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My business is based in Australia and I receive all my customer payments in USD via PayPal. I'd like to transfer the money out of PayPal into a USD account. I don't want to do a currency conversion with PayPal because their exchange rates are extortionate.

I've queried a couple of Australian banks about USD business accounts. HSBC have a product but only for businesses with a turnover in excess of 3 million. NAB said they do it but then didn't seem too sure and wanted to charge USD50/month of something for the privilege.

Has anyone found a good USD business bank account product available from an Australian based bank?

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HSBC. I use their USD account for exactly this. Exchange rate is pretty good.

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Do you use a HSBC personal account given the 3 million minimum turnover requirement for a business account? I'd be concerned about transferring the money to a personal account as then it's potentially liable for income tax. – sipwiz May 24 '12 at 12:53
Yes, I use the personal account. The money is transferred into a HSBC AUD personal account (no fees from HSBC USD to AUD) and then into a CBA business account. I've been doing this for years with no income tax issues. The only fee of note on the HSBC side of things is a AUD$10 fee for every wire transfer that lands in the USD account. – Mark Nemtsas May 25 '12 at 0:49
Cool, thanks. I might take that path myself. – sipwiz May 25 '12 at 1:22

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