Bendigo Bank Foreign Currency Account Review

Like any foreign currency account, Bendigo Banks’ FCACD account will have its positive and negative aspects. In the following review, we’ll discuss what this account offers, detail the pros and cons, and hopefully help you make a decision as to whether Bendigo Bank’s FCACD Account is right for your business.

For customers of Bendigo Bank who consistently do business overseas, opening a Bendigo Bank Foreign Currency at Call Deposit Account is the secure and convenient way to ensure that you have access to your money in the foreign currency of your choice.


Whether you are looking to diversify your currency or are a company that regularly conducts international business, a foreign currency account limits the exchange and transfer fees you’re paying, cuts down on the hassle of performing exchanges, and can help safeguard you against the fluctuations of exchange rates.


A Bendigo Bank FCACD Account provides you with daily access to your funds (provided you make your transactions prior to the relevant cut off time), which makes for a convenient way to manage your day to day liquidity.

  • Interest-bearing account.
  • You can make additional deposits any time you choose.
  • You can make withdrawals anytime you choose.
  • There is no commission charged upon establishment of your account.
  • Minimum opening balance.
  • Bi-annual Account Keeping Fee is charged if a minimum balance is not kept.
  • This account can only be held if an equivalent amount is held in Australian dollars in an account under the same name or title.

Features of a Bendigo Bank Foreign Currency Account

Like any foreign currency account, there are going to be the inevitable bank fees for transfers and exchanges that are made. Although these are common, Bendigo has several more fees than some similar accounts on the market, but here’s what you get in exchange.



The main feature that sets this account apart from similar accounts is the accessibility. Available from anywhere in the world, you can access your account in person, by phone, or online once you’ve downloaded the Bendigo mobile banking app.



With a Bendigo Bank Foreign Currency At Call Deposit Account, your interest is calculated daily and credited to your account monthly. Credited on the first business day of each month, your interest may be credited to your FCACD account or to another eligible account held with Bendigo Bank.


Your interest rates will vary based on the currency of your account, as well as the size of your balance. In addition, interest rates are subject to change at any time, according to the bank’s discretion. Be aware that the day count convention, which affects the amount of interest, differs from country to country as well.


Foreign Currency Term Deposit Account

Bendigo Bank also has a foreign currency term deposit account available. Unlike the FCACD, this account does not give you daily access to your account but is a deposit kept for a specified amount of time at a fixed interest rate, determined at the time of deposit.

Currencies Available with a Bendigo Bank Foreign Currency Account

The 14 major currencies that are available include the following:


EUR (Euro), USD (US Dollars), JPY (Japanese Yen), SGD (Singapore Dollar), HKD (Hong Kong Dollar), CHF (Swiss Franc), GBP (Great British Pound), NZD (New Zealand Dollar), CAD (Canadian Dollar), SEK (Swedish Kroner), ZAR (South African Rand).


Depending on the currency you’re using, daily cut off times for transactions will be different. Contact Bendigo Bank for further details.


Like any account which handles transfers and exchanges between different currencies, there are going to be operational fees you should be aware of before opening your account.


Unlike many foreign currency accounts with no account keeping fees, there is a bi-annual fee of $50. This fee is not compulsory, though, it is only collected if your balance falls below the equivalent of $100,000 AUD at some point during the six-month period.


For telegraphic (wire) transfers, there is a fee of $30, (which is reduced to $15 for shareholders in either Bendigo or Adelaide Bank).


For a return of a telegraphic transfer, there is a fee of $25.00.


For all transfers either to or from your account, there is a fee of $20.


There is also a $10 fee for the issuing of a bank draft.


Finally, should you overdraw your account, there is an overdrawn account fee of $27.50, which is charged for each day a transaction is performed while your account has insufficient funds.

Exchange Rates

As is the case with most accounts like this, exchange rates will constantly change, often unpredictably, which will affect the value of your currency.


Even if you are following current exchange rates through other means, the most reliable method for determining the current applicable foreign exchange rate on your account is to check with your Bendigo Bank representative prior to making a transaction.

How to Apply for a Bendigo Bank FCACD Account

If you’ve read the above and decided that a Bendigo Bank FCACD Account is right for you and your business, there are several things you should be aware of before you apply.


As mentioned earlier, you’ll need your initial deposit to meet the minimum balance required to open this account.


In addition, all relevant identification will be required, including proof of name, residential address, and date of birth. In the case of a trust, details of the trustee and beneficiaries may be required.


Once you’ve prepared your materials, either contact a representative online at or call 1300 BENDIGO.

Other Similar Accounts

Should you decide that Bendigo’s FCACD Account is not a good match for your international banking needs, there are a number of other banks with similar foreign currency accounts.


The details regarding fees, accessibility, and interest rates will differ with each of these.


Commonwealth Bank, Westpac, National Australia Bank and the Australia and New Zealand Banking Group Limited are all large and reliable banks who carry foreign currency accounts with competitive rates. If you’re someone who does business in a number of different currencies, another option is the multi-currency account, available from both HSBC and Citibank.

Alternative multi-currency account with lower fees

Wise (formerly known as TransferWise) released the Borderless Account in Australia. At first glance, it is significantly easier to set-up, receive and send foreign currency. The fee structure is also simpler than many other foreign currency accounts on the market.

The thing that makes it different to every other foreign currency account, is that it allows you to up a local bank account in AUD, GBP, EUR or USD. That means if you open up a USD account, you’ll have your own ABA and account number (think BSB and account number).

It’s a big deal. Why?

Having your own local bank account makes it significantly easier, faster and cheaper to receive money.

To read our full review of the Wise Borderless Account, click here or watch this video

Learn More About the Borderless Account

By Justin Rampono Updated June 1st, 2021