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
Opening a foreign currency account
Rates and Fees
Key benefits
- immediate access to your foreign money
- 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
- pay foreign currency bills with a draft or telegraphic transfer
Note: Online Banking, 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.
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.
| Foreign Currency Account - Fees | ||
| Interest rates and fees are current as at 21 August 2017 and are subject to change without notice. |
||
| Fee type | Fee amount | |
|---|---|---|
| Depositing foreign cash | cash handling charge |
2% of foreign amount minimum NZ$35 |
| Depositing other monies | foreign cheques, travellers' 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 |
NZD 10 equivalent per month |
| The NZD 10 equivalent fee will be charged in your chosen currency and calculated using the cross-currency rate as at the close of the business day prior to charging. | ||
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.