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.
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.
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.
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.
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.
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 Currency Accounts can earn interest on end-of-day credit balances that meet or exceed the below thresholds. Please call us on 0800 806 280 for more information.
|
Currency
|
Credit Interest Threshold
|
|---|---|
|
Australian Dollar
|
AUD 10,000
|
|
Canadian Dollar
|
CAD 20,000
|
|
Euro
|
EUR 10,000
|
|
Pound Sterling
|
GBP 5,000
|
|
Hong Kong Dollar
|
HKD 100,000
|
|
Singapore Dollar
|
SGD 20,000
|
|
United States Dollar
|
USD 10,000
|
Email the Global Markets team below.
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 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.
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 manage 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.
ASB's terms and lending criteria apply. Fees may change. Refer to asb.co.nz for other fees and charges.
