Foreign currency account
If you regularly make transactions in foreign currency, this account can save you conversion fees and may earn you interest. Ideal for exporting or importing businesses, frequent travellers or foreign exchange traders.
If you regularly make transactions in foreign currency, this account could save you conversion fees and may earn you interest. Ideal for exporting or importing businesses, frequent travellers or foreign exchange traders.
- immediate access to your foreign money
- ideal for accepting payments or paying bills in a foreign currency
- can be used to help you deal in the foreign exchange market
- you may earn interest on your money in a foreign currency (a minimum balance will apply)
- open an account with any amount, in all major currencies
- pay foreign currency bills with a draft or telegraphic transfer
- check balances and make transfers and international payments to/from your foreign currency account with Business Online and Corporate Online
Note: Access via personal Online Banking, phone banking or cheque is not available.
Earning interest on your money
You may earn interest on your foreign currency. Interest is calculated daily and credited to your account at the end of each month in the currency in which the account is held.
Requirements for earning interest
You’ll need to have the set minimum balance for that currency, which depends on current market interest rates.
Give us a call us on 0800 400 600 (7am to 11pm, 7 days a week) for details on minimum balances.
To be eligible to open a foreign currency account you must hold other accounts with us.
To open a foreign currency account visit any Westpac branch in New Zealand and bring identification. Click here for a list of acceptable verification documentation.
For companies, trusts, estates, or incorporated societies we'll need some additional paperwork. Call us on 0800 400 600 (7am to 11pm, 7 days a week) for more information.
|Foreign Currency Account - Fees|
|Rates & fees are current as at 19 December 2014 and are subject to change.
|Fee type||Fee amount|
|Depositing foreign cash||cash handling charge
||2% of foreign amount minimum NZ$35|
|Depositing other monies||foreign cheques, travellers' cheques, bank drafts
||NZ$5 per deposit|
|telegraphic transfer sent to your account
||$15 per deposit|
|Withdrawals from on-call accounts||by bank draft
|by telegraphic transfer
||$30 via branch, $20 via Business Online|
||1% of value minimum $6|
|Account maintenance fee||All currencies
||NZD 10 equivalent per month|
|The NZD 10 equivalent fee will be charged in your chosen currency and calculated using the cross-currency rate as at the close of the business day prior to charging.|
Westpac accepts no liability for losses suffered as a result of it converting currencies and any exchange risks from the conversion of currencies is the responsibility of the account / deposit holder. The information on this page and terms, conditions and pricing for Foreign Currency Accounts may very from time to time. You can get a copy of the current disclosure statement for Westpac New Zealand Limited and a copy of the applicable term sheet for your investment from any Westpac branch in New Zealand free of charge. It is subject to change without notification.