Treasury Foreign Currency Deposit Account
Make transactions in foreign currencies and save on conversion fees.
Why choose a Foreign Currency Deposit Account?
Whether your business makes regular or occasional foreign currency transfers, seeks to hold foreign currency in an account, or aims to preserve and grow foreign currency capital, you may wish to ask us about our Treasury Foreign Currency Deposit Accounts.
Key features
- Deposit money in the currency of your choosing (see list below)
- Transact in that currency, or convert to AUD or another listed currency when you need to
- Transactions can only be made by electronic transfer – foreign cash/notes or cheques can’t be deposited or withdrawn
- Funds are available at-call, with the potential to earn a variable interest rate of return.
Access your account through our Treasury Representatives
Our Treasury Representatives can help you with making your transactions through electronic transfer.
Foreign Currency At-call Deposit
You can transact on any business day
Please make sure that you’re aware of the Close Off times for deposits or withdrawals, as these vary depending on the time zone/country in question. Your Treasury Representative can advise you of these.
Available currencies
Interest Rates
Interest rates are negotiated based on a number of factors including the amount you have deposited, our relationship with you and the official market rate in the country of your currency.
To find out the interest rate that applies to you, please contact your Treasury Representative. If you don’t have a contact, please call us on 1300 557 818 (or +617 3362 1712 from overseas).
Standard fees
Unless otherwise stated, fees are charged per item, at the time the service is provided, or the transaction or event occurs:
Whilst there are no account keeping fees, we charge a margin to you for each buy or sell transaction (i.e. any contribution or withdrawal made to your account) you make. This margin is the difference between the market foreign exchange rate and the foreign exchange rate we quote for your foreign currency transaction. The size of the margin is determined at our discretion on a transaction by transaction basis. This margin is in addition to the Telegraphic Transfer charges outlined above.
For a better idea of the fees that might apply in your situation, please contact your Treasury Representative.
Frequently Asked Questions
No, since 2 December 2020, we no longer accept foreign cash or cheques in a foreign currency.
No. Products issued by Suncorp Bank Treasury can only be transacted with Treasury staff.
Please contact our Foreign Exchange Representatives directly on 1300 557 763 for assistance.
The Treasury Foreign Currency Deposit Account cannot be viewed online, nor is it accessible through your internet banking.
Statements are issued monthly (via mail and facsimile) and contain details of your transactions, current interest rate, interest payments and account balance during the period.
We will also send a Confirmation (via mail, e-mail, and facsimile) when we process any transactions that you initiate.
Contact a Treasury Representative
Call us on 1300 557 818
It may be necessary to vary the terms of your product to convert it to a different replacement product. This means you may end up with a product that has different terms and features from those you initially applied for. In any event, Suncorp Bank will give you more information about these changes before they take effect. You may also wish to consider applying for other products instead. If you have any questions, please contact us on 13 11 75.
Home Loan, Personal and Business Banking products are issued by Suncorp Bank (Norfina Limited ABN 66 010 831 722 AFSL No 229882 Australian Credit Licence 229882) to approved applicants only. Eligibility criteria, conditions, fees and charges apply and are available on request. Please read the relevant Product Information Document and terms and conditions before making any decisions about whether to acquire a product.
Exchange rate movements may result in a higher cost to you (i.e. exchange rate movements may cost you more or cause you losses). Suncorp Bank has products available that can help minimise the financial risks associated with exchange rate movements. Suncorp Bank recommends that a customer seek independent financial advice in respect of the risks associated with foreign currency and the financial products available to help minimise that risk.
