Business Foreign Currency Transaction Account

Working with global customers and partners? Expand your business’ international capability by making payments and receiving funds in foreign currency, with our Business Foreign Currency Transaction Account. Our extensive network of correspondent banks means that your international trading needs are covered.

Key features

USD, Euro and GBP available

No account keeping fees

Interest is paid in the same currency as the money deposited in the account

Funds available as soon as they’re deposited

Monthly statements provided to keep you up to date with your finances

Foreign Currency Account Interest Rates

Amount	USD $	EUR €	GBP £
$0-$9,999	0.00% p.a.	0.00% p.a.	0.00% p.a.
$10,000-$49,999	0.00% p.a.	0.00% p.a.	0.00% p.a.
$50,000-$99,999	0.00% p.a.	0.00% p.a.	0.00% p.a.
$100,000-$249,999	0.00% p.a.	0.00% p.a.	0.00% p.a.
$250,000-$999,999	0.00% p.a.	0.00% p.a.	0.00% p.a.
$1,000,000+	0.05% p.a.	0.00% p.a.	0.00% p.a.

Fees
Account Keeping Fees	$0.00
Cash Deposit and Withdrawal	Yes, small cash handling fee applies, refer to Fees and Charges

You can easily send AUD or foreign currency online:

Make sure you have the payee account details handy, including SWIFT codes and IBANs
Login to Internet or Mobile Banking and navigate to ‘Payments/Transfers’
Select ‘International Payments’
Input all transfer details, including the payee’s overseas bank account and amount of transfer
Have your mobile nearby to confirm your payment.

Alternatively, you can visit any of our branches to send money overseas. Note: to use this service you will need to have a Bank of Sydney transaction account.

To send money overseas, you will need the following details for the person receiving the money:

Full name
Personal address
The name of their bank and branch address
Account number and SWIFT code of the foreign bank
You’ll also be asked to provide the reason for the payment.

There can be different processing times for the money to arrive overseas, depending on which country you want to transfer money to.

For Bank of Sydney, international payments will usually be available to the recipient within 2-3 banking days. However, we cannot guarantee this, and in some circumstances it may take longer.

Transfers made on a weekend, a public/bank holiday, or after the cut-off time (3.00pm AEST) will be processed the following business day.

An IBAN, or International Bank Account Number, is a globally recognised sequence of letters and numbers used to process select cross-border payments.

International payments from Australian accounts to IBAN-recognised countries will require a valid IBAN. It’s a good idea to check and confirm the IBAN with the person receiving the money because if the IBAN is incorrect or missing, a charge may be applied by the receiving bank and the transfer may not go through.

To receive money from overseas, you’ll need to provide the sender with the following details:

Your account name
Your account number
BSB (bank - state - branch number)
Bank of Sydney’s SWIFT code – LIKIAU2S

At times, the sender’s bank may also require additional details such as your address or your branch address.

Please ensure you provide the sender with full and correct account number and account name, as these are the identifiers used to process the incoming payments to your account.