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.


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 the set minimum balance for that currency, which depends on 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. Click here for a list of acceptable verification documentation.

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 17 January 2021 and are subject to change without notice.

Fee typeFee amount
Account maintenance fee All currencies

No transaction fees on withdrawals and deposits, except on the underlying transactions i.e. Telegraphic Transfers, foreign cash or foreign currency cheques. Please see the international fees web page.

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.