Foreign currency accounts
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
Use an existing eligible Australian dollar Westpac transaction account or get a new one.
- To make an outward telegraphic transfer from your Foreign Currency Account using Westpac Live Online Banking you are required to have an eligible Westpac Australian dollar transaction account. You will not be able to proceed with the transaction on your Foreign Currency Account until 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 have one, you can open an eligible Westpac Australian dollar transaction account online or by contacting your Westpac Banking Representative
$0 Monthly Plan Fee for 12 months
Save $120 by having your Monthly Plan Fee waived for 12 Months when you open a new Business One Low Plan account by 10th December 2017.
Terms and conditions, fees and charges apply. Find out more
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|
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.
|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
Conditions, fees and normal lending criteria apply. More product details are available on request.
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.
Open a new Business One Low Plan account between 30 October and 10 December 2017 to have the Monthly Plan Fee waived for the first 12 months. At the end of the 12 month period the standard Monthly Plan Fee, currently $10, applies to the Business One Low Plan. Other fees and charges, terms and conditions, apply to the Business One Low Plan. Before deciding to acquire or hold any of these products, you should read the terms and conditions and consider whether the product is suitable for you.