Skip to main content Skip to main navigation
Skip to accessibility page Skip to search input

Essentials

Foreign Currency Accounts enable you to make and receive payments in a foreign currency to help manage your cash flow.

Make and receive payments in another currency without having to convert them to AUD

Take control over your cash flow by deciding when you convert your foreign currency

No monthly account maintenance fee

Can be electronically accessed via Westpac Live for making and viewing transactions


Apply online in less than 10 minutes

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    
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

 

 

No monthly account maintenance fee

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

Fees for Related Services Amount
Outward telegraphic transfer in a foreign currency via Westpac Internet Banking (except Corporate Online) $10
Outward telegraphic transfer in a foreign currency via Corporate Online $20
Outward telegraphic transfer in Australian dollars via Westpac Internet Banking $20
Outward telegraphic transfers in Australian dollars or foreign currency via branch/over-the-counter $32
Inward telegraphic 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. Telegraphic Transfer fees relate to both international and domestic. Other fees may apply. View the full list (PDF 635KB)

Use an existing eligible Australian dollar Westpac transaction account or get a new one.

  • To make an outward telegraphic transfer from your Foreign Currency Account using Westpac Live Online Banking you are required to 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 telegraphic transfer fees.
  • If you don’t already have an eligible Westpac Australian dollar transaction account, you can open one online or by contacting your Westpac Banking Representative

Interest rates and credit balance fees

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  31st October 2018.

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 5.55%
SEK - Swedish Kroner 6.70%
SGD - Singapore Dollar 4.05%
USD - United States Dollar
3.65%

Conditions, fees and normal lending criteria apply. More product details are available on request.

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 8th February 2018.

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 foreign currency accounts 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 on foreign currency accounts


The best digital platform
for Australian businesses

Westpac Live was named Best Digital Platform 2018 for business online banking1. See your business and personal banking in one place, with one login.

Things you should know

Foreign Currency Account Terms & Conditions (PDF 3MB)

International Products and Services Standard Fees (PDF 635KB)

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 the Bank's normal lending assessment criteria. Fees and charges may apply to the products and services listed. Full details of the Terms and Conditions for all the products and services which do not have a Product Disclosure Statement are available on application.

1. Westpac Live was named Best Digital Platform at the Australian Business Banking Awards 2018. Westpac’s Online Banking is subject to terms and conditions and may be subject to fees and charges.