What you’re opening
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Foreign Currency Account
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Summary
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Overview
Who is a Foreign Currency Account for?

Individuals and businesses that require a foreign currency account to:

  • Hold ‘at-call’ foreign currency balances
  • Meet foreign currency payment obligations
  • Make or receive payments in a foreign currency.
Who can apply online?
  • 18+ years old
  • Australian-based individuals
  • Customers with an eligible Westpac AUD transaction account. This account will be used to pay the fees when transferring money out of your Foreign Currency Account through Online Banking. If you don't already have one, we'll open a Westpac Choice account for you at the same time.

If you’re not eligible to apply online, open an account at any branch.

Want to open a Foreign Currency Account for a business? Open now

What you get

For your Foreign Currency Account

  • A foreign currency account in your chosen currency
  • 24/7 access to your account through Online Banking.

For your Westpac Choice account, (if you don’t already have one):

  • An everyday account with a Debit Mastercard®[#] to make deposits and withdrawals, payments online or on the Westpac App

  • $0 Account-Keeping Fee (usually $5 per month)

  • The monthly fee is waived if you:

    • Are under the age of 41 or a full-time tertiary student; or
    • Are a Westpac Choice Concession account holder; or
    • Are new to Australia or expatriate customers (for the first 12 months after opening a new Westpac Choice account); or
    • Deposit at least $2,000 by the close of business on the last business day of the month[#]; or
    • Link your Choice account to your Rocket Repay Home Loan or Rocket Investment Loan as an offset account (for as long as the account is linked).
Special Digital Offer: 12-month Account-Keeping Fee waiver
  • Available for new Westpac Choice accounts opened online between 1 February 2024 and 30 September 2026.
  • If you are aged 41 or over and don’t qualify for the $0 Account-Keeping Fee waiver, your monthly fee will be waived for the first 12 months when you open a new Westpac Choice account online. After 12 months, the $5 monthly fee applies unless you qualify for the $0 Account-Keeping Fee waiver, as above.
  • This offer does not apply if you already receive the fee waiver (i.e. under 41, New Arrivals, full-time students) and Westpac Choice Concession.
  • For joint accounts, individuals must meet the eligibility criteria separately, for the fee waiver to apply.
  • Other fees and charges, terms and conditions apply to the Westpac Choice account.
  • This offer may be withdrawn, varied, or extended at any time.
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What you don't get

For your Foreign Currency Account:

  • Access to funds via ATMs and travel money cards
  • The ability to deposit and withdraw cash in currencies
  • You should not use this account for Controlled Monies purposes.
  • Deposits held in Foreign Currency Accounts are not covered under the Australian Government’s Financial Claims Scheme.
Important numbers
Account keeping fee:
(A deposit maintenance fee may be applied)		 $0
Inward telegraphic transfer credit in Australian dollars or foreign currency: $12 AUD (or foreign currency equivalent)
Outward telegraphic transfer/ international payments 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
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Let's get started
Are you already an existing Westpac customer?
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No
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Which Currency should this account have?
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Select a currency
Please select a currency before continuing
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What to have handy
Your Westpac Online Banking sign in details. To save you time, we’ll pre-fill details that we already know about you.
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What to have handy
Your mobile
A secure code will be sent to your mobile to verify your phone number.
At least 1 of these ID documents
  • Passport
  • Australian driver license
  • Australian birth certificate
  • Medicare card (can only be used in conjunction with a second form of ID)

If your details are entered incorrectly or we’re unable to identify you, your application will need to be completed in branch.

If you’re Aboriginal or Torres Strait Islander and don't have the required documents, call our Indigenous Call Centre on 1800 230 144 Monday to Friday 9am – 6:30pm ACST or visit your nearest branch.

Foreign tax details
Only applicable if you're liable to pay tax in another country.
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By continuing you agree

To begin, you acknowledge:

  • You have read our Privacy Statement which explains how we collect, use and disclose your personal information, including marketing communications which we send to you.
  • You have read our Financial Services Guide which provides important information on the financial services and products we offer as a financial services licensee.

By opening the account, you agree:

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Things you should know
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