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:
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Who can apply online?
- 18+ years old
- Based in Australia
- Individuals, sole traders, or 1-director companies
- 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.
If you’re not eligible to apply online, open an account at any branch.
What you get:
- A foreign currency account in your choice of currency
- 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
- 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 | |
| Outward telegraphic transfer in foreign currency via Westpac Online Banking: | $0 | |
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Outward telegraphic transfer in foreign currency via Corporate Online:
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$20 | |
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Outward telegraphic transfer in AUD via Westpac Online Banking:
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$20 | |
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Outward telegraphic transfer in AUD or foreign currency via branch:
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$32 | |
| Inward telegraphic transfer credit in AUD or foreign currency: | $12 |