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Foreign currency account rates

Credit Interest Rates

Interest paid by Westpac to you on positive balances (credit interest rates)

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 Foreign Currency credit interest rates below are correct as at 29th May 2024.

 Currency Tier 1 balances
Tier 1 Interest Rates p.a.
Tier 2 balances  Tier 2 Interest Rates p.a. Tier 3 Balances
Tier 3 Interest Rates p.a.
USD 0 - 5,000 0% 5,001 - 50,000 0% over 50,000 0%
CAD 0 - 6,000 0% 6,001 - 60,000 0% over 60,000 0%
CHF 0 - 6,000 0% 6,001 - 60,000 0% over 60,000 0%
CNY All balances

0%

       
DKK 0 - 30,000 0% 30,001 - 300,000 0% over 300,000 0%
EUR 0 - 4,000 0% 4,001 - 40,000 0% over 40,000 0%
GBP 0 - 3,000 0% 3,001 - 30,000 0% over 30,000 0%
HKD 0 - 40,000
0% 40,001 - 400,000 0% over 400,000 0%
JPY 0 - 535,000 0% 535,001 - 5,350,000 0% over 5,350,000 0%
NOK 0 - 30,000
0% 30,001 - 300,000 0% over 300,000 0%
NZD 0 - 7,000
0% 7,001 - 70,000 0% over 70,000 0%
SEK 0 - 35,000
0% 35,001 - 350,000 0% over 350,000 0%
SGD 0 - 8,500
0% 8,501 - 85,000 0% over 85,000  0%
THB 0 - 200,000
0%  200,001 - 2,000,000 0%  over 2,000,000 0%
ZAR All balances
0%        

View Foreign currency accounts essentials.

 

Unarranged overdraft interest rate

Interest paid by you to Westpac on negative balances (unarranged lending rate)

Unless you have an arranged business overdraft, you must keep your Foreign Currency Account in a positive balance. Any negative balance will be treated as an 'unarranged overdraft'. You may be charged debit interest at an Unarranged Lending Rate.

The current Unarranged Lending Rate is:

Variable Unarranged Lending Rate1 15.01% p.a. 
  • Calculated daily on the negative balance of your Foreign Currency Account
  • Charged monthly in arrears on the last business day of each calendar month.

 

Arranged overdraft base rates

Interest paid by you to Westpac on overdrafts linked to your Foreign Currency Account (overdraft interest rates)

Interest is charged to you on overdrafts linked to your Foreign Currency Accounts. Interest is calculated daily on the negative balances of your Foreign Currency Account and paid monthly in arrears on the last business day of each calendar month. 

As set in your overdraft agreement, the overdraft variable interest rate applicable to the overdraft comprises a base rate plus a margin 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 29th May 2024.

Currency Overdraft base rate
CAD - Canadian Dollars 7.40%
CHF - Swiss Francs 2.95%
EUR - Euro 5.65%
GBP - British Pound 6.70%
HKD - Hong Kong Dollar 6.80%
JPY - Japanese Yen 2.20%
NOK - Norwegian Kroner 6.70%
NZD - New Zealand Dollar 7.55%
SEK - Swedish Kroner 6.70%
SGD - Singapore Dollar 4.05%
USD - United States Dollar
6.45%

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

Overdrafts may be available to eligible business entities that intend to use the product for their short-term working capital needs.

Deposit maintenance fees

Fees paid by you to Westpac on positive balances (deposit maintenance 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 you are a wholesale client* as defined under the Corporations Act, a deposit maintenance 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 “Fees and charges” in the terms and conditions.

You can refer to the following table for current Foreign Currency Account deposit maintenance fees. The fee is calculated and applied daily on total account balance amount.

The Foreign Currency deposit maintenance fees below are correct as at 29th May 2024.

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%
DKK 0 - 5,500,000 0% over 5,500,000 0%
JPY 0 - 100,000,000 0% over 100,000,000 0.17%
CHF 0 - 900,000 0% over 900,000 0%
SEK 0 - 7,500,000 0% over 7,500,000 0%

Deposit maintenance fees are only applicable to clients who are wholesale clients* as defined under the Corporations Act.
*If you are a wholesale client as defined under the Corporations Act, Westpac will notify you before applying a deposit maintenance fee for the first time to any one of your Foreign Currency Accounts. Subsequent notice will not be provided before Westpac charges a deposit management fee to any other foreign currency account you may have with Westpac.

More information

For further information on foreign currency overdraft base rates please contact your Westpac Relationship Manager.

Things you should know

1. The Unarranged Lending Rate was known as the Overdue Rate until 31 August 2018.