Wow, we’ve really been waiting for this! It’s quite a sensation and actually puts all of our previous tips on this topic in the shade. Wise’s new “borderless account”. Ideal as „Australian bank account“ for work&traveller, foreign students and emigrants.
How does the “Australian bank account“ work?
In short: You have ONE bank account that has a normal account number (for example from your home country) and at the same time an Australian bank account number (Australian IBAN). Nevertheless, everything comes together in the same account.
Explained in a little more detail: You can now receive transfers from both (your home country) and Australia to one and the same account. Because you now have both a local IBAN at home and an Australian IBAN, both of which are linked to the same account. For example, if you work in Australia (regardless of whether you are a Work&Traveller, an expat, etc.), then your employer can now easily use your Australian IBAN and transfer your wages to your Australian IBAN free of charge. It’s easy, convenient and free for your employer. And you have your money in your account particularly quickly and free of charge and you don’t have to worry about opening/closing Australian bank accounts etc. Because the account can also be used if you are not in Australia, back home or in another country (for future travel for example).
The most important advantages:
- Own Australian IBAN (like a local)
- Receive fees-free payments from Australia to your Australian IBAN (e.g. wages)
- “Bunker” Australian dollars in your account without any fees
- Transfer your Australian dollars to others in Australia (e.g. to pay bills)
- Convert your Australian dollars to another currency (for example Euro) within your account in seconds
- You will receive a card with which you can pay in Australian dollars in Australia and withdraw money from ATMs
- Easy and free to open
Since it also works for other currencies, it doesn’t have to be closed when it has served its purpose (e.g. after the end of the working holiday year, or after the end of your semester abroad), but you can use it later for other stays abroad (e.g. in the USA, England, etc.) use the same way (or if you sell something abroad on the Internet ;)). With just 1 click you can add an American account number, for example, and then use all functions for the USA (can be set online for many countries with 1 click). Of course, the account can also be closed free of charge at any time if you wish.
What does this Australian bank account cost?
- Free opening
- Free account management (no monthly fee, no ongoing costs)
- Free receiving payments in foreign currency (e.g. Australian dollars)
- Free international IBANs (e.g. Australian IBAN)
- Free “multi-currency storage” on your account
As you can see, it actually costs nothing! The only situation in which fees are charged is if you want to convert money into another currency within your account.
Example: For example, you received AU$ 100 in wages (free of charge!) and continue to store this in your account as AU$ 100 (it doesn’t cost anything!). You want to exchange the AU$ 100 into euros within your account, e.g. to spend it in Europe (only then will there be a fee, but this is between 0.35% and 1%, the conversion is done using the real conversion rate, so that’s it. This is much cheaper than at a normal bank or money exchange provider!). You can also transfer the Australian dollars to another person/company in Australia, e.g. if you buy something in Australia or have to pay a bill (e.g. rent or plane tickets).
Includes card for withdrawing money in Australian dollars
There is also a plastic card. With the card you can pay with Australian dollars free of charge locally in Australia (e.g. at the checkout in the supermarket or gas station, for airline tickets online, etc.). Withdrawals from Australian ATMs are also possible (but only free of charge up to around 200 euros per month, above which a small fee applies). Instead of withdrawing cash, you can simply pay with your card on site, because, as just mentioned, it’s free!
Bank transfers within Australia
Of course that works too! You can not only receive payments using your Australian IBAN, but you can also transfer payments to other Australian accounts (e.g. rent, bills, etc.), almost like an Australian to an Australian. With this account you will feel like a local 😉
Who is this bank account suitable for?
In our opinion, this account is perfect for:
- Work & Traveler
- Semester abroad/students
- Frequent globetrotters
- Business people/entrepreneurs (who often have bills to pay in Australia)
- Investors (who want to invest money in Australian dollars because they expect prices to rise, for example)
- All people who receive an income in Australia (e.g. wages, pensions, fees, students who work locally)
- Online retailers/Ebay sellers (who often have Australian customers)
Since the account can be closed again very easily, there are no disadvantages if, for example, you are only abroad for a relatively short time or are only staying there for a limited time, such as a working holiday year or a semester abroad.
Other currencies can also be used (except AU dollars and euros)
By the way: This bank account not only works with euros and Australian dollars, but also with many other currencies. For example, you can also receive money in US dollars or British pounds (you also have your own local IBAN for this). All in one, central “world account”, or you could also say “multi-currency account”. So you are now well equipped not only for Australia, but also for many other countries if you ever need it and want to receive payments from there or have to pay something.
Opening an Australian bank account – completely free of charge
You can open this account easily and online. You don’t have to be in Australia to do this, you can do it easily from here and then use it straight away! Here are the direct links for opening a free account:
For business customers: open now
Our conclusion: clearly recommended!
It feels like a real Australian bank account, but is actually a kind of “world account”. You have several IBANs that you can use, but everything still comes together on the same account. A dream 😉 And yes, it really is free and works, we tested it ourselves. All in all, a clear recommendation, which is free to open and manage.