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:
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Who can apply?
- 18+ years old
- Australia-based individuals and businesses
- Individuals, sole traders, company directors, or other people authorised to act on behalf of a business
- You’ll need an eligible Westpac AUD transaction account to make an outward telegraphic transfer online from the Foreign Currency Account, and pay the fees incurred.
What you get:
- A foreign currency account in your choice of currency
- Biz Invoice online invoicing tool (except with a Chinese Yuan RMB account)
- 24/7 access to your account through Online Banking.
What you don't get:
- Access to funds via ATMs and travel money cards
- The ability to deposit and withdraw cash in currencies
- Deposits held in Foreign Currency Accounts are not covered under the Australian Government’s Financial Claims Scheme.
Important numbers
| Account maintenance fee: (A credit balance fee may be applied) |
$0 | |
| Outward telegraphic transfer in foreign currency via Westpac Online Banking: | $10 | |
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Outward telegraphic transfer in foreign currency via Corporate Online:
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$20 | |
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Outward telegraphic transfer in AUD via Westpac Online Banking:
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$20 | |
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Outward telegraphic transfer in AUD or foreign currency via branch:
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$32 | |
| Inward telegraphic transfer credit in AUD or foreign currency: | $12 |