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

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 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—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.

Fees

Fee type		Fee amount
Foreign Currency Account - Fees
Interest rates and fees are current as at 26 September 2016 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, travellers' 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 $6
Account maintenance fee	All currencies	NZD 10 equivalent per month
Account maintenance fee	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.