How to open a Euro account in Australia

By   |   Verified by David Boyd   |   Updated 10 Aug 2023

How to open Euro account

Are you paying or receiving funds in euros? Perhaps you'd like to hold euros for a while. You could benefit by opening a euro account. With a euro account, you can save on the conversion and protect against volatility when paid in euros.

There was a time when opening a euro account wasn't easy, but borderless accounts have changed everything. It's now a quick and easy way to open a euro account in Australia.

Read on for all the details on how a euro account works and where you can get one.

Fast and easy setup

Where to open a Euro account

Wise Money Transfer

On website


  • Wise Borderless multi-currency receiving accounts. This gives you access to a digital currency wallet that you can hold and transact in over 50 currencies.
  • Borderless Debit Card. The FX optimised debit card is attached to your Wise Borderless account that can be used to withdraw or pay for purchases in foreign currency within or outside Australia.
  • Android and Apple Apps. Indulge convenience by transacting thru the Wise App anytime and anywhere!
  • Fund options. Loads of options to fund your Wise account including transfer from Debit and credit cards, or thru a local bank transfer. Quick and easy!


  • Low and competitive fees.
  • Easy to understand fee structure.
  • Easy to use website and mobile apps.
  • High transfer limit.


  • Limited currencies and destination countries compared with some competitors.
  • Can only send funds to the recipient's bank account.
Airwallex Money Transfer

On website

Airwallex Money Transfer


  • $0 fees and 0% margin on your first $20,000 AUD transfer.
  • Spend less on FX fees and more on growth.
  • Make payments in 31 currencies, into over 130 countries, and counting.
  • You always get access to Airwallex's best rates, regardless of transaction volume.


  • Create an account in just a few minutes.
  • No international transfer transaction fee.
  • Favourable currency exchange rates.
  • Quick transfers.


  • Limited transfer methods.
  • Fewer transfer currencies are available than some competing services.
OFX Money Transfer

On website

OFX Money Transfer


  • Enjoy better rates and fees.
  • Transfers to most countries take 1-2 business days. Track your transfer online or with the OFX mobile app.
  • With support staff that are located in Australia, USA, UK, Canada, New Zealand, Hong Kong and Singapore.


  • Easy and quick account opening.
  • Wide range of supported currencies and countries.
  • No fees if transferring more than $10,000.
  • Enjoy additional features for business transfers.


  • Limited payment options.
  • $15 fee if transferring less than $10,000.

First time?

How to open a Euro account

It isn’t difficult to open a euro account in Australia, especially if you use an online provider. Here’s how it works.

  1. Choose a provider. You can use a traditional bank, but opening a euro account online is much faster. We have listed reputable, tried, and trusted services on this page.
  2. Register and open an account. To open an account, you must provide personal or business details, including contact information such as your phone number or email address. The provider will ask for an identity document. Some organizations will need more information, like proof of residence.
  3. Fund the account. You can start small or just let funds accumulate as payments come in.

Help choosing

What to look for

Here are some of the most important considerations when evaluating where to get a euro account.

  • What currencies are supported? Can you open more than one currency account? You may need to deal in different currencies in future, so it may be helpful if you can consolidate your banking in one place.
  • Linked card. Can you get a debit card to draw funds from your account? Can it be used with Apple Pay, Samsung Pay, Google Pay, or another digital wallet?
  • Funding methods. Is it possible to fund the account with a debit or credit card? Can you withdraw funds from the crypto exchange to it?
  • Account fees. Find out whether there is a monthly charge to keep the account active whether you use it or not.
  • Foreign currency transaction fees. Find out what transaction fees apply to foreign currency conversions, i.e. what will they charge to convert AUD to EUR?
  • Minimum balance. Some providers insist on a minimum balance and will charge penalties if your account drops below the minimum. Find out if there is a minimum balance requirement and the fee that may apply if you fall below it.
  • Maximum balance. Is there a cap on the amount you can keep in the account? Most don't have this.
  • Overdraft facility. Overdrafts are subject to credit approval, but knowing whether you can get a euro overdraft is helpful. Most online accounts do not offer this feature.
  • Supported transfer types. Do you have the ability to make SEPA and SWIFT payments?
  • Settlement time. How long does it take for funds to clear into the account? How long does it take for transfers to arrive with recipients?
  • Withdrawals and payments. Find out whether there are limits on payments or withdrawals, and if so, what penalties apply.
  • The interest rate. Will you earn interest on the balance? Most online accounts do not pay interest.
  • Cashback and other perks. Some online banks reward you for spending, typically with cashback.
  • Flexibility and tools. Can you integrate with your existing accounting software or the marketplaces where you sell?

Still not sure?

Pros and cons


  • Invoice your foreign clients in euros.
  • Receive payments in euros; no conversion necessary.
  • Save on online purchases and imports when paying in euros.
  • Avoid paying currency conversion costs when making payments to suppliers and staff in euros.
  • Hedge against fluctuations in the exchange rate by holding euros in your account.
  • Use your euro account for online purchases and international travel.


  • Traditional banks may require you to open a local currency account with them before they approve you for a euro account.
  • Traditional banks sometimes insist on maintaining a significant minimum balance.
  • Higher fees compared to regular transaction accounts in the local currency.
  • A variety of fees are applicable on foreign currency accounts.

Want more help?


Can I open a euro account in Australia?

Yes, you can open a euro account in Australia with any of the listed providers.

What types of euro accounts are there?

You can open either a euro personal or business account. Opening a Euro account for a company may require the provision of additional documents.

What can a euro account be used for?

A euro account is useful for collecting payments from marketplaces such as Amazon and eBay, payment processors such as PayPal, and buy now pay later platforms such as Klarna. You can also use your account to pay overseas suppliers and pay off foreign loans.

Do euro accounts in Australia pay interest?

Some euro accounts pay interest on balances, but the interest rates are typically very low.

What fees are applicable on a euro account?

Fees vary depending on the provider and may include any of the following:

  • Account opening fees
  • Monthly maintenance or ongoing fees
  • Telegraphic transfer fees on receipts and payments
  • Currency conversion fees
  • Cardholder fees for any linked debit cards
  • Cash withdrawal fees and ATM fees
  • Interest in overdraft facilities

How long does it take to open a euro account?

The time it takes to open a Euro account depends on who you are opening the account with.

The fastest way to get a Euro account is with an online provider such as Wise or Airwallex. Expect it to take longer for a traditional bank to make a EUR account available.

It is best to begin the process at least a few business days before you use your Euro account.