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 Transaction 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

Yes. All Internet Banking customers have access to this function, as long as you hold an AUD account. You can select it via the ‘International Transfers’ menu option, under ‘Payments and Transfers’.

A Bank of Sydney account
Details of the person receiving the money, including their name, personal address, the name of their bank, branch address, and their account number
SWIFT code of the foreign bank
The amount you want to send
You’ll also be asked to provide the reason for the payment

Funds are transferred electronically from your Bank of Sydney account to the designated overseas account, usually within 1-3 business days.

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 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.

You’ll need to provide the sender with:

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

Please ensure that you provide the sender with your full and correct account number and account name, as this is the only identifier used for processing the inward payments. Bank of Sydney will not be held responsible for a credit in accordance with an incorrect account number provided by the sender.

There may also be additional requirements from the sender’s bank such as your address or your branch address. Check with the sender to reduce the chance of delays in them making the payment.

There is a $10 fee for international payments deposited directly into your Bank of Sydney account. In addition, there may be overseas bank fees deducted from the payment, unless otherwise organised.