Foreign currency accounts
Think global. Act local. Managing foreign currency cash flows the smart way.
Accounts and term deposits
Our foreign currency accounts and term deposits help your cash flow management by supporting your needs for payments, receipts and investments in non-Australian currencies.
Accounts are available in a range of foreign currencies, and can be electronically accessed for conducting transactions and reconciling accounts. Overdrafts (on application) are also available for most major foreign currencies.
Foreign currency overdraft
Importers and exporters can maintain onshore foreign currency overdrafts in most major currencies. These are particularly useful when you are unsure of the timing of a trade transaction.
Foreign currency overdrafts can help protect you from unfavourable exchange rate movements by facilitating a natural currency hedge.
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 rates below are correct as at 18 March 2015.
Foreign currency account credit interest rates
|Currency||Foreign Currency Account Tier 2 balances||Foreign Currency Account Tier 2 Interest Rates p.a.||Foreign Currency Account Tier 3 Balances p.a.||Foreign Currency Account Tier 3 Interest Rates p.a.|
|USD||5,001 to 50,000||0%||over 50,000||0%|
|CAD||6,001 to 60,000||0%||over 60,000||0%|
|CHF||6,001 to 60,000||0%||over 60,000||0%|
|DKK||30,001 to 300,000||0%||over 300,000||0%|
|EUR||4,001 to 40,000||0%||over 40,000||0%|
|GBP||3,001 to 30,000||0%||over 30,000||0%|
|HKD||40,001 to 400,000||0%||over 400,000||0%|
|JPY||535,001 to 5,350,000||0%||over 5,350,000||0%|
|NOK||30,001 to 300,000||0%||over 300,000||0%|
|NZD||7,001 to 70,000||0.50%||over 70,000||1.25%|
|SEK||35,001 to 350,000||0%||over 350,000||0%|
|SGD||8,501 to 85,000||0%||over 85,000||0%|
|THB||200,001 - 2,000,000||0%||over 2,000,001||0%|
|ZAR||0 - 999,999,999||0%||0-999,999,999||0%|
For foreign currency term deposit interest rates and 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 or foreign currency term deposits, contact your local branch.
Other currencies are available on application. For further information you can:
Things you should know
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.