Foreign Currency Accounts

A Foreign Currency Account is a New Zealand bank account that is held in a currency other than New Zealand Dollars (NZD).

A Foreign Currency Account may be an ideal solution if you:

• Regularly transact in a foreign currency, or
• Hold foreign deposits which you are wanting to convert but are waiting for a more favourable rate of exchange, or
• Are looking to reduce your exchange rate exposure ahead of future foreign currency payments, or
• Are building foreign deposit funds prior to moving and/or expanding overseas.

The National Bank offers three types of Foreign Currency Accounts in most major currencies and may also consider minor currencies on request. The suitability of account type comes down to what you require the account for and how immediately you may require access to your deposits.

For more information on our foreign currency services including fees and charges and terms and conditions, talk to your nearest National Bank branch or contact one of our Foreign Currency Account specialists via e-mail or by calling 0800 863 863..

Foreign Currency Transaction Accounts

A Foreign Currency Transaction Account is designed for customers who regularly transact in foreign currency, generally making more than one payment per month from the account.

For one monthly account fee, you can make as many transactions as you like without penalty and you can access your money whenever you need to.

If minimum deposit balances are maintained, your account may be interest bearing.

Foreign Currency Investment Accounts

A Foreign Currency Investment Account is designed for customers who have surplus foreign currency deposits, do not make regular payments, may require immediate access to their funds, and would like to earn a premium rate of interest.

You are allowed one free withdrawal each month. An activity fee is charged for the second and each subsequent withdrawal within a calendar month. However no monthly account fee is payable ensuring that if less than two withdrawals are made in the period no fees are charged.

If minimum deposit balances are maintained, your account may be interest bearing. If payable, interest rates will always be greater than those paid upon Foreign Currency Transaction Account balances. Furthermore interest rates are tiered, ensuring that greater deposit balances receive higher rates of interest.

Foreign Currency Term Deposits

A Foreign Currency Term Deposit is a fixed term investment designed for customers who do not require immediate access to their funds, and would like to ensure that a set rate of interest is paid on deposit balances.

No fees are charged for Foreign Currency Term Deposits.

Interest rates are agreed at the commencement of the deal and are set until the maturity of the deposit. Depending on the term of the deposit, interest rates may be higher than those offered on Foreign Currency Investment Accounts.

A range of terms are available to suit you from 30 days up to 1 year.

Upon maturity, the principal and interest may be reinvested or withdrawn.

For more information on our foreign currency services including fees and charges and terms and conditions, talk to your nearest National Bank branch or contact one of our Foreign Currency Account specialists via e-mail or by calling 0800 863 863.

A minimum deposit amount may apply. A minimum term of 30 Days and a maximum term of 12 months applies.

Credit interest is not always payable on all currencies and is subject to minimum credit balances and interest rate tiers as determined by ANZ.

Early withdrawal fees may apply. Transaction and other fees may apply. All fees are subject to change. For more information, refer to the ANZ Foreign Currency Account terms and conditions.

A copy of the ANZ Foreign Currency Term Deposit Investment Statement and general disclosure statement published by ANZ National Bank Limited is available on request and free of charge from any branch of The National Bank.

Useful Links

Everyday Accounts – easy and effective management of your day-to-day banking needs.

Trade Finance Services – leading trade finance services for your trade finance requirements.

DirectDeal – The National Bank's online foreign exchange service.