Foreign Currency Accounts
Make and receive payments in foreign currencies – and choose when to convert funds.
How it works
- You choose when your foreign currency is converted into AUD
- You can see your foreign currency account next to your other accounts in Westpac Online Banking
- Open online in less than 10 minutes for the 12 foreign currencies listed below. Other foreign currencies are available in branch or by speaking with your banker.
No monthly account keeping fee.
Accounts have an Australian BSB.
Open online in less than 10 minutes.
Available currencies
| Foreign currency accounts that can be opened online: | |||||
|---|---|---|---|---|---|
 |
USD - United States Dollars |  |
GBP - Great British Pounds |  |
JPY - Japanese Yen |
 |
ZAR - South African Rand |  |
EUR - Euro |  |
NOK - Norwegian Kroner |
 |
CAD - Canadian Dollars |  |
DKK - Danish Kroner |  |
SGD - Singapore Dollars |
 |
NZD - New Zealand Dollars |  |
CNY - Chinese Yuan RMB |  |
HKD - Hong Kong Dollars |
No monthly account keeping fee
A deposit maintenance fee may be applied to your Foreign Currency Account.
Refer to the section on Fees and Charges in the Foreign Currency Account Terms and Conditions (PDF 431KB) for more details.
| Fees for Related Services | Amount |
|---|---|
| Outward telegraphic transfers in a foreign currency (via Westpac Online Banking except Corporate Online) | $0 |
| Outward telegraphic transfers in a foreign currency (via Corporate Online) | $20 |
| Outward telegraphic transfers in Australian dollars (via Westpac Online Banking and Corporate Online) | $20 |
| Outward telegraphic transfers in Australian dollars or foreign currency (via branch/over-the-counter) | $32 |
| All inward telegraphic transfers in Australian dollars or foreign currency | $12 |
All amounts stated are in Australian Dollars. Telegraphic Transfer fees relate to both international and domestic. Other fees may apply. View the full list (PDF 156KB)
Use an existing eligible Australian dollar Westpac account or open a new bank account.
- To make an outward telegraphic transfer from your Foreign Currency Account using Westpac Online Banking, you must have an eligible Westpac Australian dollar transaction account. You will not be able to proceed with the transaction on your Foreign Currency Account unless you have an eligible Westpac Australian dollar transaction account linked to your profile. Standard fees and charges may apply for this Westpac Australian dollar transaction 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 us.
Interest paid by Westpac to you on positive balances (credit interest rates)
You can refer to the following table for current Foreign Currency Account credit interest rates. Interest is:
- Calculated daily on each balance amount within the tiers stated below
- Paid monthly in arrears on the last business day of each calendar month.
The Foreign Currency credit interest rates below are correct as at 4th June 2025.
| Currency | Tier 1 balances |
Tier 1 Interest Rates p.a. |
Tier 2 balances | Tier 2 Interest Rates p.a. | Tier 3 Balances |
Tier 3 Interest Rates p.a. |
|---|---|---|---|---|---|---|
| USD | 0 - 5,000 | 0% | 5,001 - 50,000 | 0% | over 50,000 | 0% |
| CAD | 0 - 6,000 | 0% | 6,001 - 60,000 | 0% | over 60,000 | 0% |
| CHF | 0 - 6,000 | 0% | 6,001 - 60,000 | 0% | over 60,000 | 0% |
| CNY | All balances | 0% |
||||
| DKK | 0 - 30,000 | 0% | 30,001 - 300,000 | 0% | over 300,000 | 0% |
| EUR | 0 - 4,000 | 0% | 4,001 - 40,000 | 0% | over 40,000 | 0% |
| GBP | 0 - 3,000 | 0% | 3,001 - 30,000 | 0% | over 30,000 | 0% |
| HKD | 0 - 40,000 |
0% | 40,001 - 400,000 | 0% | over 400,000 | 0% |
| JPY | 0 - 535,000 | 0% | 535,001 - 5,350,000 | 0% | over 5,350,000 | 0% |
| NOK | 0 - 30,000 |
0% | 30,001 - 300,000 | 0% | over 300,000 | 0% |
| NZD | 0 - 7,000 |
0% | 7,001 - 70,000 | 0% | over 70,000 | 0% |
| SEK | 0 - 35,000 |
0% | 35,001 - 350,000 | 0% | over 350,000 | 0% |
| SGD | 0 - 8,500 |
0% | 8,501 - 85,000 | 0% | over 85,000 | 0% |
| THB | 0 - 200,000 |
0% | 200,001 - 2,000,000 | 0% | over 2,000,001 | 0% |
| ZAR | All balances |
0% |
Fees paid by you to Westpac on positive balances (deposit maintenance 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 you are a wholesale client* as defined under the Corporations Act, a deposit maintenance 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 “Fees and charges” in the terms and conditions.
You can refer to the following table for current Foreign Currency Account deposit maintenance fees. The fee is calculated and applied daily on total account balance amount.
The Foreign Currency deposit maintenance fees below are correct as at 4th June 2025.
| Currency | Tier 1 | Tier 1 Rate | Tier 2 | Tier 2 Rate |
|---|---|---|---|---|
| USD | All balances | 0% | ||
| GBP | All balances | 0% | ||
| HKD | All balances | 0% | ||
| EUR | 0 - 750,000 | 0% | over 750,000 | 0% |
| DKK | 0 - 5,500,000 | 0% | over 5,500,000 | 0% |
| JPY | 0 - 100,000,000 | 0% | over 100,000,000 | 0.17% |
| CHF | 0 - 900,000 | 0% | over 900,000 | 0% |
| SEK | 0 - 7,500,000 | 0% | over 7,500,000 | 0% |
Deposit maintenance fees are only applicable to clients who are wholesale clients* as defined under the Corporations Act.
*If you are a wholesale client as defined under the Corporations Act, Westpac will notify you before applying a deposit maintenance fee for the first time to any one of your Foreign Currency Accounts. Subsequent notice will not be provided before Westpac charges a deposit management fee to any other foreign currency account you may have with Westpac.
Interest paid by you to Westpac on negative balances (unarranged lending rate)
You must keep your Foreign Currency Account in a positive balance. Any negative balance will be treated as an ‘unarranged overdraft’. You may be charged debit interest at an Unarranged Lending Rate. The current Unarranged Lending Rate is:
| Variable Unarranged Lending Rate2 | 15.01% p.a. |
|---|
- Calculated daily on the negative balance of your Foreign Currency Account
- Charged monthly in arrears on the last business day of each calendar month.
More information
For more information refer to the terms and conditions:
If you have any queries you can:
- Contact any Westpac branch
- Contact your Westpac Relationship Manager.
For enquiries or full details of all terms and conditions:
- Call the Westpac International Service Line on 131 032
- Contact any Westpac branch.
Things you should know
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.
A foreign Currency Account should not be used for Controlled Monies purposes. A controlled money account is a specific account for professional service providers, e.g. law firms or real estate agents, to meet their legal obligation to hold money on behalf of their clients and governed by State/Territory based legislation.
Deposits held in Foreign Currency Accounts are not covered by the Australian Government’s Financial Claims Scheme.Overdraft facilities are subject to application and Westpac's lending assessment criteria. Fees and charges may apply to the products and services listed. Full details of the Terms and Conditions for this product are available on request.
1. Online Banking Terms and Conditions apply.
2. The Unarranged Lending Rate was known as the Overdue Rate until 31 August 2018.