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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.

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
Set up multi-currency account in 15 currencies (12 can be opened online) Overdraft facilities available No monthly account keeping fees	Sending international payments requires a linked Westpac AUD transaction account If you’re not a Westpac customer, you can only apply for a foreign currency account at a Westpac branch or through a Westpac representative [2]

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	Foreign currency transfer via Westpac Online Banking except Corporate Online: $0 Foreign currency transfer via Corporate Online: $20 Foreign currency transfer in AUD via Westpac Online Banking: $20 Foreign currency transfers in AUD or foreign currency via branch: $32 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 Foreign currency transfer via Corporate Online: $20 Foreign currency transfer in AUD via Westpac Online Banking: $20 Foreign currency transfers in AUD or foreign currency via branchr: $32 **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 a World Account for free

Open 10+ local currency accounts with local account details
Direct CNH payments to 1688.com
Pay suppliers, partners and staff in 40+ currencies and 130+ destinations
Collect secure payments from 100+ marketplaces and payment gateways, including Amazon, AliExpress, Paypal and Shopify
Lock in currency conversion rates for up to 24 months

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.

Written by Nidhi Kataria, Head of Marketing ANZ at WorldFirst

Nidhi Kataria has worked in marketing since 2009 across various functions, specializing in acquisition growth. She has held regional and global marketing roles at notable financial and technology firms and has lived in Australia since 2014. She believes that businesses can benefit from WorldFirst to make finances clearer, easier, and simpler to manage, allowing them to focus on growing their businesses.