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 27th October 2021.
|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%|
|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%|
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||14.26% 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 27th October 2021.
|Currency||Overdraft base 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||4.80%|
|SEK - Swedish Kroner||6.70%|
|SGD - Singapore Dollar||4.05%|
|USD - United States Dollar
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.
Credit Balance Fees
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 27th October 2021.
|Currency||Tier 1||Tier 1 Rate||Tier 2||Tier 2 Rate|
|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.
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.