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Benefits

  • Make and receive payments in another currency without converting to AUD
  • Accounts available in a range of foreign currencies
  • Online access via Westpac Live to make and view transactions.

How it works

  • You choose when your foreign currency is converted into AUD
  • You can see your foreign currency account next to your other accounts in Westpac Live online banking
  • Open online in less than 10 minutes for the 11 foreign currencies listed below. Other foreign currencies are available in branch or by speaking with your banker.

No monthly account maintenance fee.

Accounts have an Australian BSB.

Overdrafts are also available (on application) in foreign currencies.


Available currencies

Foreign currency accounts that can be opened online:
USD - United States Dollars GBP - Great British Pounds JPY - Japanese Yen

ZAR - South African Rand
EUR - Euro NOK - Norwegian Kroner

CAD - Canadian Dollars
DKK - Danish Kroner
SGD - Singapore Dollars

NZD - New Zealand Dollars
CNY - Chinese Yuan RMB    
If the currency you want to open is not available online then please visit your nearest Westpac branch where one of our bankers will assist you in opening an account.

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 28th February 2019.
 

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 0.50% over 70,000 1.25%
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 2,000,001 0%
ZAR All balances
0%        

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 8th February 2018.
 

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 0.48%
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.


More information

For more information on foreign currency accounts refer to the terms and conditions:

If you have any queries or would like to apply for a currency not available online you can:

  • Contact any Westpac branch
  • Contact your Westpac Relationship Manager.

For foreign currency overdraft interest rates, you can:

  • Call the Westpac International Service Line on 131 032
  • Contact any Westpac branch
  • Contact your Westpac Relationship Manager.

For enquiries or full details of all terms and conditions on foreign currency accounts:


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Things you should know

Foreign Currency Account Terms & Conditions (PDF 235KB)

International Products and Services Standard Fees (PDF 1MB)

Full details of the Terms and Conditions for all the products and services which do not have a Product Disclosure Statement are available on application.

A Foreign Currency Account should not be used to speculate on foreign currencies or to conduct frequent trading of foreign currencies.

A Foreign Currency Account is not an account to assist with travel needs. It cannot be linked to a Travel Money card and you cannot access your Foreign Currency Account through an ATM, either within Australia or overseas.

You cannot withdraw or deposit foreign notes or coins into a Foreign Currency Account.

Deposits held in Foreign Currency Accounts are not covered by the Australian Government’s Financial Claims Scheme.

Credit facilities are subject to application and the Bank's normal lending assessment criteria. Fees and charges may apply to the products and services listed. Full details of the Terms and Conditions for all the products and services which do not have a Product Disclosure Statement are available on application.