Business Foreign Currency Accounts
Make and receive payments in foreign currencies – and choose when to convert funds.
Features of a Foreign Currency Account
- 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.
|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
- 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.
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.
- Credit interest rates
- Unarranged overdraft interest rate
- Arranged overdraft base rates
- Deposit maintenance fees
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
|Outward telegraphic transfers in a foreign currency (via Westpac Online Banking except Corporate Online)
|Outward telegraphic transfers in a foreign currency (via Corporate Online)
|Outward telegraphic transfers in Australian dollars (via Westpac Online Banking)
|Outward telegraphic transfers in Australian dollars or foreign currency (via branch/over-the-counter)
|All inward telegraphic transfers in Australian dollars or foreign currency
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.
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.
Things you should know
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.