Open a foreign currency account
Step 1 – Read the information about our foreign currency accounts
This type of account enables you to keep funds in foreign currency without having to convert them into Australian dollars.
It is available in all major currencies and some minor currencies, with credit interest payable on major currencies and some minor currencies.
Read all the information about our foreign currency accounts.
For detailed information on foreign currency accounts and the interest rates payable, please download the forms below:
Foreign Currency Account PDS (PDF 117kb)
Foreign Currency Account Interest Rate Sheet (PDF 53kb)
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Step 2 – Complete application forms
Requisition for Account (PDF 21kb)
Notice of Authority (PDF 292kb)
Fee Debit (PDF 37kb)
Please note: If you are also opening or have already opened a Westpac Choice account, Steps 3 and 4 below would have been completed as part of that process. All you have to do is fax or mail the completed foreign currency account form direct to us at the address below in Step 3.
If you have not opened or are not opening a Westpac Choice account, please complete Steps 3 and 4.
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Step 3 – Have your application processed
For us to process your application, you will need to provide the following information/documentation for all account holders:
- Copy of passport personal particulars page
- Confirmation of your address in your home country
Fax or mail to us at the following address:
Westpac Migrant Banking Australia
Level 31, Westpac Place
275 Kent Street
Sydney NSW 2000
Australia
Fax: +61 02 8253 1875
Tel: +61 02 8254 5558
Email: migrantbank@westpac.com.au
We will let you know by email (or post) once your application has been received. If your forms are in order, we will open the foreign currency account in your name or names. You will be required to make a minimum opening deposit of an amount in foreign currency equivalent to USD$50,000 by telegraphic transfer.
Your account details and opening deposit instructions will be sent to you in writing.
Providing your Tax File Number
Each time you open an account that earns interest, you'll be asked to provide your Tax File Number (TFN). That's because, under the Australian Federal Law, accounts earning interest are subject to withholding tax (Act 1999).
You can provide your personal TFN when you open the account or at any other time.
For joint accounts, a minimum of two TFNs from the account holders must be provided. For trust accounts you should provide your own TFN. If, on the other hand, a formal trust has been established, you can provide the trust's TFN.
What happens if you don't provide your Tax File Number?
Providing us with your TFN is advisable but not compulsory. However, if you choose not to provide it, we are required by law to deduct withholding tax at the highest marginal tax rate, plus the Medicare Levy, when you earn interest of $120 or more a year.
Any type of bank account or investment that pays interest, dividends or unit trust distributions (except Retirement Saver accounts) is affected by this legislation.
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Step 4 – Start banking
You can start banking once you arrive in Australia and we identify you.
Within six weeks of arriving in Australia, all account owners will need to visit the branch that the account was opened in for a 100 points identification check to activate the new account. All account owners will need to:
- Bring their passports
- Confirm current address in Australia
- Sign a copy of the printed application form
Once you have done this, you will be able to use your account. At this time, we can also register you for Telephone Banking and Internet Banking and issue you with a Westpac Handycard.
We can also review your banking needs to ensure you've got the right accounts and services. A copy of the relevant Product Disclosure Statement (PDS) and the brochure of this product will also be provided.
Also at this time, you can ask the branch to change your status from "non-resident" to "resident" for your account (contact the Australian Tax Office or visit the ATO website to find out whether you are a resident for tax purposes).
Banking before coming to Australia
The identification process for overseas customers is complicated. We recommend you wait until you arrive in Australia to identify yourselves unless you urgently need to bank from overseas before your arrival.
If you need to bank before coming to Australia, follow these steps: - Wait to receive your account details from us
- Download and complete the Acceptable Referee Form (PDF 33kb)
- Present the form to your referee, who must be an international bank representative authorised to open accounts, and has known you for at least 12 months
- Your referee will identify you by examining your passport or birth certificate, plus another document such as a credit card or driver's licence
- Sign Part A of the form
- Your referee will complete and sign Part B and Part C, as well as certified photocopies of the identification documents
- Send the original copy of the completed form and the certified copies of the identification documents to:
Westpac Migrant Banking Australia
Level 31, Westpac Place
275 Kent Street
Sydney NSW 2000
Australia
We will confirm by email whether you have been identified.
Call +61 131032 to set up Telephone and/or Internet Banking.
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