Foreign currency account

A foreign currency account allows you to hold money in a foreign currency. When you want to transact in that currency, you can use funds in your foreign currency account, without conversion fees and uncertainty related to that currency.

Overview

Key benefits

  • No account maintenance fee
  • Check balances and make transfers and international payments to/from your foreign currency account through online banking
  • 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

Note: Phone banking, and cheque access are 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 at least the set minimum balance applicable to your currency. If you have this set minimum balance (or more) then the interest you earn depends on the current market interest rates. 

Give us a call us on 0800 400 600 (Weekdays 7am to 8pm and weekends & public holidays 8am - 5pm) or from overseas +64 9 912 8000 (international toll charges apply), for details on minimum balances.

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 and 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. Give us a call us on 0800 400 600 (Weekdays 7am to 8pm and weekends & public holidays 8am - 5pm) or from overseas +64 9 912 8000 (international toll charges apply), for more information.

Rates and Fees

Foreign Currency Account - Fees
Interest rates and fees are current as at 16 July 2020 and are subject to change without notice.
Fee typeFee amount
Depositing foreign cash cash handling charge
 2% of foreign amount minimum NZ$35
Depositing other monies foreign cheques, bank drafts
 NZ$5 per deposit
telegraphic transfer sent to your account
 $15 per deposit
Withdrawals from on-call accounts by bank draft
 $30 
by telegraphic transfer
$30 via branch, $20 via Business Online 
in cash
 1% of value minimum $10
Account maintenance fee All currencies
 Free

Unarranged overdrafts
Should you become overdrawn without an arranged limit, the balance will incur debit interest at an annual rate of 5% above the overnight lending interest rate charged for the relevant foreign currency.