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.

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 (7am to 11pm, 7 days a week) 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. Call us on 0800 400 600 (7am to 11pm, 7 days a week) for more information.

Rates and Fees

Fee type		Fee amount
Foreign Currency Account - Fees
Interest rates and fees are current as at 23 October 2018 and are subject to change without notice.
Depositing foreign cash	cash handling charge	2% of foreign amount minimum NZ$35
Depositing other monies	foreign cheques, bank drafts	NZ$5 per deposit
Depositing other monies	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
Account maintenance fee

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.

View Terms and Conditions

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 investment holder.

Westpac foreign currency accounts are provided by Westpac New Zealand Limited (Westpac). Westpac Banking Corporation ABN 33 007 457 141 incorporated in Australia (NZ division) (WBC) provides services and support to Westpac to allow Westpac to provide these services to you. Neither WBC nor its other subsidiaries guarantee or otherwise support the offer or the performance of Westpac. You can get a copy of the current disclosure statement for Westpac and a copy of the Westpac Foreign Currency Term Investment Tem Sheet from any Westpac branch in New Zealand free of charge.

The information on this page and terms, conditions and pricing for Foreign Currency Accounts may vary from time to time. It is subject to change without notification.