Foreign currency accounts
Make and receive payments in a foreign currency
- No monthly account maintenance fee
- Make and receive payments in another currency without having to convert them to AUD
- Accounts available in a range of foreign currencies
- Transactions can be made and viewed via Westpac Live.
No monthly account maintenance fee
A credit balance fee may be applied to your Foreign Currency Account.
Refer to the section below Interest Rates and Credit Balance Fees for more detail.
|Fees for Related Services||Amount|
|Outward telegraphic transfer in a foreign currency via Westpac Internet Banking (except Corporate Online)||$10|
|Outward telegraphic transfer in a foreign currency via Corporate Online||$20|
|Outward telegraphic transfer in Australian dollars via Westpac Internet Banking||$20|
|Outward telegraphic transfers in Australian dollars or foreign currency via branch/over-the-counter||$32|
|Inward telegraphic transfer credit in Australian dollars or a foreign currency to Westpac account||$12|
|Issue of foreign currency draft||$28|
Use an existing eligible Australian dollar Westpac transaction account or get a new one.
- To make an outward telegraphic transfer from your Foreign Currency Account using Westpac Live Online Banking you are required to have an eligible Westpac Australian dollar transaction account. You will not be able to proceed with the transaction on your Foreign Currency Account until you have an eligible Westpac Australian dollar transaction account. Standard fees and charges may apply for this Westpac Australian Dollar account.
- This eligible Westpac Australian Dollar account must contain a sufficient balance to pay the applicable telegraphic transfer fees.
- If you don’t already have an eligible Westpac Australian dollar transaction account, you can open one online or by contacting your Westpac Banking Representative
Interest rates and 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 8th February 2018.
|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 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
Things you should know
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.