Fixed FX for business international payments
Fixed FX lets Australian businesses lock in an agreed exchange rate today for an upcoming overseas payment.
What is Fixed FX?
Fixed FX is a Westpac international payments feature that allows you to fix your foreign exchange rate in advance. An international payment made with Fixed FX uses the rate you locked in. So the amount you send stays the same, even if the market rate changes later.
Why fix your exchange rate for a later date?
Rate certainty
The rate you fix is the rate used on the payment day, so the amount you send is a sure thing.
More cashflow confidence
Get certainty over what you’ll pay, even if exchange rates move before your payment is made.
Set and forget
Plan your payment in advance, leaving you time to focus on running your business.
Are you a personal customer or sole trader?
If you make overseas payments as an individual or sole trader, visit the Personal Fixed FX page.
Fixed FX details, currencies and limits
Which currencies can I fix a rate for?
Fixed FX payments are available to send in four major currencies:
British Pounds - GBP 
US Dollars - USD 
Euros - EUR 
New Zealand Dollars - NZD - More currencies may be added over time, and this page will be updated if they are.
- The rate you fix is the rate used on the payment day, even if the market rate changes.
Eligibility and transaction limits
To set up a Fixed FX payment, your business needs to meet the following criteria:
- Australian business - incorporated in Australia and have an Australian business address.
- Online Banking access - you are registered for Westpac Online Banking, with access to an eligible AUD business transaction account for international payments.
- Payment amount - each Fixed FX payment can be up to AUD$50,000 equivalent in value.
- Total outstanding - you can hold up to AUD$250,000 equivalent in Fixed FX payments at any time.
- Term - a payment can be scheduled up to one month ahead.
- International payment limits - standard limits apply.
Higher Fixed FX limits of up to AUD$500,000 equivalent per payment and in total, plus terms of up to three months, may be approved on application. To discuss, call us on 1800 221 815. Conditions apply.
Good to know before you fix a rate
Keep in mind the following points before you lock in a rate for your payment
- No upside if rates improve - once you fix a rate, you will not gain from a better market rate before the payment day, so the fixed rate could end up higher or lower than the rate on the day.
- Cancelling your payment - you can cancel before the payment day, but you cannot change the terms of a fixed payment.
- Cancelling may cost you - cancelling a Fixed FX payment early may make you liable for the cost of unwinding it.
How to set up Fixed FX
Before you can fix your rate, you'll need to opt in to Fixed FX.
- Sign into the Westpac App and go to Payments then Pay overseas.
- Choose the payment country and account you want to pay from.
- Select a future date and currency - then enter the amount.
- Select 'Fix your exchange rate today'.
- The first time you access Fixed FX, you'll need to confirm your eligibility. Follow the screen prompts to complete the application process.
Fixed FX payments must be created and submitted on weekdays, from Monday 7am to Friday 11.59pm Sydney time.
If you would rather not fix the rate, you can still have the rate set on the day your payment is scheduled.
Before you can fix your rate, you'll need to opt in to Fixed FX.
- Sign into Westpac Online Banking on desktop and go to Payments then Make a payment then International.
- Choose the payment country and account you wish to pay from.
- Select a future date and currency - then enter the amount.
- Select 'Fix your exchange rate today'.
- The first time you access Fixed FX, you'll need to confirm your eligibility. Follow the screen prompts to complete the application process.
Fixed FX payments must be created and submitted on weekdays, from Monday 7am to Friday 11.59pm Sydney time.
If you would rather not fix the rate, you can still have the rate set on the day your payment is scheduled.
Your window to the world
Discover Westpac’s international payment options for your business needs.
Frequently asked questions
Fixing your rate with Fixed FX protects your payment if the market moves against you before the payment day. The rate you fix is the rate used, even if the market rate changes. In return, you give up any gain from a better rate over that time. So the fixed rate could be higher or lower than the rate on the day. This trade-off is what gives you a known amount to budget around.
To be eligible for Fixed FX, your business must operate in Australia with an Australian address. You must also hold a Westpac transaction account that can make international payments. You need to be registered for Westpac Online Banking and meet the criteria in the online Fixed FX application. If you cannot see the option when setting up a payment, call us on 1800 221 815 for support.
Westpac does not charge a direct, out-of-pocket fee for submitting a Fixed FX payment. Other banks in the payment chain may still apply charges. For example, the recipient's bank may take fees from the payment amount. If you cancel a Fixed FX payment, you may also pay a cost to unwind it. Please refer to the below FAQ for further details.
Fixed FX payments cannot be changed once set. But you can cancel one at any time up until, but not including, the payment day. A Fixed FX payment is meant to be held until that day. If you cancel early, you may be liable to pay the cost of unwinding it. Read the Product Disclosure Statement (PDS) and Terms and Conditions (PDF 335KB) for full details before you cancel.
Each Fixed FX payment can be up to AUD$50,000 equivalent in value. You can hold up to AUD$250,000 equivalent in Fixed FX payments at any time. Fixed FX is available for Australian dollars to US Dollars, Euros, British Pounds and New Zealand Dollars, with terms of up to one month. Standard international payment limits also apply. These may limit how much you can send at the time of transfer.
Fixed FX limits up to AUD$500,000 equivalent (on a per transaction and cumulative basis), plus terms up to three months may be approved on application. Please contact us on 1800 221 815 to discuss. Conditions apply.
Fixed FX is currently available for four major currencies: British Pounds, US Dollars, Euros and New Zealand Dollars. More currencies may be added over time, and this page will be updated if they are. The rate you fix for your chosen currency is the rate used on the payment day, even if the market rate changes.
Fixing a rate makes sense when certainty matters more than the chance of a better rate. For example, when you are budgeting for a set cost or protecting a margin on an overseas payment. Not fixing the rate may suit better if you are happy for the rate to move either way. With Fixed FX you choose for each payment.
Fixed FX is available in both the Westpac App and Westpac Online Banking. So you can set up and create fixed-rate payments on your phone or on desktop. Fixed FX payments can be created on weekdays, from Monday 7am to Friday 11.59pm Sydney time.
Things you should know
Conditions, fees and charges may apply and are subject to change. This information is general in nature and 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 circumstances and, if necessary, seek independent professional advice.
Before making any decision about the suitability of any of our products for you, you should read the applicable terms and conditions and Product Disclosure Statement (PDS). Please refer to disclosure documents for the Fixed FX Transaction PDS (PDF 335KB) which includes the Fixed FX Terms and Conditions, under 'Foreign Exchange and Foreign Exchange Derivatives'.
You can request a paper copy of any of these documents free of charge by contacting us on 1800 221 815. You should also review the applicable Target Market Determination, which is available here.