Foreign currency accounts


Customers who make foreign currency payments or have foreign currency receipts on a regular basis may require a foreign currency account. This can be used to hold funds in a currency ready for future payments, or prior to conversion into Australian dollars on a particular date. They are ideally suited for customers who have both receipts and payments in the same currency, therefore reducing the need to convert to or from Australian dollars.


Features and benefits

  • account holders must have an AUD transaction account with Bank of Queensland in the same name
  • interest (if payable) is paid monthly and capitalised
  • no cash deposits or withdrawals
  • cheque deposits subject to approval
  • additional fees apply to transactions under AUD 5,000 (or equivalent)
  • minimum balance AUD 50,000 or equivalent
  • currencies available and interest rates payable on request
  • monthly statements issued
  • fees charged to AUD account in the same name.

Fees and charges

  • monthly account keeping fee: AUD 25
  • outward telegraphic transfers: AUD 30
  • inward telegraphic transfers: AUD 10
  • repeat statements: AUD 6
  • repeat confirmations: AUD 6
  • additional fee for transactions under AUD 5,000 or equivalent: AUD 25
  • conversions to Bank of Queensland AUD account in same name: free.

Government charges

  • TFN withholding tax: 48.5% of interest earned
  • interest withholding tax (non-residents): 10% of interest earned.


How to apply

Drop into one of our convenient locations or contact one of our international services experts on 1300 55 72 72 or email the international services team 


Important information