Managing your foreign currency
See how you can operate your ASB Foreign Currency Account with ease.
Save on fees
No monthly account fee on ASB Foreign Currency Accounts.
ASB Foreign Currency Account and Term Deposit
The easy way to manage overseas currencies
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 unnecessary conversion costs
When sending and receiving money you don't have to convert foreign currency to New Zealand dollars or back again.
Multiple foreign currency accounts and exchange when you want
Open one or more ASB Foreign Currency Accounts in any of the currencies we offer.
Keep your money in your ASB Foreign Currency Account until you're ready to convert.
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.
* Transfers are usually processed immediately during processing hours (9am to 4pm NZT, Mon-Fri).
If the transfer is made outside these hours or during a currency holiday, it will be processed on the next business day.
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.
Traveling overseas?
ASB Foreign Currency Accounts are not a suitable travel account. ASB no longer provides FX Cash services, and this account cannot be accessed overseas via an ASB Card.
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
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.
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 3 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. 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
Email us
We'll help you with your foreign currency account query. Email us.
You might also be interested in
FastNet Classic internet banking
No matter where in the world you are, you can quickly and securely do a range of foreign exchange transactions anytime with FastNet Classic internet banking and the ASB Mobile app.
We're here to help you
Frequently asked questions
Manage currency
ASB’s terms apply. Fees may change. Refer to asb.co.nz for other fees and charges.
