Foreign currency deposits

 

Customers who receive large values in foreign currency and who require a deposit facility to hold that foreign currency, pending conversion to Australian dollars or repatriation, may elect to hold a foreign currency deposit. This deposit is a fixed term, fixed rate facility and is available for amounts in excess of AUD 100,000 (or equivalent values in USD, GBP, EUR, HKD, NZD, JPY, NZD and CAD). Interest rates vary according to term and currency and are available on request. Terms from 1 week to 1 year are offered.

 

Features and benefits

  • customers must hold an AUD transaction account in the same name with Bank of Queensland
  • interest is calculated on daily balance
  • interest is paid at end of term
  • interest rates available on request
  • minimum balance: AUD 100,000 or equivalent
  • no cash deposits allowed
  • cheque deposits are subject to approval
  • withdrawals prior to maturity are subject to approval and interest adjustment
    confirmations of transactions issued
  • minimum term: 1 week, maximum term: 1 year.


Fees and charges

  • outward telegraphic transfers: AUD 30
  • inward telegraphic transfers: AUD 10
  • repeat statements: AUD 6
  • repeat confirmations: AUD 6
  • foreign cheque deposits: AUD 45 (if allowed)
  • 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