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A foreign currency account offers the potential to earn interest on money you want to keep in a foreign currency.
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| Foreign currency accounts are available in most major currencies. |
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| Benefits of a foreign currency account |
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make deposits and withdrawals, and pay larger bills, without having to convert to or from New Zealand dollars |
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ideal if you buy or sell things overseas, or receive regular payments from overseas |
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you may earn interest in a foreign currency—a minimum balance will apply |
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form a ‘natural hedge’—if you import and export—by accumulating money in a particular currency to meet future payments. |
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| Foreign currency account features |
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immediate access to your money |
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ideal for accepting payments or paying bills in a foreign currency |
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can be used to help you deal in the foreign exchange market |
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open an account with any amount, in all major currencies |
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pay foreign currency bills with a draft or telegraphic transfer. |
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| Note: Online Banking, phone banking, and cheque access are not available. |
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| You could earn interest on your money |
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you’ll need to have the set minimum balance for that currency, which depends on current market interest rates |
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call us on 0800 400 600 (7am to 11pm, 7 days a week) for details on minimum balances |
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whether or not you receive interest depends on the market interest rates at that time. |
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| Interest for Foreign currency accounts is |
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calculated on a daily basis |
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credited to your account at the end of each month in the currency in which the account is held. |
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| Features of a term investment |
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foreign currency term investments are for a fixed period of time at a fixed rate of interest |
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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. |
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| You can hold a term investment for any period from 30 to 180 days, in any of these major currencies: |
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| US dollar |
USD 5000 |
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| British pound |
GBP 4000 |
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| Australian dollar |
AUD 8000 |
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| Canadian dollar |
CAD 8000 |
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| EURO currency |
EUR 5000 |
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| Hong Kong dollar |
HKD 40,000 |
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| Singapore dollar |
SGD 12,000 |
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| Swiss franc |
CHF 10,000 |
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| Interest for term investments is |
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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) |
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paid on maturity, in the currency in which the investment is held. |
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| When receiving your investment and interest, you can |
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have the money automatically reinvested, in the same currency or a different one, or |
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credit the money to your on-call foreign currency account, or |
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convert the money back to New Zealand dollars. |
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| 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. |
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| When required by law, Resident or Non-Resident Withholding Tax is automatically deducted from the interest paid into your foreign currency account. |
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| If you qualify as a non-resident then you can elect for the Approved Issuer Levy to be deducted instead. |
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| > Latest Investment Statement for Foreign Currency Term Investments (April 2011) |
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| To be eligible to open a foreign currency account you must hold other accounts with us. |
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| To open a foreign currency account |
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visit any Westpac branch in New Zealand |
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bring identification—e.g. a passport or photo driver’s licence—and your IRD number. |
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| For companies, trusts, estates, or incorporated societies |
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we'll need some additional paperwork |
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call us on 0800 400 600 (7am to 11pm, 7 days a week) for more information. |
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