Foreign Exchange Solutions for Business
Whether you're a small or large business, Westpac offers a range of foreign exchange rate risk solutions to help you manage your business finances.
Doing business overseas?
Westpac is here to help you understand FX risk and the options available so you can decide what's right for you
How do I know if my business needs a foreign exchange solution?
You might consider a foreign exchange (FX) solution if your business requires foreign currency risk management for any of the following types of foreign exchange activities:
- Making or receiving international payments
- Invoices or receipts for export/import or to match foreign currency receipts
- Payments involving overseas business loans, assets or investment holdings
- Converting foreign currencies back to Australian dollars
How we can help with managing foreign exchange risk
At Westpac, we offer solutions for foreign exchange risk management that can grow with your business needs:
Built for businesses of all sizes
International transfers, forward exchange contracts and options.
Self-serve or specialist-assisted FX
Manage your foreign exchange online yourself or get help from one of our specialist FX Dealers.
Real-time FX platforms
Our online platforms are available 24/7 giving you the ability to monitor your FX transactions.
Westpac offers a number of foreign exchange solutions for different transaction timeframes and exchange rate requirements. The table below provides a high-level overview of some of these solutions available. Eligibility criteria apply.
| FX solution | General overview |
|---|---|
| International payments | Send money internationally in the same or a different currency, using the exchange rate available at the time the payment is processed. |
| Fixed FX | Lock in an agreed exchange rate for an eligible future-dated international payment. |
| Spot Contract (Contact an FX specialist) |
Lock in an agreed exchange rate for a foreign exchange transaction settling two business days later. |
| Forward Exchange Contract (Contact an FX specialist) |
Lock in an agreed exchange rate for a foreign exchange transaction settling beyond two business days. |
| FX Option (Contact an FX specialist) |
Provides the right, but not the obligation, to exchange currency at an agreed exchange rate on a future date. |
FX forwards explained
To help manage FX rate uncertainty, some businesses choose to lock in an exchange rate ahead of time. A forward exchange contract lets you lock in a rate today, for a set amount, on a future date.
Fixed FX: lock in your exchange rate for international payments
Westpac's Fixed FX feature lets you fix a current foreign exchange rate when sending future-dated international payments.
Need personal FX advice for your business?
If you're an existing business customer, call us to discuss how we could help you better mitigate foreign currency risk. Eligibility criteria apply.
Let's find a solution for your business
Call 1300 495 027
8am-6pm (Sydney time), Mon-Fri to speak to an FX specialist.
or
Travelling Overseas?
Call +61 2 8253 4550 8am-6pm (Sydney time), Mon-Fri.
Manage your FX transactions online
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Make and receive payments in foreign currency to help manage your cashflow.
Frequently asked questions about foreign exchange solutions
A spot contract lets you convert currency at an agreed exchange rate, and settle two business days later. A forward contract lets you lock in an agreed exchange rate for a transaction that will occur beyond two business day. Eligibility criteria apply.
Fixed FX is a Westpac Online Banking feature that lets you lock in a foreign exchange rate when sending a future-dated international payment. Once fixed, the rate cannot change regardless of market movements, so you will know exactly how much your payment amount will be. It is available to eligible Westpac business customers making international payments via Online Banking. Learn how Fixed FX works
Westpac's foreign exchange solutions are available to existing Westpac customers. Some products, including forward contracts and FX options, are subject to Westpac’s credit criteria and eligibility assessment. Call 1300 495 027 (8am-6pm Sydney time, Mon–Fri) to speak with an FX specialist.
Things you should know
Conditions, fees and charges may apply and are subject to change. If any of this information contains advice, it has been prepared without taking into account your objectives, financial situation or needs. Before acting on any of this information, you should consider its appropriateness having regard to your objectives, financial situation and needs. You may wish to also seek independent expert advice. You should read the applicable terms and conditions and Product Disclosure Statement (PDS) before making any decision. Our Target Market Determinations are available here.
Please refer to disclosure documents for our terms & conditions and a full list of our PDS documents under ‘Foreign Exchange and Foreign Exchange Derivatives’. You can also request a paper copy of any of these documents free of charge by contacting us on 1300 495 027.
1. Refer to applicable terms and conditions and/or relevant PDS. You should read each PDS carefully before making a decision about the suitability of any of our products for you. Applications are subject to Westpac’s credit criteria.