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Special offer

Monthly Account Maintenance Fee waived for the life of the account

Offer only available for new accounts opened online between 01/11/2016 and 01/05/2017 unless otherwise extended. Available for currencies available to open online and certain entity types* only.

*Applies to Individual, Sole Trader and Single Director Entities only.

Essentials

Foreign Currency Accounts enable you to make and receive payments in a foreign currency to help manage your cash flow.

  • Provides flexibility to manage foreign exchange flows
  • Accounts available in a range of foreign currencies
  • Can be electronically accessed via Westpac Live for making and viewing transactions
  • Accounts are domiciled in Australia
  • Overdrafts (on application) are also available in foreign currencies

Fees

Account maintenance fee

Average monthly balance
(Australian dollar equivalent)
Monthly Fee
(in Australian dollars)
$0 to $99,999.99
$5
$100,000 and over
Nil
Service fees
 
Telegraphic transfer (Outward) via Westpac Internet Banking
$20
Telegraphic transfer (Inward) credit to Westpac account
$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 588KB)


Rates

Debit interest is applicable to Foreign Currency Overdrafts attached to Foreign Currency Accounts. The debit interest rate applicable to the overdraft comprises a base rate plus a margin over the base rate agreed at the time the overdraft is established. You can refer to the following table for the current base rates. Overdraft base rates are variable and subject to change.

The Foreign Currency Account overdraft base rates below are correct as at  5th April 2017.

Currency Interest rate
CAD - Canadian Dollars 4.40%
CHF - Swiss Francs 2.95%
EUR - Euro 3.65%
GBP - British Pound 4.20%
HKD - Hong Kong Dollar 4.20%
JPY - Japanese Yen 2.20%
NOK - Norwegian Kroner 6.70%
NZD - New Zealand Dollar 5.55%
SEK - Swedish Kroner 6.70%
SGD - Singapore Dollar 4.05%
USD - United States Dollar
2.45%

Conditions, fees and normal lending criteria apply. More product details are available on request.


More information

 

 

For more information on foreign currency accounts refer to the terms and conditions:

If you have any queries or would like to apply for a currency not available online you can:

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


For foreign currency overdraft interest rates, you can:

  • Call the Westpac International Service Line on 131 032
  • Contact any Westpac branch
  • Contact your Westpac Relationship Manager.


For enquiries or full details of all terms and conditions on foreign currency accounts

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.

Deposits held in Foreign Currency Accounts are not covered by the Australian Government’s Financial Claims Scheme.

Credit facilities are subject to application and the Bank's normal lending assessment criteria. Fees and charges may apply to the products and services listed. Full details of the Terms and Conditions for all the products and services which do not have a Product Disclosure Statement are available on application.