Download Foreign Currency Account

Foreign Currency
Account
Easily manage foreign currencies
Contents
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What’s a foreign currency account?
Why open an ASB Foreign Currency Account?
Managing your account
What are the fees?
Interest and tax
How to open an ASB Foreign Currency Account?
Minimum opening balances
Want to know more?
Get a foreign currency
account right next door to
your Kiwi one.
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manage foreign currency
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What’s a foreign currency account?
A foreign currency account allows you to hold foreign currency in a New Zealand
account.
An ASB Foreign Currency Account is ideal for individuals and businesses that
regularly transact in a foreign currency, or just want to hold foreign currency
here in New Zealand. It’s easy to set up an on-call account in a wide range of
currencies. Easily manage your ASB Foreign Currency Account online, over the
phone or at any ASB branch.
Why open an ASB
Foreign Currency Account?
Save on unnecessary conversion costs
By transacting through an ASB Foreign Currency Account you can reduce the
need to convert foreign currency to and from New Zealand dollars. The cost
of conversion will only occur when you convert your funds to a currency other
than that of the nominated currency of your ASB Foreign Currency Account.
Flexible currency management
An on-call account makes funds easily accessible and provides a convenient way
to help manage your foreign exchange requirements.
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Managing your account
It’s easy to manage an ASB Foreign Currency Account. You can make deposits,
withdraw funds and transfer money between accounts easily online, over the
phone or at any ASB branch.
Online: Use FastNet Classic Internet Banking to view balances and statements,
transfer funds between your ASB accounts and make International Money
Transfers (IMTs) directly from your personal ASB Foreign Currency Account.
Alternatively, use the FastNet Business International module* to view balances
and make IMTs directly from your business ASB Foreign Currency Account.
Phone: Call the ASB Global Markets team on 0800 806 280 or
+64 9 302 3055 to transfer funds between your ASB accounts.
Go to any ASB branch to make deposits or withdraw foreign currency cash,
foreign drafts and make IMTs.
What are the fees?
There are fees for depositing or withdrawing foreign cash, withdrawing funds as
bank cheques, foreign currency drafts and IMTs, as shown below. Other foreign
exchange fees apply**.
ASB Foreign Currency Account Fees
Fee in NZ dollars
Base Account Fee
Free
Deposit or Withdrawal in foreign currency notes
Up to 1% of value, minimum $10.00
Withdrawal by International Money Transfer (“TT”
$30.00 (via branch)
or “Wire Transfer”)
$15.00 (via FastNet)
Withdrawal by foreign currency draft
$30.00
Withdrawal by NZ dollar bank cheque
$5.00
FastNet Classic internet banking transfers
Free
Withdrawal to a NZ dollar bank account
Free
* Monthly fees apply.
**Fees are subject to change. A full list of current fees is available from any ASB branch or at asb.co.nz
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Interest and tax
Interest
You may earn or pay interest on some currencies with an ASB Foreign Currency
Account (minimum balances will apply). Whether or not you receive or pay interest
depends on the prevailing market interest rate.
If you open a foreign currency term deposit you may earn a higher rate of return.
Interest rates on term deposits are tiered, so the greater your investment, the more
interest you may be able to earn.
Current interest rates and minimum investment amounts for opening a foreign
currency term deposit are available at any ASB branch or by contacting the ASB
Global Markets team on 0800 806 280 or +64 9 302 3055.
How is interest calculated?
Foreign currency account interest, where applicable, is calculated daily and
compounded monthly.
Term deposit interest is calculated daily and paid on maturity.
Interest is calculated on a 360 or 365-day year, depending on the currency of the
investment.
Paying tax on your interest
Since an ASB Foreign Currency Account is domiciled in New Zealand, for tax
purposes any interest income is treated in the same way as interest earned on
domestic New Zealand dollar accounts. This means withholding taxes may need to
be deducted from any interest paid.
Non-residents who are eligible and have completed and signed a declaration will
have no withholding tax deducted from interest payments. You will, however,
be charged approved issuer levy which ASB will pay to the New Zealand Inland
Revenue Department.
In some instances, a foreign currency account may be considered as a financial
arrangement for New Zealand tax purposes and subject to different tax rules. We
therefore recommend you get independent taxation advice.
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How to open an ASB Foreign
Currency Account?
• Personal Foreign Currency Account
If you have an ASB bank account you can easily open an ASB Foreign Currency
Account online via FastNet Classic or visit any branch.
• Business Foreign Currency Account
If your business holds an existing ASB bank account you can simply talk to your
relationship manager or visit any branch.
• New to ASB
If you are new to ASB, please visit your local ASB branch.
Minimum opening balances
Minimum opening balances for ASB Foreign Currency Accounts
Australian dollars
AUD 5,000
Hong Kong dollars
HKD 50,000
Canadian dollars
CAD 5,000
Japanese yen
JPY 500,000
Swiss francs
CHF 5,000
Singapore dollars
SGD 5,000
Euro
EUR 5,000
United States dollars
USD 5,000
Great British pounds
GBP 5,000
Minimum opening balances are subject to change.
Want to know more?
Just talk to your local ASB branch, relationship manager or get in touch
with the ASB Global Markets team at any time between 8am and 5.30pm
Monday - Friday on 0800 806 280 or +64 9 302 3055, or by emailing us at
[email protected].
ASB’s Foreign Currency Account and Global Markets Term Deposit Terms and Conditions apply and are
available from any ASB branch or at asb.co.nz.
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Keep in touch
Drop in to any ASB branch
Call 0800 806 280 or +64 9 302 3055
Visit asb.co.nz
Visit us at facebook.com/asbbank
Follow us on twitter.com/asbbank
ASB Bank Limited 56100 9741 0213
asb.co.nz
ASB Bank Limited 56320 1310 0216