The Finance Algorithm
BankSA logoBankSA

Foreign Currency Account

Foreign Currency Accounts would mainly suit the business involved in both import and export as a Foreign Exchange Risk management tool.

Savings & transaction accountsBank updated 28 Oct 2026
Product page ↗Fees and pricing ↗Terms ↗

At a glance

Pricing
Rates on application

Fees

5 fees published, grouped by when they're charged.

When you make a transaction3

  • All inward telegraphic transfers in Australian dollars or foreign currency
    $12
  • Outward telegraphic transfers in Australian dollars (via Online Banking)
    $20
  • Outward telegraphic transfers in Australian dollars or foreign currency (staff assisted)
    $32

When particular things happen2

  • Duplicate Account statement
    $7.50
  • Service Fee

    Opening an account for business customers we may complete a company search to verify you banking information. A fee of $50 (AUD) will be charged for this service

    $50

Features

Fraud protection
  • Foreign Currency Accounts available in 14 currencies, they are United States Dollars (USD), Great Britain Pounds (GBP), Canadian Dollars (CAD), Danish Kroner (DKK), Euro (EUR), Hong Kong Dollars (HKD…
  • This facility consolidates foreign exchange transactions for ease of cash management.
  • Provides a natural hedge for Importers. It also accommodates delayed or early payments and receipts.
  • Consolidates funds raised from other financing tools.
  • Accounts are interest bearing (minimum balance apply).
  • Regular Bank Statements detailing transactions are provided.
  • Possible protection against unfavourable foreign exchange rate movements over time
  • You can make and receive payments in another currency without having to convert them to Australian dollars.
  • You can manage your transactional requirements for a foreign currency.
  • Foreign Currency account interest rates are available through our representatives or from any Westpac Group branch. These rates are subject to change. Information on current interest rates are availa…
  • The Foreign Currency Account does not support: Being accessed via ATM or cards, linked to a pre-paid travel money card orAny form of cash/cheque/draft withdrawals or deposits.

Eligibility and limits

  • Minimum age 18
  • Residency: Australian Residency
  • Opening balance $50,000
  • Foreign Currency Accounts can only be opened in the name of one legal person.
  • To open a Foreign Currency Account we will need your name, address and your occupation.

Published by BankSA under the Consumer Data Right, last changed by them on 28 Oct 2026. Figures are shown as the institution publishes them and can change without notice; confirm on their site before applying. The Finance Algorithm earns nothing from any product listed here.