Foreign currency accounts

A foreign currency account – an at-call account denominated in a foreign currency – makes it easy to manage your foreign currency needs.

This facility can help minimise the impact of any adverse currency movements. It also simplifies the management of funds if you import or export goods, travel frequently or have overseas investments or assets. Credits such as export receipts are received into the account and debits such as import payments are paid from the account in the foreign currency.

Features
Interest is paid on full balances for designated currencies provided minimum balances are maintained. View rates (PDF 14kb).

All 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. If you need to make payments by cheque, you can purchase a bank draft and have the foreign currency equivalent debited from your account.

Foreign currency term deposits
Foreign currency term deposits allow 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.

• 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), and Foreign Currency Term Deposit (PDF 426kb) and consider them before making any decision about these products.
  
  If you have a complaint, the Bank’s dispute resolution process can be accessed on 13 2221.