Foreign currency accounts that can be opened online:
| USD - United States Dollars | GBP - Great British Pounds | JPY - Japanese Yen |
| ZAR - South African Rand | EUR - Euro | NOK - Norwegian Kroner |
| CAD - Canadian Dollars | DKK - Danish Kroner | SGD - Singapore Dollars |
| NZD - New Zealand Dollars | CNY - Chinese Yuan RMB | HKD - Hong Kong Dollars |
SEK - Swedish Kronor, CHF – Swiss Francs & THB - Thailand Baht are also available, but can only be opened in branch. Please contact your nearest Westpac branch should you wish to open an account in one of these currencies.
No monthly account keeping fee
A deposit maintenance fee may be applied to your Foreign Currency Account.
Refer to the section on Fees and Charges in the Foreign Currency Account Terms and Conditions for more details.
| Fees for Related Services | Amount |
| Outward Telegraphic Transfers/ International Payments | |
| Payment in Australian dollars or foreign currency (via branch/over-the-counter)* | $32 AUD |
| Payments made via Online Banking or Corporate Online: Fees may apply for transactions via Online Banking or Corporate Online. Please refer to the Westpac Online Banking Terms and Conditions and/or the Corporate Online Terms and Conditions and Fees and Charges Information Sheet, which are both available at westpac.com.au/terms-conditions | |
| Inward Telegraphic Transfers | |
| All inward telegraphic transfers in Australian dollars or foreign currency | $12 AUD (or foreign currency equivalent) |
All amounts stated are in Australian Dollars. Telegraphic Transfer fees relate to both international and domestic. Other fees may apply. View the full list.
Use an existing eligible Australian dollar Westpac account or open a new bank account.
Interest paid by Westpac to you on positive balances (credit interest rates)
You can refer to the following table for current Foreign Currency Account credit interest rates. Interest is:
The Foreign Currency credit interest rates below are correct as at 19th August 2026.
| Currency | Tier 1 balances | Tier 1 Interest Rates p.a. | Tier 2 balances | Tier 2 Interest Rates p.a. | Tier 3 Balances | Tier 3 Interest Rates p.a. |
| USD | 0 - 5,000 | 0% | 5,001 - 50,000 | 0% | over 50,000 | 0% |
| CAD | 0 - 6,000 | 0% | 6,001 - 60,000 | 0% | over 60,000 | 0% |
| CHF | 0 - 6,000 | 0% | 6,001 - 60,000 | 0% | over 60,000 | 0% |
| CNY | All balances | 0% | ||||
| DKK | 0 - 30,000 | 0% | 30,001 - 300,000 | 0% | over 300,000 | 0% |
| EUR | 0 - 4,000 | 0% | 4,001 - 40,000 | 0% | over 40,000 | 0% |
| GBP | 0 - 3,000 | 0% | 3,001 - 30,000 | 0% | over 30,000 | 0% |
| HKD | 0 - 40,000 | 0% | 40,001 - 400,000 | 0% | over 400,000 | 0% |
| JPY | 0 - 535,000 | 0% | 535,001 - 5,350,000 | 0% | over 5,350,000 | 0% |
| NOK | 0 - 30,000 | 0% | 30,001 - 300,000 | 0% | over 300,000 | 0% |
| NZD | 0 - 7,000 | 0% | 7,001 - 70,000 | 0% | over 70,000 | 0% |
| SEK | 0 - 35,000 | 0% | 35,001 - 350,000 | 0% | over 350,000 | 0% |
| SGD | 0 - 8,500 | 0% | 8,501 - 85,000 | 0% | over 85,000 | 0% |
| THB | 0 - 200,000 | 0% | 200,001 - 2,000,000 | 0% | over 2,000,001 | 0% |
| ZAR | All balances | 0% |
Interest paid by Westpac to you on positive balances (credit interest rates)
You can refer to the following table for current Foreign Currency Account credit interest rates. Interest is:
The Foreign Currency credit interest rates below are correct as at 19th August 2026.
| rrency | Tier 1 | Tier 1 Rate | Tier 2 | Tier 2 Rate |
| USD | All balances | 0% | ||
| GBP | All balances | 0% | ||
| HKD | All balances | 0% | ||
| EUR | 0 - 750,000 | 0% | over 750,000 | 0% |
| DKK | 0 - 5,500,000 | 0% | over 5,500,000 | 0% |
| JPY | 0 - 100,000,000 | 0% | over 100,000,000 | 0.17% |
| CHF | 0 - 900,000 | 0% | over 900,000 | 0% |
| SEK | 0 - 7,500,000 | 0% | over 7,500,000 | 0% |
Interest paid by you to Westpac on negative balances (unarranged lending rate)
You must keep your Foreign Currency Account in a positive balance. Any negative balance will be treated as an ‘unarranged overdraft’. You may be charged debit interest at an Unarranged Lending Rate. The current Unarranged Lending Rate is:
| Variable Unarranged Lending Rate[#] | 15.01% p.a. |
Call us to get started with a Westpac Foreign Currency Term Deposit.[#]
More information on Foreign Currency Accounts
Refer to the terms and conditions
If you have any queries you can:
For enquiries or full details of all terms and conditions:
Where can I learn more about International Money Transfers?
Does Westpac accept Foreign cheques?
Westpac no longer accepts foreign cheques.
Foreign Currency Accounts terms and conditions
Foreign Currency Term Deposit PDS
International Products and Services Standard Fees
Westpac Target Market Determination (TMD)
A Foreign Currency Account should not be used to speculate on foreign currencies or to conduct frequent trading of foreign currencies.
A Foreign Currency Account is not an account to assist with travel needs. It cannot be linked to a Travel Money card and you cannot access your Foreign Currency Account through an ATM, either within Australia or overseas.
You cannot withdraw or deposit foreign notes or coins into a Foreign Currency Account.
A foreign Currency Account should not be used for Controlled Monies purposes. A controlled money account is a specific account for professional service providers, e.g. law firms or real estate agents, to meet their legal obligation to hold money on behalf of their clients and governed by State/Territory based legislation.
Deposits held in Foreign Currency Accounts are not covered by the Australian Government’s Financial Claims Scheme.
Overdraft facilities are subject to application and Westpac's lending assessment criteria. Fees and charges may apply to the products and services listed. Full details of the Terms and Conditions for this product are available on request.