What is a global account? Complete guide for Australian businesses
The Airwallex Editorial Team
Key takeaways:
A global account lets you receive, hold, and spend in multiple currencies and can also provide local account details for multiple countries.
Unlike traditional bank alternatives, global accounts use mid-market exchange rates and modern fintech infrastructure to offer cheaper and faster international transactions.
Platforms like Airwallex offer comprehensive global accounts that features and tools including multi-currency corporate cards, payment acceptance, Yield, FX, expense management, invoicing, and more.
There were 2.7 million businesses actively trading in Australia as of June 2025, a growth of 2.5% YoY¹. But the Australian business landscape has changed, and to stay competitive you often need to operate beyond borders. This means marketing to customers beyond Australia, expanding your team globally, or finding suppliers in other markets.
However, while the internet has made operating globally easier than ever, traditional financial systems haven't always kept pace. This is where global accounts come in. This guide will take you through what global accounts are and how to decide if they are right for your business.
How does a global account work?
A global account lets your business operate across borders by giving you access to multiple currencies across your financial products. This means local banking details, a multi-currency wallet, multi-currency cards, and more.
Local account details
When you open a global account, you aren't just getting one account number. You can generate local account details for multiple countries. For example, if you are doing business in the United Kingdom, you can get a UK sort code and account number. To your British clients, it looks like they are paying a local business. This removes the friction of international wire transfers for them and ensures you receive the full amount without surprise intermediary fees.
Multi-currency wallets
Instead of opening a separate account for every currency you deal with, a global account allows you to hold multiple currencies in a single digital ecosystem. You can maintain balances in USD, EUR, HKD, and more, all visible on one dashboard. This is particularly useful for managing currency volatility; you can hold funds in USD until the exchange rate is in your favour or use those funds directly to pay a US-based supplier.
Seamless receiving and settlement
Being able to receive foreign currencies directly into your global account is a game-changer for eCommerce and SaaS businesses. When you sell on platforms like Amazon or Shopify, you can link your global account details to receive your payouts in the local currency. This allows for "like-for-like" settlement, meaning you don't lose money on unnecessary currency conversions every time you make a sale.
Multi-currency products in one account
Some Global Accounts, like Airwallex’s, also extend their multi-currency capabilities to other tools and features. You can open multi-currency physical and virtual cards and issue them to your team to spend globally. For expense management, easily reconcile and manage spend in multiple currencies. You can also accept customer payments in local currency and local payment methods to boost conversion and revenue.
Global Account vs. Foreign Currency Account: What’s the difference?
Traditional foreign currency accounts offered by banks often only allow you to hold a single foreign currency per foreign account, come with monthly maintenance fees, and still rely on the expensive SWIFT network for transfers. In contrast, a global account is a more agile, integrated financial platform.
Feature | Traditional Foreign Currency Account | Global Account |
|---|---|---|
Provided by | Bank | Fintech platform |
Setup speed | Can take days; often requires in-branch visits | Fast setup online |
Currency support | Wide but limited to one currency per account | One account for dozens of currencies (you can accept payments from 70+ currencies with Airwallex) |
Fees | SWIFT fees, correspondent bank fees, opaque FX margins | Transparent, low-cost FX using mid-market rates |
Infrastructure | Relies on slow intermediary bank networks | Uses local clearing systems for near-instant transfers |
Additional tools | Basic banking only | Includes multi-currency cards, expense management, mutli-currency payment acceptance, and software sync |
Key benefits of a global account for Australian businesses
For an Australian SME, the benefits of a global account extend far beyond just "sending money." It is about operational efficiency and creating a financial foundation to grow your business globally.
Reduced FX fees
The most immediate impact is on your profit margins. Traditional providers often charge a margin on top of the exchange rate plus opaque fees such as correspondent bank fees. By accessing mid-market rates, a global account can help you save significantly on FX fees. Airwallex can help you reduce your FX fees by up to 80%.
Operational speed
In business, speed is a competitive advantage. If you need to pay an overseas supplier to release stock, waiting five days for a bank transfer is not an option. Global accounts allow you to pay overseas suppliers in their local currency instantly or within the same business day.
Simplified payment acceptance
Accepting customer payments from around the world becomes seamless. By using local details, you can collect payments in 130+ currencies. This not only makes it easier for your customers to pay you but also allows you to benefit from like-for-like settlement, keeping your funds in their original currency until you actually need to convert them.
Cards and expense management
Managing a global team requires global tools. A modern global account allows you to issue multi-currency company and employee cards. These virtual or physical cards allow your team to spend in local currencies without incurring foreign transaction fees, while you manage all team expenses in one central account.
Why businesses choose Airwallex
Airwallex was built specifically to solve the financial infrastructure issues that hold businesses back from global growth. We provide an all-in-one financial platform that replaces the need for multiple disparate systems.
Operate globally with ease: Open domestic and foreign currency accounts in 21 countries, without the need for physical paperwork.
Unrivalled currency reach: Airwallex allows you to accept payments from 70+ currencies and pay out to over 200 countries.
Market-leading rates: Access the interbank rate for 90+ currencies, ensuring your business retains more of its hard-earned revenue.
Manage team spend: Issue multi-currency employee and team cards in 60+ markets, giving your global team the flexibility they need to operate.
Total settlement control: Collect in 130+ currencies across 180+ countries and settle like-for-like in 20+ currencies.
Frequently asked questions
Is a global account the same as a bank account?
While they offer similar utility – allowing you to send, receive, and hold money – a global account is often provided by a financial institution without a banking license rather than a traditional bank. These platforms use modern fintech infrastructure to provide services that are often faster and more cost-effective for international business than legacy banking systems.
Can I receive local payments with a global account?
Yes. One of the primary features of a global account is the ability to use local account details. This means you can receive payments in USD from a US customer via the local ACH network, or in GBP from a UK customer via Faster Payments, avoiding the costs and delays of the SWIFT network.
Do I need to be a registered business to open a global account?
Airwallex global accounts are designed for registered Australian businesses. During the onboarding process, you will typically need to provide your ABN and details regarding your business structure to meet regulatory requirements.
Is my money safe in a global account?
Airwallex holds an Australian Financial Services Licence (AFSL No. 487221) and is regulated by the Australian Securities and Investment Commission (ASIC). Airwallex meets the highest international security standards including PCI DSS, SOC1, and SOC2 compliance, in addition to our local regulatory requirements.
Sources
The information in this article is based on our own online research. Airwallex was not able to manually test each tool or provider. The information is provided for educational purposes only and a reader should consider the specific requirements of their business when evaluating providers. This research is reviewed annually. If you would like to request an update, feel free to contact us at [[email protected]]. This information doesn’t take into account your objectives, financial situation, or needs. If you are a customer of Airwallex Pty Ltd (AFSL No. 487221) read the Product Disclosure Statement (PDS) for the Direct Services available here.
The Airwallex Editorial Team
Airwallex’s Editorial Team is a global collective of business finance and fintech writers based in Australia, Asia, North America, and Europe. With deep expertise spanning finance, technology, payments, startups, and SMEs, the team collaborates closely with experts, including the Airwallex Product team and industry leaders to produce this content.
