Benefits and features of a foreign currency account

Low cost account to suit your needs

  • No account opening fee
  • No monthly account fee
  • No minimum ongoing balance requirements

Flexibility and control of your foreign currency

  • Choose from major global currencies
  • Convert funds when it suits you
  • Make deposits and withdrawals easily

What is a foreign currency account?

A NAB Foreign Currency Account is a transaction account for foreign currency. If you or your business makes frequent international transactions, then it may be beneficial.

You can make or receive payments in foreign currencies, such as USD and HKD, without having to convert to or from AUD first. With 19 currencies to choose from, you can convert funds when it suits you best, helping to give you control of your foreign funds.

Keep up to 19 currencies in one place

NAB Foreign Currency Accounts allow you to make and recieve payments in up to 19 currencies.

US Dollar (USD)

Euro (EUR)

British Pound (GBP)

Japanese Yen (JPY)

New Zealand Dollar (NZD)

Canadian Dollar (CAD)

Singapore Dollar (SGD)

Hong Kong Dollar (HKD)

View more currencies

  • CNY Chinese Yuan Renminbi (business customers only)
  • DKK Danish Krone
  • FJD Fijian Dollar
  • NOK Norwegian Krone
  • PHP Philippine Peso
  • WST Samoan Tala
  • ZAR South African Rand
  • SEK Swedish Krona
  • CHF Swiss Franc
  • THB Thai Baht
  • AED United Arab Emirates Dirham

Apply online

  • Step 1 You can apply online if you're a personal customer, a sole trader or a company with up to two directors.
  • Step 2 We’ll verify your identity and application details and contact you if anything further is required.
  • Step 3 When your account is ready, we'll email you your account details.
  • Step 4 If you're a business customer, apply for NAB Connect to start accessing your account online.

Extras for business customers

Foreign currency overdraft facility

Manage peaks and troughs in your cash flow with a NAB Business Overdraft on your transaction account. You can request an overdraft when applying for a NAB Foreign Currency Account1

Find out more

NAB Connect

A solution for businesses with advanced online banking requirements. You’ll be able to:

  • book foreign exchange deals and view currency conversion rates before you transfer.
  • create, customise and manage different user profiles and authorisation levels.
  • control transfer amounts- only limited by the funds you have available and the daily payment limits you set.

Find out more

Foreign exchange solutions

We have competitive solutions that make it fast and easy to make international payments using NAB Connect online banking. Our Business Markets specialists manage movements in foreign exchange rates, helping to support your business.

Find out more

Trade finance

Meet your working capital needs with finance to help your export, import and domestic trade requirements. With the flexibility and bargaining power to win sales orders and payment discounts, you’ll have the option to:

  • finance in either Australian dollars or in another major foreign currency.
  • choose payment terms that align with your trading cycle, from 7 days to 180 days.

Find out more

How Pravesh uses his Foreign Currency Account

Pravesh is a British expat who moved to Australia for work last year. He has family in England who regularly transfer funds to him.

Luckily for Pravesh, he has a NAB Foreign Currency Account which allows him to hold funds in Great British Pounds, so he won’t run the risk of currency exchange rates affecting the value of the funds he’s received.

How Amy uses her Foreign Currency Account

Amy is a small enterprise owner; her online store has recently received international attention after a particularly successful campaign.

After finding herself converting funds to and from AUD regularly, Amy decided to reduce her foreign exchange exposure by opening a NAB Foreign Currency Account. Now she can receive payments from American customers and pay her suppliers in US dollars without needing to convert to AUD.

Important Information

NAB Foreign Currency Account – Onshore, Terms & Conditions (PDF, 432KB)

Business Banking Fees – A guide to fees and charges

Personal Banking Fees – A guide to fees and charges (PDF, 355KB)

Indicator Rates - For Foreign Currency Account (PDF, 45KB)

Threshold rates - For Foreign Currency Account (PDF, 41KB)

Risks to consider:

Holding money in a foreign currency exposes you to exchange rate risk. If you exchange your foreign currency for Australian dollars in the future, the Australian dollar amount may be less than it was at the time of deposit, due to exchange rate movements over time.

1Available to business customers only. Lending criteria, terms and conditions apply. Fees, interest rates, terms and conditions will be detailed in your Letter of Offer.

NAB recommends you consider the Product Disclosure Statement or other disclosure document, available from NAB, before making any decisions regarding these products. These products are issued by National Australia Bank Ltd ABN 12 004 044 937.

Foreign Exchange with NAB

Read about managing your exposure to changes in the foreign currency market.

Using online banking for your FX needs

From sending money overseas to booking a Forward Exchange Contract, NAB Connect makes it easier.

NAB Foreign Currency Term Deposit

Just because you’re not using your foreign currency, doesn’t mean it can’t work for you. Earn interest with a safe and flexible term deposit.

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