We often have this misconception, that a foreign currency account is only required, for organizations that operate globally. However, there are different types of foreign currency accounts for both resident and non-resident citizens of a country. Even individuals who earn in foreign currency, require a foreign currency account.
If you are in the business of importing and exporting goods and are constantly worried about how to deal with foreign exchange, then a foreign exchange currency account is the best option.
Foreign currency accounts also known as multi-currency accounts, provide you with an opportunity to transact in multiple currencies. Depending on your needs, you can use these accounts for business as well as for personal financial needs.
How does a foreign currency account work?
To understand why you need a foreign currency account, you first need to understand how it works. For all transactions in foreign currency, a normal bank will only convert your money to US dollars, whereas a foreign currency account allows you to receive and send money in multiple currencies across more than 100 countries.
When it comes to selecting a foreign currency account, the best Australian banks with the credibility of serving the biggest global brands and accounts are NAB Foreign Currency Account and Airwallex Business Account.
What is the NAB Foreign Currency Account?
NAB or National Australia Bank, is one of the largest financial institutions in Australia. It was founded in 1982 and since then it has served many global accounts by offering world-class service and features. Let’s understand the features of the NAB foreign currency account below.
Features of the NAB foreign currency account
1. Zero Account Opening Fees
Small businesses usually struggle with huge account opening charges, but with NAB bank such businesses can easily open their account with no account opening fee. You do not even need to maintain any minimum balance for the NAB foreign currency account.
2. Zero currency conversion cost
Currency conversion costs are high, and businesses that frequently receive and send foreign payments look for banks with zero currency conversion policy. NAB is one of the top Australian banks which allows customers to make payments in 19 foreign currencies; without any conversion cost.
3. Financial Adviser Support
When it comes to foreign exchange, you do need some expert guidance. NAB has the best FX advisers who help you make informed and confident foreign exchange decisions.
5. Make informed decisions
NAB Connect is the net banking app of the bank. Using this app, you can check the live currency conversion rates before making any transfers. This way, you will be able to make the most of the foreign currency exchange.
6. Financial support
To support medium and small businesses, NAB provides both secured and unsecured overdraft facilities. The overdraft limit starts from $20,000. This facility is beneficial for a business to maintain a steady flow of cash.
Now let’s understand the features of the Airwallex Business Account.
Features of the Airwallex Business Account
1. Zero Monthly Maintenance fees
Just like the NAB Foreign Exchange Account, Airwallex has zero monthly maintenance fees. Also, with Airwallex you can open a foreign currency account free of cost.
2. Global Presence
Businesses need a bank that can support them anywhere in the world. By getting connected to Airwallex bank, you can set up your Global account in more than 20 different currencies. The processes of this bank are simple and hassle-free. With a Global account, you can send and receive payment from anywhere in the world; without a fee.
3. FX and International payments
When it comes to international transactions, there cannot be a better bank than Airwallex. With your Airwallex global account, you can make payments to more than 150 countries in 20+ currencies; without paying any transfer fee.
4. Seamless finance platform integration
Every company has its own finance platform; managing these platforms is not an easy job. But with Airwallex this process is simplified. Airwallex offers an exceptional feature where you can easily link up your Airwallex Global accounts to your existing company account software. Thus, making transactions transparent and updated. Now the finance managers of your company can accurately track all transactions with just a single click.
The Bottom line:
After reading through the features of both these leading banks, you must be confused. The simplest way to select your banking partner is by understanding the specific needs of your business. If global presence is your priority, then Airwallex is the right choice. However, if you want financial banking and FX advice frequently, then NAB should be your choice.