Standard Bank Offshore has expanded its range of banking services for expatriates with the launch of an Australian dollar-denominated version of its Optimum bank account.

Standard Bank said that there is increasing demand for banking facilities in Australian dollars, but a current dearth of Australian dollar accounts. Part of the reason behind the heightened demand is the relative stability of the currency in today’s uncertain environment.

The account - which includes an Australian dollar Visa debit card - requires a minimum deposit of A$5,000 ($5,300) and carries no account maintenance fees as long as the balance remains above this level. The account pays up to 2.95 per cent gross interest AER.

“Australian interest rates are currently very competitive and demand from expats for banking facilities in Australian dollars is increasing all the time,” said John Coyle, chief executive of Standard Bank Isle of Man.

“We expect this product to be very well received by our clients in Asia and South Africa, in addition to those individuals with family in Australia who visit the country regularly and want the convenience of banking facilities in the local currency.”

Optimum accounts are also available in US dollar, euro and sterling denominations.