Commonwealth Bank
The Commonwealth Bank has a foreign currency account which is available in 15 currencies as listed below. There are no opening, closing, or account keeping fees and you can earn competitive interest on funds in their respective currency. There are sliding scales for currencies, but most of which have 0% interest rates, mostly affected by the GFC in previous years. As the countries respective official cash rates increase, CommBank will most likely adjust.
- CAD – Canadian Dollar
- CHF – Swiss Franc
- DKK – Danish Krone
- EUR – Euro
- GBP – Great British Pound
- HKD – Hong Kong Dollar
- JPY – Japanese Yen
- NOK – Norwegian Krone
- NZD – New Zealand Dollar
- PGK – Papua New Guinea Kina
- SEK – Swedish Krona
- SGD – Singapore Dollar
- THB – Thailand Baht
- USD – United States Dollar
- ZAR – South African Rand
I have recently opened a CommBank foreign currency account, as well as a CommBiz account to manage it (as it’s not manageable via NetBank). I will keep things updated as I figure out how to do things, such as withdraw funds via PayPal (in USD) to the foreign currency account without having to convert to AUD and back again.
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Hi there
Did you figure out if you can use CommBiz to transact on your foreign currency account eg to do withdrawals or transfers ?