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Features of a Foreign Currency Account

Apply online


  • Make and receive payments in another currency without converting to AUD
  • Accounts available in a range of foreign currencies
  • Online access via Westpac Online Banking to make and view transactions1.

How it works

  • You choose when your foreign currency is converted into AUD
  • You can see your foreign currency account next to your other accounts in Westpac Online Banking
  • Open online in less than 10 minutes for the 12 foreign currencies listed below. Other foreign currencies are available in branch or by speaking with your banker.

No monthly account keeping fee.

Accounts have an Australian BSB.

Overdrafts are also available (on application) in eligible foreign currencies.

Available currencies

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.

Eligibility check

  • 18+ years old
  • Australia-based individuals and businesses
  • Individuals, sole traders, company directors, or other people authorised to act on behalf of a business
  • You’ll need an eligible Westpac AUD transaction account to make an outward telegraphic transfer online from the Foreign Currency Account, and pay the fees incurred.

Who can apply online?

To open a Foreign Currency Account online you’ll need to:

  • Have online access to a Westpac AUD transaction account
  • Be an individual, sole trader or 1-director company.
If you’re not eligible to apply online, open an account at any branch.

What to take if you’re applying in branch

For your security, we’re required to check your ID and other documents before you can open a business account. 

Unsure of your business structure? Find out using your business registration.


ID options:

  • Driver licence or passport, OR
  • Birth/citizenship certificate PLUS Medicare card or recent utility bill in your/their name.

Check out other ID options (PDF 657KB)

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 in a foreign currency (via Westpac Online Banking except Corporate Online) $0
Outward telegraphic transfers in a foreign currency (via Corporate Online) $20
Outward telegraphic transfers in Australian dollars (via Westpac Online Banking) $20
Outward telegraphic transfers in Australian dollars or foreign currency (via branch/over-the-counter) $32
All inward telegraphic transfers in Australian dollars or foreign currency $12

All amounts stated are in Australian Dollars. Telegraphic Transfer fees relate to both international and domestic. Other fees may apply. View the full list (PDF 156KB).

Use an existing eligible Australian dollar Westpac account or open a new bank account.

  • To make an outward telegraphic transfer from your Foreign Currency Account using Westpac Online Banking, you must have an eligible Westpac Australian dollar transaction account. You will not be able to proceed with the transaction on your Foreign Currency Account unless you have an eligible Westpac Australian dollar transaction account. Standard fees and charges may apply for this Westpac Australian dollar account.
  • This eligible Westpac Australian dollar account must contain a sufficient balance to pay the applicable telegraphic transfer fees.
  • If you don’t already have an eligible Westpac Australian dollar transaction account, you can open one online or by contacting us.

More information

For more information refer to the terms and conditions:

If you have any queries you can:

  • Contact any Westpac branch
  • Contact your Westpac Relationship Manager.

For further information on foreign currency overdraft base rates:

Contact your Westpac Relationship Manager.

For enquiries or full details of all terms and conditions:

Things you should know
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.


1. Online Banking Terms and Conditions apply.

2. The Unarranged Lending Rate was known as the Overdue Rate until 31 August 2018.