Summary
Here’s a quick recap before you start your application.
Who is a Foreign Currency Account for?
Individuals and businesses that require a foreign currency account to:
- Hold ‘at-call’ foreign currency balances
- Meet foreign currency payment obligations
- Make or receive payments in a foreign currency.
Who can apply online?
- 18+ years old
- Sole traders or a company with one or more directors
- Businesses operating in Australia with an Australian address
- Customers with an eligible Westpac AUD Business transaction account. This account will be used to pay the fees when transferring money out of your Foreign Currency Account through Online Banking.
- If you don’t already have a business transaction account, we’ll open a Westpac Business One account for you at the same time. Please refer to our Deposit accounts for business customers Terms and Conditions.
What you get
For your Foreign Currency Account
- A foreign currency account in your chosen currency
- 24/7 access to your account through Online Banking.
For your Westpac Business One account (if you don’t already have a business transaction account)
- A business transaction account with a Business Debit Mastercard®1 that includes a temporary card lock feature2
- No monthly account keeping fees.
What you don't get
For your Foreign Currency Account:
- Access to funds via ATMs and travel money cards
- The ability to deposit and withdraw cash in currencies
- You should not use this account for Controlled Monies purposes.
- Deposits held in Foreign Currency Accounts are not covered under the Australian Government’s Financial Claims Scheme.
Important numbers
| Account keeping fee: (A deposit maintenance fee may be applied) |
$0 |
| Inward telegraphic transfer credit in Australian dollars or foreign currency: | $12 AUD (or foreign currency equivalent) |
|
Outward telegraphic transfer/ international payments in Australian dollars or foreign currency (via branch/over-the-counter)*:
|
$32 AUD |
Payments made via Online Banking or Corporate Online: Fees may apply for transactions via Online Banking or Corporate Online. Please refer to the Westpac Online Banking Terms and Conditions and/or the Corporate Online Terms and Conditions and Fees and Charges Information Sheet, which are both available at westpac.com.au/terms-conditions |
Are you a Sole Trader?
Yes
No
Are you an existing customer?
Yes
No
Which Currency should this account have?
Select a currency
United States Dollars (USD)
Euro (EUR)
Great Britain Pounds (GBP)
New Zealand Dollars (NZD)
Japanese Yen (JPY)
Chinese Yuan RMB (CNY)
Canadian Dollars (CAD)
Hong Kong Dollars (HKD)
Singapore Dollars (SGD)
South African Rand (ZAR)
Norwegian Kroner (NOK)
Danish Kroner (DKK)
What to have handy
- Your Westpac Online Banking sign in details. To save you time, we’ll pre-fill details that we already know about you
- Have your ABN and foreign tax details handy, if applicable. You can look your ABN up on the Australian Business Register website
By continuing you agree
To begin, you acknowledge:
- You have read our Privacy Statement which explains how we collect, use and disclose your personal information, including marketing communications which we send to you.
- You have read our Financial Services Guide (PDF 218KB) which provides important information on the financial services and products we offer as a financial services licensee.
By opening the Foreign Currency Account, you agree:
- That you are authorised to act on behalf of your business to apply for this account.
- To the Foreign Currency Account Terms and Conditions (PDF 365KB).
- To the International Products and Services Standard Fees (PDF 1MB).
- If you are also opening a Westpac Business One account:
- to the Deposit Accounts for Business Customers Terms and Conditions (PDF 838KB) and the Online Banking Terms and Conditions (PDF 745KB) that apply to the products and services you are applying for.
- to us sending you a Business Debit Mastercard® and linking it to your account, as set out in the Business Debit Mastercard® Terms and Conditions (PDF 300KB) (if applicable).
- To provide your consents to the actions we may take in processing your application including:
- for us to contact you about this application
- for you to receive communications about your account, as well as account statements and terms and conditions electronically. You may change your communication preferences in Online Banking or by contacting us at any time. If you are not registered for Online Banking, you will receive account statements in paper form.
- To acknowledge your obligations including Anti-Money Laundering/Counter-Terrorism Funding requirements and our other reporting obligations if you are a foreign tax resident.
Ready to get started?
Which Currency should this account have?
Select a currency
United States Dollars (USD)
Euro (EUR)
Great Britain Pounds (GBP)
New Zealand Dollars (NZD)
Japanese Yen (JPY)
Chinese Yuan RMB (CNY)
Canadian Dollars (CAD)
Hong Kong Dollars (HKD)
Singapore Dollars (SGD)
South African Rand (ZAR)
Norwegian Kroner (NOK)
Danish Kroner (DKK)
What to have handy
By continuing you agree
To begin, you acknowledge:
- You have read our Privacy Statement which explains how we collect, use and disclose your personal information, including marketing communications which we send to you.
- You have read our Financial Services Guide (PDF 218KB) which provides important information on the financial services and products we offer as a financial services licensee.
By opening the Foreign Currency Account, you agree:
- That you are authorised to act on behalf of your business to apply for this account.
- To the Foreign Currency Account Terms and Conditions (PDF 365KB).
- To the International Products and Services Standard Fees (PDF 1MB).
- If you are also opening a Westpac Business One account:
- to the Deposit Accounts for Business Customers Terms and Conditions (PDF 838KB) and the Online Banking Terms and Conditions (PDF 745KB) that apply to the products and services you are applying for.
- to us sending you a Business Debit Mastercard® and linking it to your account, as set out in the Business Debit Mastercard® Terms and Conditions (PDF 300KB) (if applicable).
- To provide your consents to the actions we may take in processing your application including:
- for us to contact you about this application
- for you to receive communications about your account, as well as account statements and terms and conditions electronically. You may change your communication preferences in Online Banking or by contacting us at any time. If you are not registered for Online Banking, you will receive account statements in paper form.
- To acknowledge your obligations including Anti-Money Laundering/Counter-Terrorism Funding requirements and our other reporting obligations if you are a foreign tax resident.
Ready to get started?
Are you applying for an Australian private company?
Yes
No
Are you an existing customer?
Yes
No
Which Currency should this account have?
Select a currency
United States Dollars (USD)
Euro (EUR)
Great Britain Pounds (GBP)
New Zealand Dollars (NZD)
Japanese Yen (JPY)
Chinese Yuan RMB (CNY)
Canadian Dollars (CAD)
Hong Kong Dollars (HKD)
Singapore Dollars (SGD)
South African Rand (ZAR)
Norwegian Kroner (NOK)
Danish Kroner (DKK)
What to have handy
- Your Westpac Online Banking sign in details. To save you time, we’ll pre-fill details that we already know about you
- Have your ABN and foreign tax details handy, if applicable. You can look your ABN up on the Australian Business Register website
By continuing you agree
To view the full details, use the following links before starting your application.
- You have read our Privacy Statement which explains how we collect, use and disclose your personal information, including marketing communications which we send to you.
- You can view our Financial Services Guide (PDF 218KB).
By opening the account, you agree:
- You are a director of the company, which you will specify as part of establishing your business profile and opening an account. The company has authorised you to act on its behalf when applying for this account.
- You will be:
- an Administrator, authorised to manage user access and settings for the company in Online Banking under the Online Banking Terms and Conditions
- a Signatory (PDF 816KB) on the business account, any authorised signatory can operate the account and sign independently on a ‘any (1) to sign’ basis. You may change your signatory authority for operating the account by contacting us at any time.
- If your company has two or more directors, you and one other director you nominate will each be an Administrator and a Signatory.
- However, if you are already an existing Business Network customer, we will not make any changes to your user profile, and no signatories will be added as part of this application.
- To the Foreign Currency Account Terms and Conditions (PDF 365KB).
- To the International Products and Services Standard Fees (PDF 1MB).
- If you are also opening a Westpac Business One account:
- to the Deposit Accounts for Business Customers Terms and Conditions (PDF 838KB) and the Online Banking Terms and Conditions (PDF 745KB) that apply to the products and services you are applying for.
- to us sending you a Business Debit Mastercard® and linking it to your account, as set out in the Business Debit Mastercard® Terms and Conditions (PDF 300KB) (if applicable).
- To provide your consents to the actions we may take in processing your application including:
- for us to contact you about this application.
- for you to receive communications about your account, as well as account statements and terms and conditions electronically. You may change your communication preferences in Online Banking or by contacting us at any time. If you are not registered for Online Banking, you will receive account statements in paper form.
- To acknowledge your obligations including Anti-Money Laundering/Counter-Terrorism Funding requirements and our other reporting obligations if you are a foreign tax resident.
Ready to get started?
Which Currency should this account have?
Select a currency
United States Dollars (USD)
Euro (EUR)
Great Britain Pounds (GBP)
New Zealand Dollars (NZD)
Japanese Yen (JPY)
Chinese Yuan RMB (CNY)
Canadian Dollars (CAD)
Hong Kong Dollars (HKD)
Singapore Dollars (SGD)
South African Rand (ZAR)
Norwegian Kroner (NOK)
Danish Kroner (DKK)
By continuing you agree
To view the full details, use the following links before starting your application.
- You have read our Privacy Statement which explains how we collect, use and disclose your personal information, including marketing communications which we send to you.
- You can view our Financial Services Guide (PDF 218KB).
By opening the account, you agree:
- You are a director of the company, which you will specify as part of establishing your business profile and opening an account. The company has authorised you to act on its behalf when applying for this account.
- You will be:
- an Administrator, authorised to manage user access and settings for the company in Online Banking under the Online Banking Terms and Conditions
- a Signatory (PDF 816KB) on the business account, any authorised signatory can operate the account and sign independently on a ‘any (1) to sign’ basis. You may change your signatory authority for operating the account by contacting us at any time.
- If your company has two or more directors, you and one other director you nominate will each be an Administrator and a Signatory.
- However, if you are already an existing Business Network customer, we will not make any changes to your user profile, and no signatories will be added as part of this application.
- To the Foreign Currency Account Terms and Conditions (PDF 365KB).
- To the International Products and Services Standard Fees (PDF 1MB).
- If you are also opening a Westpac Business One account:
- to the Deposit Accounts for Business Customers Terms and Conditions (PDF 838KB) and the Online Banking Terms and Conditions (PDF 745KB) that apply to the products and services you are applying for.
- to us sending you a Business Debit Mastercard® and linking it to your account, as set out in the Business Debit Mastercard® Terms and Conditions (PDF 300KB) (if applicable).
- To provide your consents to the actions we may take in processing your application including:
- for us to contact you about this application.
- for you to receive communications about your account, as well as account statements and terms and conditions electronically. You may change your communication preferences in Online Banking or by contacting us at any time. If you are not registered for Online Banking, you will receive account statements in paper form.
- To acknowledge your obligations including Anti-Money Laundering/Counter-Terrorism Funding requirements and our other reporting obligations if you are a foreign tax resident.
Ready to get started?
Complete your application in branch
At the moment, you can only apply online for a Westpac Foreign currency account if you are a sole trader, or a company with one or more directors and based in Australia.
If you or the person you’re applying with need to visit a branch to open your account. Please make sure you:
- Find out what ID and other documentation you need to provide in the new customer checklist.
- To ensure we’re best prepared to help you, please call the branch first to make an appointment.
Things you should know
1. Business Debit Mastercard® holders need to be at least 18 years of age, and other eligibility criteria apply.
2. Card Lock will temporarily stop new transactions on your card for up to 15 days or until reactivated. The card will reactivate after 15 days if you do not cancel the card. Cards to which a temporary lock can be applied will be listed when you sign in to Mobile Banking or Online Banking and visit Lock a card temporarily under Cards services.
*These fees are payable for banking services that are not related to your account. They are current as at the effective date but are subject to change without notice. Contact us for more information about our fees for other banking services.
Mastercard® is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.