Foreign currency accounts and term deposits

Foreign currency accounts A foreign currency account offers the potential to earn interest on money you want to keep in a foreign currency.   Currency converter
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Term investment foreign currency account options
Foreign currency accounts are available in most major currencies.
Benefits of a foreign currency account
	make deposits and withdrawals, and pay larger bills, without having to convert to or from New Zealand dollars
	ideal if you buy or sell things overseas, or receive regular payments from overseas
	you may earn interest in a foreign currency—a minimum balance will apply
	form a ‘natural hedge’—if you import and export—by accumulating money in a particular currency to meet future payments.
Foreign currency accounts
Foreign currency account features
	immediate access to your money
	ideal for accepting payments or paying bills in a foreign currency
	can be used to help you deal in the foreign exchange market
	open an account with any amount, in all major currencies
	pay foreign currency bills with a draft or telegraphic transfer.
Note: Online Banking, phone banking, and cheque access are not available.
You could earn interest on your money
	you’ll need to have the set minimum balance for that currency, which depends on current market interest rates
	call us on 0800 400 600 (7am to 11pm, 7 days a week) for details on minimum balances
	whether or not you receive interest depends on the market interest rates at that time.
Interest for Foreign currency accounts is
	calculated on a daily basis
	credited to your account at the end of each month in the currency in which the account is held.
Term investments
Features of a term investment
	foreign currency term investments are for a fixed period of time at a fixed rate of interest
	in special circumstances you can withdraw part or all of your investment before the fixed term ends, subject to Westpac’s approval. A reduced rate of interest will apply.
You can hold a term investment for any period from 30 to 180 days, in any of these major currencies:
Currency Minimum amount US dollar USD 5000 British pound GBP 4000 Australian dollar AUD 8000 Canadian dollar CAD 8000 EURO currency EUR 5000 Hong Kong dollar HKD 40,000 Singapore dollar SGD 12,000 Swiss franc CHF 10,000
Interest for term investments is
	calculated on the market rate at the time of investment (whether or not you receive interest depends on the market interest rate at the time of investment)
	paid on maturity, in the currency in which the investment is held.
When receiving your investment and interest, you can
	have the money automatically reinvested, in the same currency or a different one, or
	credit the money to your on-call foreign currency account, or
	convert the money back to New Zealand dollars.
Unless we are instructed otherwise, the term investment will be automatically renewed on maturity for the same term as the original deposit and at the interest rate paid by the bank at the time of reinvestment.
When required by law, Resident or Non-Resident Withholding Tax is automatically deducted from the interest paid into your foreign currency account.
If you qualify as a non-resident then you can elect for the Approved Issuer Levy to be deducted instead.
> Latest Investment Statement for Foreign Currency Term Investments (July 2010)
Opening a foreign currency account
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
	bring identification—e.g. a passport or photo driver’s licence—and your IRD number.
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

Fee description			Fee
Depositing foreign cash			Cash handling charge of 2% of foreign amount (minimum NZ$35)
Depositing other monies
	foreign cheques, travellers' cheques, bank drafts		NZ$5 each item
	telegraphic transfer sent to your account		$10 per transfer
Withdrawals from on-call accounts			By bank draft $25 By telegraphic transfer $25 In cash - 1% on value (minimum $6)
Account maintenance fee
	Term investments		Free
	On-Call account *		USD6 JPY750 AUD9 NOK45 EUR5 SEK50 GBP4 SGD10 CAD8 TOP15 CHF8 DKK40 FJD12 ZAR45 HKD50 XPF600
Transaction and service fees on this page are current as at 31 July 2010 and are subject to change.