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Why choose our Foreign Currency Account?

Manage exchange risk

Manage exchange risk

Choose whether to convert funds into Australian dollars straight away, or hold at call in Australia and exchange at a later time. With no minimum balance requirements you have complete flexibility to manage your accounts to suit your business needs.

Avoid conversion fees

Avoid conversion fees

Make and receive payments in foreign currency without having to convert in and out of Australian dollars. Choose from a large number of currencies and hold your money at call in Australia to use when you need it. 

Simply manage accounts

Simply manage accounts

View and transact on your accounts in real-time through CommBiz, the CommBiz mobile app or NetBank, from wherever you are. See the same detailed view of your foreign currency accounts as you do for your domestic Australian dollar accounts.

What you need to know

Who is it suitable for?

Businesses that:

  • Regularly make or receive offshore payments
  • Want to manage currency risk by converting funds at a time of their choosing to avoid the impact of short-term currency fluctuations
  • Want to save on conversion costs when sending and receiving the same currency.
  • Have representatives that frequently travel overseas for business.

Need a foreign currency account for personal use? Click here.

Features, rates and fees

*A Business Foreign Currency Account must be linked to an eligible CommBank Australian Dollar (AUD) transaction or savings account. Fees may apply to the linked account.

Currencies

Accounts are available in most freely convertible currencies, including those listed below.

The base annual number of days for interest calculation depends on the day count convention for the foreign currency in which the account is held. Available currencies and their respective day count conventions are below.

Currency Name

Currency Code

Day count convention

Canadian Dollar

CAD

360

Chinese Renminbi*

CNY

360

Czech Koruna*

CZK

360

Danish Kroner

DKK

360

Euro

EUR

360

Great British Pound

GBP

365

Hong Kong Dollar

HKD

365

Hungarian Forint*

HUF

360

Israeli New Shekel*

ILS

365

Japanese Yen

JPY

360

New Zealand Dollar

NZD

365

Norwegian Kroner

NOK

360

Singapore Dollar

SGD

365

South African Rand

ZAR

365

Swedish Kronor

SEK

360

Swiss Franc

CHF

360

Thailand Baht

THB

365

United Arab Emirates Dirham*

AED

360

United States Dollar

USD

360

*These currencies are only available for Business Foreign Currency Accounts and are subject to eligibility criteria.

Foreign Currency Term Deposit

  • Invest in foreign currencies for fixed time periods
  • Interest rates determined by the current market interest rates of the currency selected
  • Interest is fixed for the term of the deposit, calculated daily and paid at maturity
  • Deposits can be made in most freely convertible currencies
  • Provides a natural hedge for exchange rate movements between import payments and export proceeds

Minimum term

Minimum Australian dollar equivalent*

30 days

AUD 75,000

15 days

AUD 100,000

7 days

AUD 250,000

1 day

AUD 1,000,000

Receiving payments

To ensure that you receive money sent to you, you’ll need to provide the sender with the following information:

  • BIC/SWIFT address: CTBAAU2S
  • Bank: Commonwealth Bank of Australia
  • BSB and account number
  • Account name

You may be asked to provide details of Correspondent Banks which the Commonwealth Bank maintains accounts with.

See a list of Commonwealth Bank’s Correspondent Banks.

How to apply

You can apply directly in CommBiz by following these steps:

  1. Open the “Offers & Apply” now tab in CommBiz
  2. Select “Apply Now” for a Foreign Currency Account
  3. Complete the required details under: Start your Application; Tell us about your business; Set up your account; and Tell us about the business owners
  4. Submit your application

Alternatively, you can speak to your Relationship Manager who can help set up your account or call 13 1998.

If you have a NetBank account, you can apply for an account online directly.

If you are not an existing CommBank customer please call 1800 222 398.

Related products

About international bank drafts

About international bank drafts

Pay suppliers sooner with the equivalent of a local cheque.

Learn more
Foreign exchange service

Foreign exchange service

We offer a comprehensive foreign exchange service and competitive exchange rates.

Learn more

Talk to us

Call 1800 222 398

Call 1800 222 398

New Foreign Currency Account enquiries

(8:30am-5:00pm AEST, Mon-Fri) 

Important information

All products mentioned on this web page are issued by the Commonwealth Bank of Australia. As this information has been prepared without considering your objectives, financial situation or needs, you should, before acting on the information, consider its appropriateness to your circumstances.  View Terms and Conditions for Foreign Currency Account (PDF 201kb), 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.

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