Opening an international bank account will vary depending on the financial institution you choose, but typically these are the steps to opening an account:
Choose an international bank account that's right for your purpose: whether you're thinking of investing overseas or you travel and spend a lot overseas.
Some international bank accounts require you to be over a certain age. If you're opening the account from Australia you may also need to be an Australian citizen or permanent resident.
Due to the international nature of the bank account you will typically need to submit an application online, but you may be able to visit a branch to provide proof of ID.
You will need to provide proof of identification such as a driver's licence or passport.
You will need to provide information such as your full name, date of birth and address.
You will typically be contacted within a couple of business days with the details of your new account and a card will be sent out to you.
"I got a Wise account which has been great for when I am travelling overseas. Opening the account was very easy, I did it all through my phone and I had my card delivered in less than a week. It has been very helpful to take advantage of changes in exchange rate depending on where I am travelling. I can easily check the exchange rates and once it is favourable I can convert my AUD to my desired currency. The card is also very responsive to where you are, so if you have balance in 2 different currencies, it will spend the currency of the country you are in."
International bank accounts are an option for combining a lot of different benefits into one package. Do any of these sound good to you? It might mean that an international bank account is the right choice.
Domestic banking in Australia is typically done all in Australian dollars, but international accounts let you use overseas currencies more easily, often with more preferable exchange rates and fewer fees. International banking can get you more value for money if you use a lot of foreign currencies. International bank accounts can get you similar benefits to multi-currency bank accounts, with other useful differences too.
If you frequently send money overseas then an international bank account might be able to get you better rates, lower fees and more benefits. Enjoy some perks of international money transfers with more ease and convenience.
Having a domestic bank account only might inhibit you when making foreign investments, while an international bank account may let you more easily access this part of the market. If you have a keen interest in forex trading or international share trading then it may be worth considering an international bank account.
Are you making investments overseas? Some Australians, feeling squeezed by the domestic market, are buying property overseas and enjoying the benefits. If you are interested in doing this then opening an international bank account is worth consideration.
International banks bring opportunities to enterprising account holders in the form of applied local tax laws, or “loopholes” as some might call them. If you want to manage your bank account for optimal returns then an international bank account, rather than a domestic one, provides more options.
Two of the most widely known international banks operating in Australia are HSBC and Citi, both of whom offer options to facilitate offshore banking. Compare the benefits of their international accounts to see which might be more preferable for your needs.
| Features | Citibank Plus Everyday Account | HSBC Everyday Global Account |
|---|---|---|
| Monthly fee | $0 | $0 |
| Overseas ATM access | No fee at overseas Citi ATMs | No fee for overseas ATM withdrawals (may depend on ATM provider) |
| International transfer fee | Free transfers to Citi accounts in many countries | Transfer money anywhere for $8 |
| Overseas shopping | No fee charged on international purchases | No fees charged on international purchases |
| Interest earnt | Earn interest with linked Citi savings accounts | Earn interest with linked HSBC savings accounts |
| Currency options | All major international currencies, and more | Buy, hold and spend in AUD, USD, GBP, EUR, HKD, CAD, JPY, NZD, SGD, CNY (currency restrictions apply to CNY) |
| Learn more | Learn more |
Given the ongoing unrest in Ukraine and Eastern Europe, moving to Australia may be something many are considering. While the National Bank of Ukraine is encouraging Ukrainians to put their cash into bank accounts and use their cards overseas, you can also open up an account in Australia.
While many banks will require you to have a residential address in Australia, some will allow you to open a new account before you arrive.
Take a look at Finder's list of bank accounts for overseas arrivals.
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Hi,
I want to know about best International bank that I can open online with high interest rates .
Thanks
Hi Naser,
Thanks for getting in touch!
You may refer to our list of offshore bank accounts that you can apply for online. You can use our comparison table to help you find the account that suits you. When you are ready, press the “Go to site” of your preferred account to apply.
As a friendly reminder, review the eligibility criteria of the card before applying to increase your chances of approval. Read up on the terms and conditions and product disclosure statement and contact the bank should you need any clarifications.
Hope this was helpful. Don’t hesitate to message us back if you have more questions.
Best,
Nikki