Westpac business foreign currency account review and comparison
Last updated: 1st August 2024
Take a look at the features and fees of the Westpac foreign currency account for businesses in this detailed review.
Key takeaways
- You can set up 12 foreign currency accounts with Westpac
- Sending international payments requires a linked Westpac AUD transaction account
- Overdraft facilities are available but subject to Westpac’s lending criteria
- A deposit maintenance fee applies on certain currencies
Introduction
A Westpac foreign currency account is designed for businesses that make regular international transactions. The multi-currency account supports 12 local currencies.
But is this the best business bank account for you?
In this detailed review, we look at the features and fees of the Westpac foreign currency account so that you can choose the best business bank account. We also compare Westpac to WorldFirst so you can choose the best account for your global business.
Table of Contents
What is the Westpac foreign currency account?
Westpac offers foreign currency accounts for making and receiving payments. You can also hold international balances and convert them into AUD when the exchange rates are favourable.
Westpac is one of Australia’s oldest banks, headquartered in Sydney. It provides various financial services to individuals and businesses, including banking, loans, insurance and credit cards.
You can manage Westpac foreign currency accounts online or at a branch. You can’t get an ATM card or withdraw foreign cash through this account.
Key features of Westpac’s multi-currency account
With Westpac, you can set up 12 foreign currency accounts including USD, EUR, SGD, JPY, CAD and NZD. Three more currencies are available (SEK, CHF, and THB), but they can only be opened by visiting a Westpac branch [1].
You can manage the multi-currency account online – from signing up and receiving payments to handling different currencies.
However, to send payments, you need a Westpac AUD transaction account. Fees for foreign transactions are taken from this AUD account.
Overdrafts are available but need to meet Westpac’s lending criteria. Charges apply for both arranged and unarranged overdrafts.
Westpac mentions you can earn interest on positive balances, but currently, all listed currencies have 0% interest*.
*As checked in May 2024
Quick look: Pros and cons of Westpac
| Pros | Cons |
|---|---|
No monthly account keeping fees |
Westpac foreign currency account fees: The breakdown
| Westpac Foreign Currency account fees [2] | |
|---|---|
| Monthly fee | Free |
| Multi-currency account | Free (You need a linked Westpac AUD transaction account) |
| Receiving funds | AUD 12 for every payment |
| Holding funds in multiple currencies | A deposit maintenance fee may apply, depending on the currency and amount |
| Sending payments to other accounts |
Note: Fees are in USD, which will be converted into AUD and deducted from your AUD account |
*Fees checked in May 2024
Note: There are no monthly fees for setting up and using a foreign currency account with Westpac. But to send international payments, you’ll need a Westpac AUD transaction account, which might have its own monthly or annual fees.
Who can open a Westpac business foreign currency account?
For businesses wanting to open a Westpac foreign currency account, you’ll need to prove the following [1]:
- Be 18 years of age or older
- Be an Australia-based business
- Be a sole trader, company director, or other individual authorised to open an account on behalf of the business
- Have a Westpac AUD transaction account to send money and pay fees on foreign transactions
How to open a Westpac foreign currency account
If you already have a Westpac AUD transaction account, you can apply for a foreign currency account online. Without one, you’ll have to visit a Westpac branch to request a new account.
Here are the details you’ll need to set up a foreign currency account [1]:
- Customer ID, if you already have a Westpac AUD account
Business registration details, including name, address, and industry
- Details about the sole trader, owners,directors and partners of the business
- Details of all the people who will operate the account
- Foreign tax residency information
- Your ACN (if applicable) and ABN in case the company is regulated
Westpac states that it may perform a company search to verify all the company-related information. A fee will be charged for this service [2].
Westpac alternative: WorldFirst
WorldFirst allows businesses to send, receive, and hold funds in 15+ currencies, including GBP, USD, CAD, EUR, AUD, NZD and CNH.
With a World Account, you can:
Send and receive payments like a local: Set up local currency accounts in your business name with unique account details, without needing an overseas address.
Make international payments: Pay suppliers, staff and business partners in 90+ currencies across 130+ countries and regions.
Integrate with global marketplaces: Collect payments from 100+ marketplaces and payment gateways, including Amazon, eBay, AliExpress and Stripe.
If you’re still unsure about WorldFirst vs Westpac, check out our comparison of fees.
| Westpac foreign currency account fees | WorldFirst | |
|---|---|---|
| Monthly fee | Free | Free |
| Opening a multi-currency account | Free (but you need a linked Westpac AUD transaction account) | Free |
| Receiving funds | AUD 12 for every received payment | Free |
| Holding funds multiple currencies | For wholesale clients, a deposit maintenance fee may apply on certain currencies and amounts | Free |
| Sending payments to other accounts** | Foreign currency transfer via Westpac Online Banking except Corporate Online: $0
**Fees are in USD and can be paid in USD or AUD. |
[Fixed transaction fee] + up to 0.6% currency conversion fee (up to 0.8% for 1688 payments) |
| Sending payments to users in the same network | As above | Free and instant Currency conversion fees still apply in case of cross-currency transfers |
Sources:
- https://www.westpac.com.au/business-banking/bank-accounts/foreign-currency-account/
- https://www.westpac.com.au/content/dam/public/wbc/documents/pdf/cb/foreigncurrencyaccount.pdf
- Open 15+ local currency accounts and get paid like a local
- Pay suppliers, partners and staff worldwide in 100+ currencies
- Collect payments for free from 130+ marketplaces and payment gateways, including Amazon, Etsy, PayPal and Shopify
- Take control of spending with the World Card, a business expense card that saves you more with 1% cashback. Learn more
- Save with competitive exchange rates on currency conversions and transfers
- Lock in exchange rates for up to 24 months for cash flow certainty
Disclaimer: The information contained is general only and largely our views. Before acting on the information you should consider whether it is appropriate for you, in light of your objectives, financial situation or needs. Although information has been obtained from and is based upon multiple sources the author believes to be reliable, we do not guarantee its accuracy and it may be incomplete or condensed. All opinions, estimates, mentioned products/services and referenced material constitute the author’s own judgement as of the date of the briefing and are subject to change without notice. WorldFirst shall not be responsible for any losses or damages arising from your reliance of such information.
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