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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?

  • 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.

 


What you get:

  • A foreign currency account in your choice of currency
  • Biz Invoice online invoicing tool (except with a Chinese Yuan RMB account)
  • 24/7 access to your account through Online Banking.


What you don't get:

  • Access to funds via ATMs and travel money cards
  • The ability to deposit and withdraw cash in currencies
  • Deposits held in Foreign Currency Accounts are not covered under the Australian Government’s Financial Claims Scheme.

 


Important numbers

Account maintenance fee:
(A credit balance fee may be applied)
$0  
Outward telegraphic transfer in foreign currency via Westpac Online Banking: $10  
Outward telegraphic transfer in foreign currency via Corporate Online:
$20  
Outward telegraphic transfer in AUD via Westpac Online Banking:
$20  
Outward telegraphic transfer in AUD or foreign currency via branch:
$32  
Inward telegraphic transfer credit in AUD or foreign currency: $12