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.
ASB Foreign Currency Account and overdraft
If you regularly transact in a foreign currency, an ASB Foreign Currency Account gives you added control, by letting you hold your funds in a New Zealand-based account, either on-call or as a term deposit. We also offer a foreign exchange overdraft facility to help manage your foreign exchange needs.
Benefits at a glance
- Easily view your balances and transactional information online
- It's easy to manage. Just hold the funds in the foreign currency, until you need them
- One account can operate in credit and in overdraft
- Receive funds directly in a foreign currency and potentially save money by avoiding automatic conversion to NZD
Is it right for me?
The ASB Foreign Currency account is designed for businesses that regularly make transactions or receive payments in another currency. It gives you added control over costs and helps manage your risk.
By opting for the International module of ASB FastNet Business, you can manage your foreign currency accounts and execute international payments online - when it suits you. It also provides tools to set up templates, securely manage documentation and monitor your transactions. Add the Financial Markets Online module to FastNet Business as well, and you can complete your foreign exchange conversions online.
We also offer the facility for foreign currency overdrafts in most major currencies. Many businesses find this can be very useful, in helping manage their foreign exchange exposure. For example, if there is uncertainty on the timing of an overseas trade transaction or to manage exchange rate movement.
Deposit or withdrawal by foreign cash
ASB Foreign Currency Accounts: Service charges and foreign exchange fees also apply.
Foreign cash deposits may be subject to a hold period.
ASB Foreign Currency Accounts may be eligible to accrue interest – please call us on 0800 806 280 for more information.
Get started today
We’ll work together to assess your cash flow needs and currency risk in each country and decide if a foreign exchange overdraft is right.
03. Get going
Open an ASB Foreign Currency Account at any ASB branch.
Get more with ASB
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.
The Financial Markets Online module for FastNet Business internet banking lets you fulfill your foreign exchange requirements. You will be able to manage foreign exchange deals in real-time, complete foreign exchange orders and set up alerts for particular currencies.
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Frequently asked questions
Manage your account
ASB's terms apply. Rates and fees subject to change.