Foreign Currency Account

Foreign Currency Accounts would mainly suit the business involved in both import and export as a Foreign Exchange Risk management tool.
Category: Transaction & Savings Accounts  Last Updated May 25, 2026  Effective June 3, 2026

 General Lending Rates

No product information is currently listed. Please make contact with us for more information.

 Product Features

  • Other Additional Information: Foreign Currency Accounts available in 14 currencies , they are United States Dollars (USD) ,Great Britain Pounds (GBP),Canadian Dollars (CAD),Danish Kroner (DKK),Euro (EUR),Hong Kong Dollars (HKD),Japanese Yen (JPY),New Zealand Dollars (NZD),Norwegian Kroner (NOK),Singapore Dollars (SGD),Swedish Kronor (SEK),Swiss Francs (CHF),Thailand Baht (THB),South African Rand (ZAR).
  • Other Additional Information: This facility consolidates foreign exchange transactions for ease of cash management.
  • Other Additional Information: Provides a natural hedge for Importers. It also accommodates delayed or early payments and receipts.
  • Other Additional Information: Consolidates funds raised from other financing tools.
  • Other Additional Information: Accounts are interest bearing (minimum balance apply).
  • Other Additional Information: Regular Bank Statements detailing transactions are provided.
  • Other Additional Information: Possible protection against unfavourable foreign exchange rate movements over time
  • Other Additional Information: You can make and receive payments in another currency without having to convert them to Australian dollars.
  • Other Additional Information: You can manage your transactional requirements for a foreign currency.
  • Other Additional Information: Foreign Currency account interest rates are available through our representatives or from any Westpac Group branch. These rates are subject to change. Information on current interest rates are available on request.
  • Other Additional Information: Apart from uncleared drafts and cheques, you may initiate a request to withdraw your money at any time, as long as you provided an acceptable form of identification when opening the account.
  • Fraud Protection Additional Information: The product includes fraud protection features

 Product Eligibility

  • Other Additional Information: Foreign Currency Accounts can only be opened in the name of one legal person.
  • Residency Status - Australian Residency . Additional Information: Customers must have an Australian address and currently reside in Australia.
  • Min Age - 18. Additional Information: Individuals must be at least 18 years of age.
  • Other Additional Information: To open a Foreign Currency Account we will need your name, address and your occupation.

 Bank Fees and Charges

  • Duplicate Account Statement (Event), Amount: 7.50. Additional Information: $7.50 per page for each duplicate account statement. Fees for additional statements are payable at the time the event occurs or when the service is provided.
  • Outward Telegraphic Transfers In Australian Dollars (via Online Banking) (Transaction), Amount: 20.00. Additional Information: Outward telegraphic transfers in Australian dollars (via Online Banking).
  • Outward Telegraphic Transfers In Australian Dollars Or Foreign Currency (staff Assisted) (Transaction), Amount: 32.00. Additional Information: Outward telegraphic transfers in Australian dollars or foreign currency (staff assisted).
  • All Inward Telegraphic Transfers In Australian Dollars Or Foreign Currency (Transaction), Amount: 12.00. Additional Information: All inward telegraphic transfers in Australian dollars or foreign currency.

 Limitations & Restrictions (Constraints)

  • Min Balance of 50000.00 Additional Information: You will need to maintain a minimum foreign currency amount of the equivalent of AUD$50,000 at all times.

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