Foreign Currency Accounts
Make and receive payments in foreign currency. No monthly account maintenance fee. Conditions apply.
Benefits of a Foreign Currency Account
- 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 transactions1.
Complimentary invoicing toolˠ
Biz Invoice lets customers with an eligible transaction or foreign currency account, create and send professional invoices from your mobile or PC. You can also track, reconcile and send payment reminders.
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 12 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.
Open online in less than 10 minutes
|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||HKD - Hong Kong Dollars|
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 20th March 2020.
|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||0.25%|
|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 2,000,000||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 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 20th March 2020.
|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 more information 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.
Things you should know
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 Westpac's normal lending assessment criteria. Fees and charges may apply to the products and services listed. Full details of the Terms and Conditions for this product are available on request.
Payments received in a foreign currency require manual reconciliation to reflect the correct invoice status. BPAY is not available for invoices issued in a foreign currency. Payment of FCA invoices can be done using direct deposit via international transfer only.
1. Online Banking Terms and Conditions apply.