When businesses go Global, the need to set up global platforms, that enable organizations to operate and transact freely, arises. 

Foreign currency bank account, also known as a multi-currency account, allows you to transact in multiple currencies. You can use these accounts for professional and personal needs, depending upon how much balance you have and what interest you want to earn.

Why do you need a Foreign currency account?

There are multiple benefits of having a foreign currency account:

  • A foreign currency account allows you to transact in multiple currencies.
  • These accounts allow you to switch between currencies and avail of the best exchange rates.
  • Many foreign currency banks pay a handsome interest on the premium currencies maintained as account balance.
  • They hardly have a maintenance fee.

Handling foreign currency can be a challenge for a lot of small businesses, but not when you find the right banking partner. When it comes to handling foreign currency, the two banks that top the charts globally are CommBank Foreign Currency Account and the Airwallex Global accounts. Both come with unique offerings; let’s discuss the features offered by these two banks in detail.

CommBank Foreign Currency Bank.

CommBank is also known as Commonwealth Bank is an Australian Multinational bank, founded in December 1911. This bank is an excellent option for those who are expanding their business globally. It takes care of all your foreign currency needs. If you are looking for a banking partner that will handhold you and provide all the know-how, required to manage banking in any currency, then CommBank Foreign Currency Account is a perfect choice.

Let’s look at the offerings:

Safe International Money Transfers

With CommBank, you can easily send money to more than 200 countries in over 30 currencies. The transfer platforms are highly secure, as the transaction is made directly through the international banking system into the recipient’s bank account.

Zero Conversion cost.

With CommBank, you can avoid the conversion fees while you make and receive payments. Thus, saving on the conversation cost usually goes up to 2% to 3%.

Fees and other charges.

The bank offers a Zero monthly account maintenance fee. It also provides free currency transfers between the CommBank accounts. Having said that, the bank charges $30 for money transfers that are issued via a branch.

Best Exchange Rates

CommBank provides real-time updates on exchange rates through its banking application. Here you can calculate rates with the help of an exchange rate calculator and select the best time to convert your currency and avail the best rates.

Now let’s understand the features of the Airwallex Business Account.

Monthly account Fees

Just like the CommBank Foreign Exchange Account, Airwallex does not charge a monthly maintenance fee. With Airwallex you can open a foreign currency account without any fee. 

Operate Globally

This is the biggest advantage of Airwallex bank. By getting connected to this bank you can set up your Global account in more than 20 different currencies. Simplicity is the USP of the bank; you can easily open not one but multiple global accounts without setting up a base account. Now with a Global account, you can send and receive payment from anywhere in the world, without a fee.

FX and International payments

Airwallex is best suited for international transactions. With your Airwallex global account, you can make payments to more than 150 countries in 20+ currencies, that too without any transfer fee.

Account integration with Existing Software

To simplify processes, Airwallex offers a unique feature where you can easily link up your Airwallex Global accounts to your account software. This integration permits organizations to manage their everyday finances accurately and track the transactions with just a single click.

Unlimited transactions

Business cannot operate optimally with restrictions and Airwallex understands this; thus, it empowers businesses by allowing unlimited same-day international payments and money transfers at zero fees; provided they are performed from the banking platform. However, for all payments made via SWIFT and other payment gateways, a charge of a minimum of $10 will be levied.

The Bottom line:

Now that you know the features offered by two of the leading Australian foreign currency banks, choose your bank according to your specific business needs. If conversion cost is your primary goal, then CommBank can be a good option, but if you are looking at a simple and cost-effective daily transaction process, then Airwallex must be your choice. Choosing the right bank will make your financial journey smooth and beneficial in the long run.