FIXED FX
With Westpac's new Fixed FX, you can fix an agreed foreign currency exchange rate for an upcoming international payment.
What is Fixed FX?
Fixed FX (Fixed Foreign Exchange) is a new feature offered by Westpac. It allows you to 'fix' an agreed foreign exchange rate up to one month in advance for an upcoming international payment. By fixing the rate you can ensure that the rate you fix will be applied to your payment, even if the exchange rate changes later.
Fix an agreed rate for a later date
Lock in certainty
With Fixed FX, you can choose to fix the rate for an upcoming overseas payment, making the rate and the amount you send a sure thing!
Lock in stability
Fixed FX gives you rate certainty when making international payments and sending money overseas. It could help protect you from unfavourable rate changes!
Quick access
Opt in to Fixed FX via Online Banking when creating your next future-dated international payment.
Are you a business customer needing to make overseas payments?
If yes, please visit the Business Fixed FX page for more information.
Fixed FX: the details
What currencies are available?
Fixed FX is currently available for these popular currencies:
British Pounds - GBP 
US Dollars - USD 
Euros - EUR 
New Zealand Dollars - NZD - As we add more currencies for Fixed FX payments, we'll update them here.
- The exchange rate you've fixed will be the rate that's applied on the day the payment is scheduled for, even if the market rate changes.
Eligibility and payment amounts
- The Fixed FX payment amount can be up to AUD$50,000 equivalent.
- Payment limits apply for all international payments.
- You can have up to AUD$250,000 equivalent worth of Fixed FX payments at any time.
- The payment can only be scheduled up to one month in advance.
- You must be registered for Westpac Online Banking with access to an AUD transaction banking account (that's eligible for international payments).
How to set it up
In Online Banking
Before you can fix your rate, you'll need to opt in to Fixed FX.
- Login to Westpac Online Banking on desktop and go to Payments > Make a payment > 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.
Note: Fixed FX transactions must be created and submitted on weekdays (from Monday 07:00 until Friday 23:59 (Sydney time)).
Fix or not to fix? You choose!
We've made it flexible for you. If you prefer not to fix the rate, you always have the option for the exchange rate to be determined on the day your payment is scheduled for.
Your window to the world
Discover Westpac's international payment options for your personal needs.
Frequently asked questions
It provides protection against unfavourable foreign exchange rate changes between the time you fix the agreed rate and the actual date for your upcoming, scheduled payment. However, if you choose to fix the agreed rate, you will not receive the benefit of any favourable exchange rate movement between the date you have fixed, and the day the payment is scheduled for. This means the agreed rate you choose to fix could be higher or lower compared to the exchange rate on the day the payment is scheduled for.
To be eligible for Fixed FX through Westpac Online Banking:
- You must hold a Westpac transaction account that’s eligible for international payments.
- You must be registered for Westpac Online Banking.
- In addition, your Fixed FX Transactions access shouldn’t be suspended or cancelled.
- You must meet the criteria within the online Fixed FX application process.
If you cannot see the option, please contact us on 1800 221 815 for further support.
We don’t charge you any direct, out-of-pocket fees for submitting a Fixed FX Transaction. Be mindful, there may be fees charged by corresponding banks (for example, the recipient’s financial institution may add fees and charges that will be deducted from the scheduled payment amount).
If you are looking to cancel a Fixed FX Transaction, you may incur costs. Please refer to the below FAQ for further details.
You do not have the ability to vary the terms of a Fixed FX Transaction. You do have the ability to cancel a Fixed FX Transaction at any time up until (but excluding) the day the payment is scheduled for. However, a Fixed FX Transaction is designed to be held until the day the payment is scheduled for. If you choose to terminate a Fixed FX Transaction you may be liable to pay the cost of unwinding the FX Transaction. Read the Product Disclosure Statement (PDF 392KB) for full details.
Your scheduled Fixed FX Transaction and term must not exceed the limits that apply for each currency. Keep in mind, you can only have up to AUD$250,000 equivalent worth of Fixed FX Transactions at any time. Here are the details:
| Fixed FX currency | Fixed FX term |
Fixed FX – maximum amount |
|---|---|---|
| AUD to USD |
Up to one month in advance |
AUD$50,000 equivalent
|
| AUD to EUR | ||
| AUD to GBP | ||
| AUD to NZD |
Standard international payment limits also apply and may restrict the amount you can send at the time of transfer (up to AUD$2,000,000 equivalent on the day the payment is scheduled for).
Currently, Fixed FX is only available via Westpac Online Banking (desktop). We plan to add it in the App in the near future.
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 392KB) 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.