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ASB Foreign Currency Account and Term Deposit

The easy way to manage overseas currencies

Open online

An ASB Foreign Currency Account lets you manage money worldwide without needing to convert it to or from New Zealand dollars every time. Hold your foreign currency on-call or in a term deposit. You can decide when the time is right for you to convert your money, or make a payment.

Benefits at a glance

Save on fees

No monthly account fee on ASB Foreign Currency Accounts.

Save on unnecessary conversion costs

When sending and receiving money you don't have to convert foreign currency to New Zealand dollars or back again.

Multiple currencies

Open one or more ASB Foreign Currency Accounts in any of the currencies we offer.

Exchange when you want

Keep your money in your ASB Foreign Currency Account until you're ready to convert.

Get foreign cash

Withdraw foreign cash or deposit it at any ASB branch without needing to convert currencies. Withdrawals are only available during Global Markets business hours – Monday to Friday 9:00am–4:00pm NZT (excludes public and currency holidays).

Online access 24/7

Use internet banking to set up transfers and payments any time, no matter what the time zone. If you're on the go, use the ASB Mobile app to check balances and transaction history and transfer funds between your own accounts.

Is it right for me?

If you find yourself making or receiving payments in another currency regularly, then an ASB Foreign Currency Account could be right for you. 

For instance, you could be living overseas and regularly making or receiving payments in another currency. Perhaps you live in New Zealand and your children are studying overseas, so you want to be able to send emergency funds to their overseas account whenever they need it. Or maybe you've recently arrived in New Zealand and will be sending funds back to family and friends overseas.

Some ASB Foreign Currency Accounts offer the potential to earn interest on on-call funds.

Need an ASB Foreign Currency Account for your business?
If you regularly transact in a foreign currency, a Foreign Currency Account for business may be right for you.

Minimum opening balances apply

Account Currency
Minimum Opening Balance
AUD
Australian Dollar
AUD5,000
GBP
British Pound
GBP5,000
CAD
Canadian Dollar
CAD5,000
EUR
Euro
EUR5,000
HKD
Hong Kong Dollar
HKD50,000
JPY
Japanese Yen
JPY500,000
SGD
Singapore Dollar
SGD5,000
CHF
Swiss Franc
CHF5,000
USD
U.S. Dollar
USD5,000

How does it work?

Operating a Foreign Currency Account is easy. See our guide on managing your foreign currency.

Already have an ASB Foreign Currency Account?

Log in to FastNet Classic internet banking or the ASB Mobile app to start transacting. Our guide contains more information on how to use your Foreign Currency Account.

If you need help, call the Global Markets team on 0800 806 280 or +64 9 302 3055.

Foreign Currency Term Deposits

If you're interested in holding onto your foreign funds for a while and you'd like the opportunity to earn a higher rate of interest, a Foreign Currency Term Deposit could be what you need.

ASB Foreign Currency Accounts may be eligible to accrue interest. An ASB Foreign Currency Term Deposit can offer a higher rate of interest than our Foreign Currency Accounts.

  • Foreign Currency Term Deposits are available in a number of currencies.
  • Minimum balances apply and terms range from 30 to 180 days.

Interested in a term deposit? Call 0800 806 280.

Need to make an early withdrawal from your Foreign Currency Term Deposit?
You can ask to make an early withdrawal by giving us 31 days' notice. If we agree, a break fee may apply. 

Fees

Foreign Currency Accounts
Fee
Deposit or Withdrawal by Foreign Cash
(Cash-Handling Fee)

(minimum $10)

There are no fees to transfer between your Foreign Currency Account and your NZD accounts. Service charges and foreign exchange fees apply. Please view our guide to fees.

Foreign cash deposits may be subject to a hold period.

Interest Rates

ASB Foreign Currency Accounts may be eligible to accrue interest – please call us on 0800 806 280 for more information.

Get started in 4 easy steps

01. Apply

You'll need an ASB transaction or savings account to open an ASB Foreign Currency Account. Get started today and apply online. You'll be good to go in no time.

Please note minimum opening balances apply.

02. Transfer

Transfer money between your Foreign Currency Account and your other ASB accounts in FastNet Classic internet banking or the ASB Mobile app. You can also view balances and send International Money Transfers.

03. Visit

Visit any ASB branch to get notes and foreign cheques using funds in your ASB Foreign Currency Account.

04. Grow

Earn interest on your foreign currency by opening a Foreign Currency Term Deposit. Call the Global Markets team on 0800 806 280 and we can do this for you.

Open an ASB Foreign Currency Account

Open now

Get the process started.

Apply online

Email us

We'll help you with your foreign currency account query. Email us. 

foreign.exchange@asb.co.nz

Call us

The Global Markets team are here to help Monday to Friday 8:00am–5.30pm.

0800 806 280

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ASB’s terms apply. Fees may change. Refer to asb.co.nz for other fees and charges. 

Foreign exchange ASB Foreign Currency Account