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Who is a Foreign Currency Account for?

Individuals and businesses that require a foreign currency account to:

  • Hold ‘at-call’ foreign currency balances
  • Meet foreign currency payment obligations
  • Make or receive payments in a foreign currency.

Who can apply?

  • 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  
Outward telegraphic transfer in foreign currency via Westpac Online Banking: $0  
Outward telegraphic transfer in foreign currency via Corporate Online:
$20  
Outward telegraphic transfer in Australian dollar via Westpac Online Banking and Corporate Online:
$20  
Outward telegraphic transfer in Australian dollar or foreign currency via branch:
$32  
Inward telegraphic transfer credit in Australian dollar or foreign currency: $12  

Let's get started

Are you already an existing Westpac customer?

Which Currency should this account have?

Please select a currency before continuing.

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:

 

By opening the Foreign Currency Account, you agree:

Ready to get started?

Which Currency should this account have?

Please select a currency before continuing.

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 mobile

A secure code will be sent to your mobile to verify your phone number.

Two of these ID documents

  • Passport
  • Medicare card
  • Australian driver license
  • Australian birth certificate

 

If your details are entered incorrectly or we’re unable to identify you, your application will need to be completed in branch.

 

If you’re Aboriginal or Torres Strait Islander and don't have the required documents, call our Indigenous Call Centre on 1800 230 144 Monday to Friday 9am – 6:30pm ACST or visit your nearest branch.

 

Foreign tax details

Only applicable if you're liable to pay tax in another country.

By continuing you agree

To begin, you acknowledge:

 

By opening the Foreign Currency Account, you agree:

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. 
 

Mastercard® is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.