Foreign Currency Accounts

Make and receive payments in foreign currency. No monthly account maintenance fee. Conditions apply.

Open an account in less than 10 minutes

Apply now Apply now

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 Live 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 maintenance fee.

Accounts have an Australian BSB.

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

Available currencies


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

If the currency you want to open is not available online then please visit your nearest Westpac branch where one of our bankers will assist you in opening an account.

Fees
Credit interest rates
Overdraft base rates
Credit balance fees

Fees

No monthly account maintenance fee

A credit balance fee may be applied to your Foreign Currency Account.
Refer to the section on Interest Rates and Credit Balance Fees for more detail.

Fees for Related Services	Amount
Outward electronic transfer in a foreign currency via Westpac Internet Banking (except Corporate Online)	$10
Outward electronic transfer in a foreign currency via Corporate Online	$20
Outward electronic transfer in Australian dollars via Westpac Internet Banking	$20
Outward electronic transfers in Australian dollars or foreign currency via branch/over-the-counter	$32
Inward electronic transfer credit in Australian dollars or a foreign currency to Westpac account	$12
Issue of foreign currency draft*	$28

All amounts stated are in Australian Dollars. Electronic Transfer fees relate to both international and domestic. Other fees may apply. View the full list (PDF 1MB).

*From 30 September 2020 Westpac will no longer issue foreign currency. If you have an ongoing need to receive funds in foreign currencies please arrange for funds to be paid to you via international wire transfer. Refer to Westpac's Receive money from overseas page for more details.

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

To make an outward electronic transfer from your Foreign Currency Account using Westpac Live 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 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 electronic transfer fees.
If you don’t already have an eligible Westpac Australian dollar transaction account, you can open one online or by contacting us.

Credit interest rates

Interest paid by Westpac to you on positive balances (credit interest rates)

You can refer to the following table for current Foreign Currency Account credit interest rates. Interest is:

Calculated daily on each balance amount within the tiers stated below
Paid monthly in arrears on the last business day of each calendar month.

The Foreign Currency credit interest rates below are correct as at 20th March 2020.

Currency	Tier 1 balances	Tier 1 Interest Rates p.a.	Tier 2 balances	Tier 2 Interest Rates p.a.	Tier 3 Balances	Tier 3 Interest Rates p.a.
USD	0 - 5,000	0%	5,001 - 50,000	0%	over 50,000	0%
CAD	0 - 6,000	0%	6,001 - 60,000	0%	over 60,000	0%
CHF	0 - 6,000	0%	6,001 - 60,000	0%	over 60,000	0%
CNY	All balances	0%
DKK	0 - 30,000	0%	30,001 - 300,000	0%	over 300,000	0%
EUR	0 - 4,000	0%	4,001 - 40,000	0%	over 40,000	0%
GBP	0 - 3,000	0%	3,001 - 30,000	0%	over 30,000	0%
HKD	0 - 40,000	0%	40,001 - 400,000	0%	over 400,000	0%
JPY	0 - 535,000	0%	535,001 - 5,350,000	0%	over 5,350,000	0%
NOK	0 - 30,000	0%	30,001 - 300,000	0%	over 300,000	0%
NZD	0 - 7,000	0%	7,001 - 70,000	0%	over 70,000	0.25%
SEK	0 - 35,000	0%	35,001 - 350,000	0%	over 350,000	0%
SGD	0 - 8,500	0%	8,501 - 85,000	0%	over 85,000	0%
THB	0 - 200,000	0%	200,001 - 2,000,000	0%	over 2,000,000	0%
ZAR	All balances	0%

Overdraft base rates

Interest paid by you to Westpac on negative balances (overdraft interest 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 20th March 2020.

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	4.80%
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.

Credit balance fees

Fees paid by you to Westpac on positive balances (credit balance fee) – wholesale clients only

Some foreign currencies may have very low or negative interest rates. If you hold an account in one of these currencies, and Westpac determines that you are a wholesale client* as defined under the Corporations Act, a credit balance fee may be applicable to your account. You should refer to the Foreign Currency Account terms and conditions for more information. In particular you should refer to the information and examples under the section headed “Interest rates and credit balance fees” in the terms and conditions.

You can refer to the following table for current Foreign Currency Account credit balance fees. The fee is calculated and applied daily on total account balance amount.

The Foreign Currency credit balance fees below are correct as at 20th March 2020.

Currency	Tier 1	Tier 1 Rate	Tier 2	Tier 2 Rate
USD	All balances	0%
GBP	All balances	0%
HKD	All balances	0%
EUR	0 - 750,000	0%	over 750,000	0.48%
DKK	0 - 5,500,000	0%	over 5,500,000	0.94%
JPY	0 - 100,000,000	0%	over 100,000,000	0.17%
CHF	0 - 900,000	0%	over 900,000	1.02%
SEK	0 - 7,500,000	0%	over 7,500,000	0.77%

Credit balance fees are only applicable to clients who are determined by Westpac to be wholesale clients* as defined under the Corporations Act._{*If Westpac determines that you are a wholesale client as defined under the Corporations Act, Westpac will notify you before applying a credit balance fee to your Foreign Currency Account.}

More information

For more information 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:

Call the Westpac International Service Line on 131 032
Contact any Westpac branch.

Apply online

It only takes 10 minutes

Find a branch

Visit your local branch

Things you should know

Foreign Currency Account Terms & Conditions (PDF 3MB)

International Products and Services Standard Fees (PDF 1MB)

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 Westpac's normal 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.

ˠ To be eligible for Biz Invoice you must be registered for Online Banking and hold a Westpac Business One Low Plan or Business One High Plan or Foreign Currency Account (excluding the Chinese Yuan RMB foreign currency account). Terms and conditions, fees and charges apply in relation to the above accounts.This information does not take your personal objectives, circumstances or needs into account. Consider its appropriateness to these factors before acting on it. Read the disclosure documents for your selected product or service, including the Terms and Conditions or Product Disclosure Statement for Westpac's Online Banking facility, Business transaction accounts and Foreign currency account (PDF 3MB), before deciding.

Payments received in a foreign currency require manual reconciliation to reflect the correct invoice status. BPAY is not available for invoices issued in a foreign currency. Payment of FCA invoices can be done using direct deposit via international transfer only.

1. Online Banking Terms and Conditions apply.