Summary
Here’s a quick recap before you start your application.
Who is a Foreign Currency Account for?
Individuals and businesses that require a foreign currency account to:
|
Who can apply online?
- 18+ years old
- Australian-based individuals
- Customers with an eligible Westpac AUD transaction account. This account will be used to pay the fees when transferring money out of your Foreign Currency Account through Online Banking. If you don't already have one, we'll open a Westpac Choice account for you at the same time.
If you’re not eligible to apply online, open an account at any branch.
Want to open a Foreign Currency Account for a business? Open now
What you get
For your Foreign Currency Account
- A foreign currency account in your chosen currency
- 24/7 access to your account through Online Banking.
For your Westpac Choice account, (if you don’t already have one):
- An everyday account with a Debit Mastercard®¹ to make deposits and withdrawals, payments online or on the Westpac App
- $5 a month Account-keeping fee. Waived if you:
- Are under 30 or a full-time tertiary student
- Are new to Australia (have arrived in Australia in the last 12 months)
- Deposit at least $2,000 each month
- Link your Choice account to your Rocket Repay Home Loan or Rocket Investment Loan as an offset account (for as long as the account is linked).
What you don't get
For your Foreign Currency Account:
- Access to funds via ATMs and travel money cards
- The ability to deposit and withdraw cash in currencies
- You should not use this account for Controlled Monies purposes.
- Deposits held in Foreign Currency Accounts are not covered under the Australian Government’s Financial Claims Scheme.
Important numbers
| Account keeping fee: (A deposit maintenance fee may be applied) |
$0 |
| Inward telegraphic transfer credit in Australian dollars or foreign currency: | $12 AUD (or foreign currency equivalent) |
|
Outward telegraphic transfer/ international payments in Australian dollars or foreign currency (via branch/over-the-counter)*:
|
$32 AUD |
|
Payments made via Online Banking or Corporate Online: Fees may apply for transactions via Online Banking or Corporate Online. Please refer to the Westpac Online Banking Terms and Conditions and/or the Corporate Online Terms and Conditions and Fees and Charges Information Sheet, which are both available at westpac.com.au/terms-conditions |
Let's get started
Are you already an existing Westpac customer?
Yes
No
Which Currency should this account have?
Select a currency
United States Dollars (USD)
Euro (EUR)
Great Britain Pounds (GBP)
New Zealand Dollars (NZD)
Japanese Yen (JPY)
Chinese Yuan RMB (CNY)
Canadian Dollars (CAD)
Hong Kong Dollars (HKD)
Singapore Dollars (SGD)
South African Rand (ZAR)
Norwegian Kroner (NOK)
Danish Kroner (DKK)
What to have handy
- Your Westpac Online Banking sign in details. To save you time, we’ll pre-fill details that we already know about you.
By continuing you agree
To begin, you acknowledge:
- You have read our Privacy Statement which explains how we collect, use and disclose your personal information, including marketing communications which we send to you.
- You have read our Financial Services Guide (PDF 249KB) which provides important information on the financial services and products we offer as a financial services licensee.
By opening the Foreign Currency Account, you agree:
- To the Foreign Currency Account Terms and Conditions (PDF 365KB).
- To the International Products and Services Standard Fees.
- If you are also opening a Westpac Choice account:
- to the Deposit Accounts for Personal Customers Terms and Conditions (PDF 643KB) and the Online Banking Terms and Conditions (PDF 740KB) that apply to the products and services you are applying for.
- to us sending you a Debit Mastercard® and linking it to your account, as set out in the Westpac Debit Mastercard Terms and Conditions (PDF 338KB) (if applicable).
- To provide your consents to the actions we may take in processing your application including:
- for us to contact you about this application
- for you to receive communications about your account, as well as account statements and terms and conditions electronically. You may change your communication preferences in Online Banking or by contacting us at any time. If you are not registered for Online Banking, you will receive account statements in paper form.
- To acknowledge your obligations including Anti-Money Laundering/Counter-Terrorism Funding requirements and our other reporting obligations if you are a foreign tax resident.
Ready to get started?
Which Currency should this account have?
Select a currency
United States Dollars (USD)
Euro (EUR)
Great Britain Pounds (GBP)
New Zealand Dollars (NZD)
Japanese Yen (JPY)
Chinese Yuan RMB (CNY)
Canadian Dollars (CAD)
Hong Kong Dollars (HKD)
Singapore Dollars (SGD)
South African Rand (ZAR)
Norwegian Kroner (NOK)
Danish Kroner (DKK)
What to have handy
By continuing you agree
To begin, you acknowledge:
- You have read our Privacy Statement which explains how we collect, use and disclose your personal information, including marketing communications which we send to you.
- You have read our Financial Services Guide (PDF 249KB) which provides important information on the financial services and products we offer as a financial services licensee.
By opening the Foreign Currency Account, you agree:
- To the Foreign Currency Account Terms and Conditions (PDF 365KB).
- To the International Products and Services Standard Fees.
- If you are also opening a Westpac Choice account:
- to the Deposit Accounts for Personal Customers Terms and Conditions (PDF 643KB) and the Online Banking Terms and Conditions (PDF 740KB) that apply to the products and services you are applying for.
- to us sending you a Debit Mastercard® and linking it to your account, as set out in the Westpac Debit Mastercard Terms and Conditions (PDF 338KB) (if applicable).
- To provide your consents to the actions we may take in processing your application including:
- for us to contact you about this application
- for you to receive communications about your account, as well as account statements and terms and conditions electronically. You may change your communication preferences in Online Banking or by contacting us at any time. If you are not registered for Online Banking, you will receive account statements in paper form.
- To acknowledge your obligations including Anti-Money Laundering/Counter-Terrorism Funding requirements and our other reporting obligations if you are a foreign tax resident.
Ready to get started?
Things you should know
1.
Debit Mastercard®: Westpac Choice Youth account, the eligible card age is 8. For any other transaction account, the eligible card age is 14. You must have an Australian residential address.
*These fees are payable for banking services that are not related to your account. They are current as at the effective date but are subject to change without notice. Contact us for more information about our fees for other banking services.
Mastercard® is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.