How to Open a Euro Bank Account in Australia
It can be difficult to transact within the EU if you’re based in Australia. Below, we’ll explain how you can obtain a euro account — and why you might consider opening an EMI account instead.
Key Takeaways
- The European financial sector is significant thanks to the importance of the Single Euro Payments Area (SEPA) and the euro
- Australian individuals and businesses who transact with the EU may need to find a way to send, receive, and hold the euro
- Banks and electronic money institutions (EMIs) both provide euro accounts
Europe is home to a major financial sector in the form of the Single Euro Payments Area (SEPA), which covers 36 countries and facilitates euro (EUR) transactions.
If you’re in Australia and plan to transact within the EU, you’ll need an account that allows you to hold and transact euros while converting funds to and from the Australian dollar (AUD).
However, opening a traditional bank account from overseas can be challenging. In this article, we’ll help you find an account that meets your needs.
Can You Open a Euro Account from Australia?
There are numerous ways to open an account that supports euros from Australia. Consider the following options:
Option 1: Open a Bank Account in an EU Country
You may attempt to open a bank account in an EU country. Though this is often difficult, some countries are known for serving customers outside of Europe.
Estonia offers an e-residency program that gives individuals access to certain services including banking services. Additionally, many banks in Portugal allow foreign individuals who obtain an NIF tax identification number to open a bank account.
Even if you find a Europe-based bank that serves residents and citizens of Australia, you might need to visit a bank in person to complete the sign-up process. This can make membership at an EU bank difficult for those unable to travel.
Option 2: Open a Euro Account With an Australian Bank
Sometimes, you can open a euro account with a local Australian bank.
Banks such as Commonwealth Bank, the National Australia Bank (NAB), Westpac, and ANZ Bank offer foreign currency accounts with euro support to businesses and individuals alike.
Some European banks operate subsidiaries in Australia. However, these banks frequently offer little or no retail services. As such, local Australian banks provide a better option if you’re looking for a foreign currency bank account or any other bank account.
Option 3: Open an EMI Account
Electronic money institutions (EMIs) like Payset provide another option: multi-currency accounts. These accounts are not bank accounts but provide basic transaction capabilities including the ability to send, hold, and receive funds from an account.
Often EMI accounts also allow you to convert other currencies to the euro.
EMI accounts often provide fees that are lower than or competitive with bank fees. Combined with a strong focus on online access, it’s easy to obtain an EMI account remotely.
Banks vs. EMIs
Bank accounts and EMI accounts are both potential options, but you may prefer one over the other depending on your circumstances. Consider these differences:
Exchange rates: EMIs often provide competitive exchange rates so that exchanging different currencies, including EUR and AUD, is affordable at all times. At Payset, we offer real-time conversion rates so that our customers always receive the best rate possible.
Service variety: EMIs primarily provide payment, transaction, and account services alongside currency conversion services. Banks provide a wider variety of services, including loans and credit services. Regulations dictate what services banks and EMIs can provide.
Fast and remote setup: EMIs usually allow customers to sign up for an account and complete the registration process entirely online. Banks often require you to visit a branch in person to fully open an account, even if you can begin the process remotely.
Minimal fees and requirements: EMIs generally offer affordable rates that are competitive with bank fees. Many EMIs also refrain from imposing transaction limits or minimum balance requirements on customers. Exact requirements vary between services.
Global access: Whereas EU banks typically serve member countries, EMIs serve customers globally. Payset is regulated in the UK and serves more than 180 countries worldwide.
Advantages of EMIs
If you’re looking for an account that supports both EUR and AUD balances, you’ll find that EMI accounts provide numerous advantages over traditional bank accounts.
Traditional banks are subject to extensive regulation and typically focus on serving individuals and businesses in their country or region. Usually, banks cater to individuals through in-person services at physical branches and offer limited online banking services.
By contrast, EMI services provide online-first and digital services, meaning that they can serve users anywhere in the world and provide fully remote access.
The EMI model has existed in Europe for over a decade. The EU’s Electronic Money Directive (EMD) in 2009 created a framework for EMIs to provide payment, transfer, and account services. Other regions also have similar models: Payset is regulated as an EMI by the UK Financial Conduct Authority but provides support for euros and the Australian dollar.
What You Need for an Account
To open an account with a bank or an EMI, you’ll need several pieces of identification. You’ll typically need a piece of personal ID, like an ID card, driver’s license, or passport. You’ll probably need to provide proof of address, like a utility bill or bank statement.
Some financial services ask for extra information, including but not limited to proof of residency, proof of employment, and proof of income.
If you sign up with Payset and are a company owner, we’ll ask for your business information. This includes your business type, your business sector, operational regions, estimated monthly turnover, and supporting identity and business registration documents.
When you open an account, you should make sure you meet other requirements. To use Payset, you must be at least 18 and of legal age in your jurisdiction.
Be sure the service is available in your country. If you are opening an account with Payset, see our list of permitted jurisdictions and countries you can send money to.
How Payset Can Help Australians
By choosing Payset, Australian residents and businesses can obtain an EMI account that supports multiple currencies, including but not limited to EUR and AUD.
Payset supports euro transactions over SEPA and SWIFT and Australian dollar transactions solely over SWIFT. We support other currency transactions over a variety of networks.
We allow users to hold 34 currencies in their account and permit trading of 38 currency pairs. See our full list of supported currencies for details.
Payset offers competitive fees, fast support, and global availability, making it ideal for users in Australia and almost anywhere else in the world.
Frequently asked questions
What is a multi-currency account/virtual IBAN?
A Payset multi-currency account allows you to receive money in 34 different currencies and send money in up to 38 currencies, all within the same account.
You can deposit and withdraw funds, convert currencies at competitive exchange rates, and hold your chosen currencies to capitalize on market movements.
A Payset multi-currency account allows startups and business owners to receive payments from clients virtually anywhere in the world and pay suppliers, staff, and contractors quickly and affordably in their chosen currency.
- Funds can be deposited and withdrawn from the account for a small fee.
- Account holders can send and receive money with other Payset users for free.
- Depending on your region, you can use various payment networks from your Payset account, including SWIFT, SEPA, ACH, Fedwire, Faster Payments, BACS, and CHAPS.
- Once you register an account, you will be provided with a Virtual IBAN (International Bank Account Number), which makes all of these transfers easy.
- We provide you with local payments and collections. For example, transactions in USD, EUR, CAD, and GBP are processed through the local payment networks, which is far cheaper and takes minutes as opposed to days
Are there limits on the amount of money I can send and receive?
No, there are no transaction limits on Payset multi-currency accounts.
However, higher-volume transactions may require additional anti-fraud verification. If you plan to make a large transaction, contact us in advance to avoid verification delays.
How is Payset regulated?
Payset is regulated as an authorized Electronic Money Institution by the UK Financial Conduct Authority. Our activities are also regulated by the Payment Services Regulation 2017 and the Electronic Money Regulation 2011 (SI 2011/99).
How do I add money to my account?
How do I send money from my account?
Once you have opened your verified IBAN account and added money to a balance, transferring funds is simple.
Simply log in into your account and add a beneficiary, then simply “make a transfer” in your preferred currency to that beneficiary.
Types of Multi-Currency Accounts
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