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Foreign Currency Business Accounts

If you regularly transact in a foreign currency, ASB Foreign Currency Accounts and Term Deposits give you added control in managing your foreign exchange needs.

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Benefits at a glance

  • Reduce your exchange rate risk and hold your funds in the foreign currency until you’re ready to convert and/or pay away
  • Apply for an overdraft for more flexibility with your cash flow
  • Earn higher interest in an ASB Foreign Currency Term Deposit than if funds are held on call in an ASB Foreign Currency Account
  • Receive and send foreign currency using your ASB Foreign Currency Account – there’s no need to convert to and from New Zealand dollars
  • See your foreign currency balances and transactions online 24/7
  • No monthly account fees on ASB Foreign Currency Accounts

Is it right for me?

ASB Foreign Currency Accounts are ideal for businesses making regular transactions in another currency. They give you added control over costs and help you manage your foreign exchange risk.

Simpler international payments with less risk

Foreign currency accounts let you hold your funds in a foreign currency in New Zealand and send and receive payments in that currency when it suits you. You save on conversion costs and you reduce your exposure to changes in exchange rates.

Hold foreign funds for an extended period

You can hold some currencies for an extended period in an ASB Foreign Currency Term Deposit. As long as you have the minimum balance  you can earn a higher rate of interest for terms from 30 to 180 days (versus an ASB Foreign Currency Call Account). Call us on 0800 806 280 to discuss your specific requirements.

You may be able to make an early withdrawal from your Foreign Currency Term Deposit by giving us 31 days' notice. A break fee may apply.

An overdraft to help manage your international cash flow

You may be able to maximise your international payments flexibility with a foreign currency overdraft. If you regularly send and receive overseas payments, an overdraft can simplify your cash flow management and help reduce your foreign exchange risk.

We charge debit interest on your overdraft balance. We calculate the interest daily, at your currency's prevailing interest rate, and charge at the end of each month. Please call us on 0800 487 272 for more information.

Manage your foreign currency online 24/7

The International module of ASB FastNet Business lets  you manage your Foreign Currency Accounts and execute international payments online. It also gives you payment template tools and lets you monitor your transactions. The Financial Markets Online module lets you complete foreign exchange conversions online, and gives you access to additional foreign exchange tools.

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 today

01. Get in touch

Contact an ASB foreign currency management specialist today, call 0800 806 280 or email us.

02. Decide

We'll work with you to assess your cash flow and foreign currency needs  to help develop a solution that’s right for your business.

03. Get going

Open an ASB Foreign Currency Account at any ASB branch.

Next steps

Any questions?

Talk to a foreign currency management specialist.

0800 806 280 foreign.exchange@asb.co.nz

Get more with ASB

Foreign exchange risk management tools

If you trade overseas, it's important to remember that even small changes in an exchange rate can have a big impact on your profitability. That's because the difference in the total value of your deal comes out of your margin. We have a range of tools available to help you manage this risk more effectively, watch our FX videos.

FastNet Business internet banking

FastNet Business internet banking is a powerful online banking platform that allows your business partners access to your ASB accounts. You decide what each person can see and do, so you can delegate your banking tasks without losing control.

FastNet Business International

If your business relies on exporting or importing, FastNet Business International can save you time and reduce costs. Use it to manage international payments, operate ASB Foreign Currency Accounts, set up import letters of credit and view your ASB trade finance facility.

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

International business ASB Foreign Currency Account and overdraft