ANZ Foreign Currency Account Review

As you browse the ANZ Foreign Currency Account review, you will find out everything you need to know from the pros and cons of other features and how to apply for your own account.

When you obtain an ANZ Foreign Currency Account, you can make or receive payments in a foreign currency with ease and security. Not only can you move foreign money in and out of your account easily but with an ANZ Foreign Currency Account you pay less in conversion costs and have the opportunity to manage your foreign currency with confidence.

  • No monthly account fee
  • You can access your account through various ANZ banking methods
  • Transfers are made in real time between ANZ accounts
  • Funds can be obtained at any time
  • Minor currencies must be considered upon request
  • Exchange rates may be higher than other banks
  • Transfer fees vary by the method you use (online vs. phone)

Features of ANZ Foreign Currency Accounts


As you read through the ANZ Foreign Currency Account review it’s important to remember that even though transferring and receiving money with an ANZ Foreign Currency Account may be a little more expensive than with other transfer companies, ANZ is a company you can trust.


ANZ (The Australia and New Zealand Banking Group Limited) established operations as the Bank of Australasia in 1835, is New Zealand’s largest financial services group and is one of the top four banks in Australia. Check out some of the features of an ANZ Foreign Currency Account.


Easy Access To Your Foreign Currency Account: When you transfer or receive money through other transfer companies you may only have an option for sending or receiving money and during certain hours. ANZ allows access to your foreign currency at any time of the day (depending on the method) and through a variety of methods that are convenient and secure for you. Whether you use ANZ goMoney, ANZ Internet Banking, ANZ Phone Banking, or prefer to visit any ANZ branch in person, your money is easy to access.


One of the pluses of using ANZ Internet Banking is the guarantee which protects and applies to all international money transfers. If an unauthorized or fraudulent transaction occurs, you can receive a full refund as long as you weren’t responsible for the financial loss.


Receiving Foreign Currency Is Quick and Easy: In many cases, it is easier to send foreign currency that to receive it but with an ANZ Foreign Currency account you can receive your money from overseas within two business days and with minimal hassle.


Foreign Currency Term Deposit: A Foreign Currency Term Deposit is a fixed term investment which is held in a currency other than NZD. This may be a good fit for you if you don’t need your funds right away but would like to make sure that interest is still paid on the funds.

Currencies Available With An ANZ Foreign Currency Account

When you open an ANZ foreign currency account, major currencies are available. These include USD (US Dollar), GBP (Great British Pound), EUR (Euro), CAD (Canadian Dollar), CHF (Swiss Franc), HKD (Hong Kong Dollar), JPY (Japanese Yen), NZD (New Zealand Dollar), and SGD (Singapore Dollar).


If the currency that you want to transfer or receive is not on the list, you may be able to use a minor currency upon request when you contact your ANZ bank.


One of the benefits to opening a ANZ Foreign Currency Account is that there are no monthly fees but you might encounter fees, depending on what type of actions you take with your account. There is also no fee to transfer funds between your own ANZ accounts.


Your fees will vary dependent on the types of payments you make and the method of banking you use. A foreign money transfer may cost you anywhere from $18 to $28 depending on whether you use the ANZ banking app or you go to the bank in person.


Deposits to your foreign account can vary from $15 to $35 and separate and varied fees apply if ANZ buys or sells foreign cash. Charges may change at anytime and without notice.

Exchange Rates

Using a foreign exchange calculator is the best way to calculate how much you can receive when you have an ANZ Foreign Currency Account. ANZ strives to keep the exchange rates updated in real time but it’s important to keep in mind that rates may change unexpectedly and at any time.


The best thing you can do is either visit an ANZ branch or talk to an ANZ representative when you’re considering transferring or receiving foreign money in your account.

How To Apply For An ANZ Foreign Currency Account

If after reading the ANZ Foreign Currency Account Review, you decide that you’re a good candidate for opening an account the application process takes about five minutes. The application can be completed online or at an ANZ branch.


The first step is to choose the foreign currency you want to open your account in and provide personal information. If you don’t have an existing account with ANZ, you will need to visit an ANZ branch and bring a proof of address and proper identification.


Once your account is set up, you can keep it safe and secure by setting up security and PIN numbers once your cards arrive. For convenience, you should also plan on setting up your access to ANZ Internet, Phone Banking, ANZ goMoney, ANZ goMoney Wallet or Apple Pay (whichever applies to your transfer and deposit needs).

A multi-currency account with lower fees

Wise (formerly known as TransferWise) released the Borderless Account in Australia. At first glance, it is significantly easier to set-up, receive and send foreign currency. The fee structure is also simpler than many other foreign currency accounts on the market.

The thing that makes it different to every other foreign currency account, is that it allows you to up a local bank account in AUD, GBP, EUR or USD. That means if you open up a USD account, you’ll have your own ABA and account number (think BSB and account number).

It’s a big deal. Why?

Having your own local bank account makes it significantly easier, faster and cheaper to receive money.

To read our full review of the Wise Borderless Account, click here or watch this video

Learn More About the Borderless Account

Oscar Murray
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Last updated
June 1st, 2021