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The short answer
Yes: a number of Australian banks offer foreign currency accounts that hold US dollars, pounds and other major currencies alongside your AUD accounts. Each bank sets its own monthly fee, minimum balance, interest and charges for international payments, published on its product page and fee schedule. Compare the full cost for how you will use it, and remember the ATO expects residents to declare any interest, converted to Australian dollars.
What a foreign currency account does
A foreign currency account (FCA) holds money in a currency other than the Australian dollar, so incoming USD or GBP is not converted on arrival and you choose when, or whether, to convert. It suits people with regular foreign income or costs: clients paying in dollars, a UK pension, a Nigerian domiciliary account you fund, or dollar-priced commitments in Nigeria.
We could not open Australian banks' FCA product pages when we checked in October 2026, so this guide does not quote any bank's fees. The figures you need are on each bank's own product page, its fee schedule and its terms; treat those as the source, not comparison sites.
What to compare
| Item | Question to ask the bank | Why it matters |
|---|---|---|
| Currencies | Does the account hold USD and GBP? Is naira offered? | Naira is not a currency Australian FCAs usually hold; plan to keep naira in Nigeria |
| Account fee | Monthly or yearly fee? Waived above a minimum balance? | A small fee every month adds up if you use the account rarely |
| Minimum balance | To open, and to avoid fees | Some accounts suit larger balances only |
| Interest | Is any interest paid, and on what balances? | Interest is foreign or worldwide income to declare |
| Receiving fees | Charge for an incoming international payment? | Charged per payment; intermediary banks can deduct more |
| Sending fees | Charge to send USD or GBP abroad, for example to a Nigerian dom account? | Decides whether the account saves you money on transfers to Nigeria |
| Conversion | Margin when you move between the FCA and AUD | The main hidden cost; ask for an example on a set amount |
| Access | App, card, or branch only? | Some FCAs cannot be spent from directly |
How these accounts connect to Nigeria
Receiving from a Nigerian dom account
Reports of the CBN's 2026 Foreign Exchange Manual by TheCable and TheNigeriaLawyer say ordinary domiciliary holders have unrestricted access to their balances and may make telegraphic transfers of up to $10,000 a day. A USD transfer from your dom account into a USD FCA in Australia stays in dollars end to end, avoiding a conversion on arrival. See moving USD from a dom account.
Sending to family
An FCA does not help much for family support. Pavestones Legal reports that the 2026 manual has transfers through money transfer operators paid out in naira in Nigeria. If your relatives receive naira either way, holding USD first only matters if you already have dollars.
Paying dollar costs in Nigeria
For a landlord, developer or school that bills in dollars and has a dom account, sending USD from an FCA avoids buying dollars at the moment the bill falls due.
A worked example
Example only: an FCA charges an example A$10 a month, waived above $5,000. You receive $1,500 a month from a client and convert every quarter. Holding about $4,500 at quarter end, you pay A$30 in fees a quarter. If converting $4,500 once rather than $1,500 three times saves an example 0.5% margin per conversion on the later two, the saving is about 2 x 1,500 x 0.005 = $15, roughly A$22 at an example A$1.48 per dollar, less than the A$30 fee. The account would pay for itself only with a larger balance, a lower fee or a bigger saving per conversion. Run your own numbers with the bank's actual figures.
Alternatives to a bank FCA
- A multicurrency account from a fintech: often no monthly fee, with conversion fees shown separately; check how it is regulated in Australia and whether it can send to Nigerian dom accounts.
- Keeping dollars in Nigeria: a domiciliary account at home holds USD too, but you then depend on Nigerian bank access from abroad.
- Converting on arrival: if foreign money arrives rarely, a good rate on each payment may beat an account you pay for every month.
Tax and records
The ATO says Australian tax residents must declare foreign income, including interest from bank deposits, and convert all foreign income to Australian dollars using rates at specific times or an average rate. Keep statements for each FCA. If you convert held currency at a different rate from when you received it, ask the ATO or an adviser how any gain or loss is treated; this is information, not advice.
Where Pryme fits
A Pryme Personal account, opened from Australia, holds USD, GBP and EUR with local account details for each, alongside naira; money stays in the currency it arrived in, and Swap shows the rate and the fee before you approve. It does not hold Australian dollars, so it sits beside your Australian bank rather than replacing it. See multicurrency and whether you need a USD account. Outside Nigeria, Pryme works through regulated partners.
Questions people ask
Can I hold US dollars in an Australian bank account?
Yes. Several Australian banks offer foreign currency accounts holding USD, GBP and other major currencies. Fees and terms are on each bank's own pages.
Do Australian banks offer naira accounts?
Australian foreign currency accounts usually cover major currencies. Plan to hold naira in a Nigerian account.
What fees do foreign currency accounts charge?
Commonly a monthly fee or minimum balance, charges to receive and send international payments, and a margin when converting to AUD. Check the bank's fee schedule.
Is interest on a foreign currency account taxed?
For Australian tax residents, the ATO says interest from bank deposits is foreign or worldwide income to declare, converted to Australian dollars.
Sources
- TheCable: CBN foreign exchange manual 2026 (3 Jun 2026) · accessed Oct 2026
- TheNigeriaLawyer: CBN grants domiciliary account holders unrestricted access to dollar balances (2 Jun 2026) · accessed Oct 2026
- Mondaq (Pavestones Legal): The CBN Foreign Exchange Manual 2026 (24 Jun 2026) · accessed Oct 2026
- ATO: Australian resident for tax purposes - foreign and worldwide income (last updated 15 Jun 2026) · accessed Oct 2026
This article is general information, not financial, legal or tax advice. Products described are provided under the terms on this site and are subject to regulation and eligibility.