bigger difference is the local accounts you get, Wise offers 9 and Revolut only has a few (AUD and the rest is SWIFT).

If you compare standard Revolut and Wise, the costs are very similar (assuming no additional fees from above).

But, as soon as you upgrade to the Metal plan or above, Revolut is flat out cheaper, under any conditions.

So if you’re traveling or spending in multiple currencies often, it’s something to think about.

HSBC is the one big bank here that gives you a proper multi currency account with a card to spend from.

The difference from Wise and Revolut is that this is your everyday bank account too.

Your salary goes in, you pay your bills, you spend at home, and you hold and spend foreign currencies from the same account.

You can hold 10 currencies: AUD, USD, GBP, EUR, JPY, HKD, CNY (with restrictions), CAD, NZD and SGD.

It’s great for spending abroad as well, just limited in terms of currencies compared to Revolut and Wise.

You can convert AUD into the currency you need ahead of time, then spend or withdraw it with no HSBC fee.

If you don't hold the currency, the card just converts from your AUD at the Visa rate.

There are no HSBC ATM fees at home or abroad (local ATMs may still add fees), and no overseas transaction fees.

It sounds like a good deal and overall decent option, but the conversion costs are really high.

HSBC converts AUD to other currencies at around 2-3% above the mid-market rate, a fair bit more than Wise or Revolut on a weekday.

It also adds a margin on weekends when the FX market is closed (just like Revolut does).

HSBC is a bank, so your AUD is covered up to A$250,000.

But that only covers Australian dollars, any foreign currency you hold sits outside it, just like with Revolut.

I think it’s a good option if you already use HSBC and favour convenience over the fees.

It’s also great for withdrawing larger amounts abroad (once you go above Wise and Revolut ATM limits, the costs are almost the same).