Foreign exchange risk
Protect your profits from fluctuating foreign exchange rates. Choose from our range of risk reducing options.
A Foreign Currency Account can simplify your banking if you make or receive payments in a foreign currency. It removes the need to convert every transaction to New Zealand dollars.
You can use it to
- manage foreign currency cash flow
- make advance provision for commitments in a foreign currency
A Foreign Exchange Forward Contract allows you to exchange one currency for another on an agreed date in the future at an agreed rate.
A Forward may help you manage a currency risk you are exposed to.
Foreign Exchange Option Contracts give you the right (but not the obligation) to buy or sell one currency with or for another currency at an agreed exchange rate on a date in the future.
You pay us a premium to enter into a Foreign Exchange Option Contract whether you exercise the Foreign Exchange Option Contract or not.
A Foreign Exchange Option Contract may help you manage a currency risk you are exposed to, while allowing you to benefit from favourable exchange rate movements that occur between the time you enter into the Foreign Exchange Option Contract and the expiry of the Foreign Exchange Option Contract.
A market order is a request that you leave with Westpac to buy or sell a specified foreign currency amount, on your behalf, against another currency once a nominated Westpac exchange rate is reached.
The currency exchange will occur two business days after the order is executed. Once the order has been executed it cannot be cancelled.
- Regular updates on foreign currency movements are available through our SMS alert service http://www.wib.westpac.co.nz/web/sms-text-alert-service/
- Our currency charts allow you to access current and historical information for all major currencies. https://research.corp.westpac.co.nz/nzcharts/
- For more detailed economic information visit our Economic updates pages
No member of the Westpac group accepts any liability for losses suffered as a result of the conversion of currencies and any exchange risks from the conversion of currencies is the responsibility of the account/deposit holder. Terms and conditions apply and may vary from time to time. Most of the above products and services are provided by Westpac Banking Corporation ABN 33 007 457 141, incorporated in Australia (New Zealand division). Some products and services may be provided by Westpac New Zealand Limited. Any product or service made available by Westpac New Zealand Limited does not represent an offer from Westpac Banking Corporation or any of its subsidiaries (other than Westpac New Zealand Limited). Neither Westpac Banking Corporation nor its other subsidiaries guarantee or otherwise support the offer or the performance of Westpac New Zealand Limited. Westpac New Zealand is not an authorised deposit- taking institution for the purposes of Australian prudential standards. For more information or a copy of the Product Disclosure Statement for any product which a Product Disclosure Statement is required, please contact the International Business team. You can get a copy of the current disclosure statement for Westpac New Zealand Limited or Westpac Banking Corporation from any branch in New Zealand free of charge.