Foreign Currency Accounts

With a Foreign Currency Account, managing your foreign currency needs is easy. A Foreign Currency Account is simply an at call account denominated in a foreign currency.

Credits, such as export receipts are received into the account and debits, e.g. import payments, are paid from the account in foreign currency without the need to convert to Australian dollars. Using a Foreign Currency Account can help to minimise the impact of any adverse currency movements and simplifies the management of funds for customers who import or export goods, travel frequently or have overseas investments or assets.


Interest is paid on full balances for designated currencies, provided minimum balances are maintained.

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The full range of overseas trade transactions can be passed through the account. A conversion of the foreign currency does not occur except in the case of travellers cheques and foreign currency notes.

Cheque books are not provided for Foreign Currency Accounts. Customers requiring to make payments by cheque can purchase a draft and have the foreign currency equivalent debited to thier account.

Foreign Currency Term Deposits
Foreign Currency Term Deposits allow you to invest foreign currencies for fixed time periods.

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

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

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 Bank accepts no responsibility for the effects of exchange rate movements on Foreign Currency Term Deposits.

Important information about advice
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.

All products mentioned on this web page are issued by the Commonwealth Bank of Australia, view our Financial Services Guide (PDF 59kb). View Product Disclosure Statements (PDSs) for Foreign Currency Account (PDF 402kb), Foreign Currency Account - Supplementary PDS (PDF 53kb) and Foreign Currency Term Deposit (PDF 426kb) and consider them before making any decision about these products.