NAB Foreign Currency Account: Features, Fees, and How to Open

You can open a NAB foreign currency account¹ for yourself or your business, to hold one of 16 currencies. The account is intended for holding a balance, sending and receiving payments, with no minimum balance and no monthly fees. As there’s no linked payment card it’s not ideal for travel use, but can be a handy tool for global transfers and to hold foreign currencies without needing to convert back to AUD.

This guide walks through the features and all you need to know about the NAB foreign currency account. We'll also introduce you to the Wise account, a multi-currency account that lets you hold and manage 40+ currencies.

What is the NAB Foreign Currency Account?

The NAB foreign currency account can be opened by both personal and business customers, to hold, send and receive payments in a foreign currency. It’s helpful to note that this isn’t a NAB multi currency account, but rather an account to support a single foreign currency only. This means that while you could open a NAB USD account for example, you’d need to then open a second account if you also wanted to hold a balance in euros or pounds.

You can open your account in 16 major currencies. The available currencies for both personal and business customers include:

• US dollar (USD)
• Euro (EUR)
• British Pound (GBP)
• Japanese yen (JPY)
• New Zealand dollar (NZD)
• Canadian dollar (CAD)
• Singapore dollar (SGD)
• Hong Kong dollar (HKD)

In addition, business customers can open an account in Chinese yuan. When you convert currencies to make a deposit or to send a payment, the NAB currency exchange rates which apply may include a margin or markup.

The NAB foreign currency account does not offer ways to withdraw your funds as cash. There’s no linked debit card so you can’t use your account for day to day spending, either. This means it’s a product best suited to people who need to send and receive foreign currency payments rather than for travel use or shopping.

The account is interest bearing on balances of over 5,000 USD in value², but at the time of research (18th December 2025) the interest rates on all currencies are set to zero³. There’s no minimum balance requirement, although there are a few fees you may need to pay - which we’ll look at next. It’s also worth knowing that NAB has the right to charge fees if you hold large amounts of certain currencies. At the time of research, there are no holding thresholds applied on any currency, but this is worth checking if you intend to use your account to hold a large balance.

NAB Foreign Currency Account Fees

Here’s a summary of the most common NAB Foreign Currency Account fees for both personal and business customers.

*Details correct at time of research - 18th December 2025

NAB’s exchange rate

In addition to the NAB foreign currency account fees you pay when sending and receiving transfers, it’s worth knowing that there may be an additional charge included in the NAB currency exchange rate. This is called a markup or margin, and is a percentage cost added onto the rate used whenever currency conversion is needed.

You can get the NAB live rates from their banking app and online service, or by asking a member of staff in your local branch. To see if there’s a markup or margin added to the rate you’re quoted, you’ll need to compare the NAB rate against the mid-market rate you can get from Google. If there’s a difference, it’s likely that a margin applies.

While using an exchange rate markup is very common, not all providers take this approach to currency exchange. Wise, for example, uses the mid-market rate for every transaction.

How to open a NAB Foreign Currency Account

To open a NAB foreign currency account you’ll need to visit your local branch in person to check your eligibility and get your account set up. Business customers may also apply through their bank relationship manager.

Summary: Is the NAB Foreign Currency Account right for you?

If you’re not sure whether or not the NAB Foreign Currency Account is the right one for you, it’s worth considering the advantages and drawbacks, and comparing this account to other options. Some key pros and cons of the NAB Foreign Currency Account include:

If you’re looking for an account to use to receive payments in a single foreign currency, or to send payments yourself in a foreign currency, this account may suit your needs. However, bear in mind the costs involved which can include an incoming payment fee of up to 15 AUD, and extra charges built into the exchange rates used whenever conversion is needed.

If you’re looking for a flexible all round account which also offers a linked debit card, you should also consider the Wise Account.

Hold and manage 40+ currencies at mid-market rate with the Wise account

The Wise account is an easy way to save up to 5x when you send, spend, and withdraw money internationally. Hold and manage 40+ currencies, including AUD, USD, EUR, and more. All you need to do is sign up for a free account to get started, there's no monthly fees either.

You can exchange currencies at the mid-market rate on every conversion — basically the rate you see on Google. And with zero foreign transaction fees, and low, transparent pricing, Wise usually gives you the best value for your money. You can activate Wise Interest to earn returns* on your eligible balances while keeping your money available to spend.

You'll get 8+ local account details in AUD and a selection of other global currencies to get paid conveniently to your Wise account. And when it's time to send money abroad , enjoy fast, low-cost transfers to 140+ countries. Plus, you can get a linked Wise debit card for spending internationally at the same great mid-market rate.

When it comes to managing money globally, the Wise account is a handy tool that makes it easier and simpler.

🚀 Open your Wise account