Foreign currency accounts

If you’re a business owner or executive who frequently travels overseas for business or makes and receives payments in a foreign currency, then a Foreign Currency Account may be what you need. It can simplify banking for importers, exporters and businesses of all sizes who have an ongoing need to hold funds in a particular foreign currency.

Use it to receive payments from overseas clients and pay overseas suppliers without repeatedly converting funds into and out of Australian dollars. Then, when you need to convert funds, you can choose a time when exchange rates are at their most favourable.

Features and benefits

• Choose from 15 major global currencies.
• Pay no opening, closing or account-keeping fees.
• Earn competitive interest on selected currencies.
• Manage your account and transfer funds online through CommBiz
  

Convert currencies when it suits you

There are times when it makes sense to avoid converting your funds into Australian dollars straight away. Perhaps you want to keep them ready for a future offshore transaction, or avoid converting money when the exchange rate is unfavourable. With a Foreign Currency Account you can convert funds at a time that suits you.

Manage currency risk

Because you convert funds when it suits you, you can avoid the impact of short-term currency fluctuations.

Hold foreign currency in Australia

A Foreign Currency Account gives you foreign currency at your fingertips, with all the convenience of an Australian account supported by Australia’s largest branch network.

Save on conversion costs

Converting currencies costs money. If you regularly make and receive payments in the same foreign currency, then a Foreign Currency Account can help you save on conversion costs.

Rates and fees

Interest is paid monthly and is dependent on the currency you choose and the balance held in the account. Interest rates are reviewed daily and are published on the Commbank website. View today’s rates (PDF 16kb).

For information about our fees and charges view our Standard fees and charges for International Payment Products and Travel Funds PDF.

How to access your account

You can make deposits or withdrawals from your Foreign Currency Account in any Commonwealth Bank branch or online through CommBiz. You can also use Telephone Banking to check the balance of your account, review the last six transactions, and check current buy and sell rates.

Cheque books and keycards are not provided for foreign currency accounts. If you need to make payments by cheque, you can purchase a bank draft and have the foreign currency equivalent debited from your account.

Like to know more?

To find out more information about a Foreign Currency Account, or to open an account, speak to your Relationship Manager or visit your nearest branch.

Foreign Currency Term Deposit

A Foreign Currency Term Deposit allows you to invest foreign currencies for fixed time periods.

Interest rates are determined on current market interest rates of the currency selected. Interest is fixed for the term of the deposit, calculated daily and is paid at maturity.

Deposits can be made in most freely convertible currency and provide a natural hedge for exchange rate movements between import payments and export proceeds.

*Minimum Australian dollar (AUD) equivalent of the foreign currency amount

It is important to note that the performance of investments designated in foreign currencies and the interest accrued thereon could be adversely affected by exchange rate fluctuations. The Commonwealth Bank accepts no responsibility for the effects of exchange rate movements on foreign currency term deposits.

To find out more information about a Foreign Currency Term Deposit, or to open an account, speak to your Relationship Manager or visit your nearest branch.

• Important information
  All products mentioned on this web page are issued by the Commonwealth Bank of Australia. As this advice has been prepared without considering your objectives, financial situation or needs, you should, before acting on the advice, consider its appropriateness to your circumstances.  View Product Disclosure Statements (PDSs) for Foreign Currency Account (PDF 428kb), and Foreign Currency Term Deposit (PDF 426kb) and Terms and Conditions for  CommBiz  and consider them before making any decision about these products.  View our Financial Services Guide (PDF 56kb). If you have a complaint, the Bank’s dispute resolution process can be accessed on 13 2221.