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
Cash deposit and withdrawals available via ATMs

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

Frequently Asked Questions

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.

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We're here to help

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Ask questions or give us feedback via our online enquiry form.

Talk to our friendly staff between 9:30am – 5:00pm (AEST) Monday to Friday.

Any advice or information does not take into account your personal objectives, financial situation or needs and you should consider whether it is appropriate for you.

Terms and Conditions and Fees & Charges apply and are documented in the Deposit, Saving & Transaction Accounts Product Disclosure Statement (PDS) and Internet Banking Terms & Conditions. These are available from any branch of Bank of Sydney, at banksyd.com.au or by calling (13 95 00). It is recommended that you read them prior to making any decisions as this advice is general and does not take into account specific individual needs.