While foreign currency term deposit rates are available in Australia, they are often significantly lower than the deposit rates that are available in AUD.
With this in mind, before committing to a foreign currency term deposit, you may want to directly compare the specific currency that you are considering to the rates you can get locally.
Additionally, since it is entirely possible for foreign non-residents to open accounts in most other countries, you may want to also consider the rates in other jurisdictions.
For example, if you are trying to understand non-resident banking, specifically can a foreigner open a bank account in Canada to access fixed-term deposits, then you can use our other free resources to explore your options and then confirm the available rates before applying.
That said, in this article, we are going to focus on the fixed currency term deposit rates that are available in Australia.
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Table of Contents
- Foreign Currency Term Deposit Accounts in Australia
- Frequently Asked Questions
- Do You Want Help Opening Bank Accounts?
Foreign Currency Term Deposit Accounts in Australia
It is possible to open foreign currency term deposit accounts in Australia and capture attractive rates as both a local resident and a foreign non-resident.
That said, such accounts can only be opened at certain banks. So, it’s important to know which specific banks can provide you with these account types. But also, which banks will accept your profile based on your residency status.
Alternatively, if you’re looking to make international money transfers, including how to send money to Canada from the US for free, you can access our free guide linked here to get started.
For now, let’s take a look at the specific foreign currency term deposits (and their rates) that can be accessed at various banks in Australia.
Foreign Currency Term Deposit Account
The specific foreign currency term deposits that individuals can access in Australia include the following major international currencies:
- New Zealand Dollars (NZD)
- United States Dollars (USD)
- Hong Kong Dollars (HKD)
- Canadian Dollars (CAD)
- Singapore Dollars (SGD)
- Great Britan Pound Sterling (GBP)
- Euro (EUR)
- Japanese Yen (JPY)
- Chinese Yuan Renminbi (CNY)
Of course, the specific deposit requirements, term lengths, available interest rates, and currency controls (if applicable) vary across each currency.
Likewise, each bank will have a different set of currencies that they will be willing to offer. So, it’s important to confirm that the bank is willing to accept the specific currency before going through the account opening process.
Alternatively, if you have an account with a bank already and want to explore the available options, you can contact the bank to request available currencies and the available term lengths and interest rates.
If you’re searching for international banking products and services, such as the best Canadian business credit cards, you can use this link now to get started.
Example Foreign Currency Term Deposit Rates in Australia
- USD 1 month: 0.20%
- USD 3 month: 0.45%
- USD 6 month: 0.90%
- USD 9 month: 1.10%
- USD 12 month: 1.30%
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Frequently Asked Questions
Below are two of the most common questions that we receive from people looking for foreign currency term deposit rates in Australia. If you have further questions you would like answered, don’t hesitate to get in touch with us directly.
Which Bank Has the Highest Interest Rate for Term Deposits in Australia?
When it comes to the bank with the highest interest rates in Australia, you need to define the specific currency that is being referenced.
For example, if you are looking to open an account in AUD, it is possible to obtain high three and low four-percent returns.
That said, if you are looking to open a fixed deposit in a foreign currency you would expect that the amount is closer to one percent and possibly lower.
Is a Foreign Currency Fixed Deposit Good?
Whether a foreign currency fixed deposit is considered good will depend on whether or not the deposit is appreciating against the value of the currency that the deposit originated in.
Additionally, it is important to note that the interest rates applied to a foreign currency fixed deposit will depend on the currency. But also, the length of the deposit.
So, if you are trying to maximize your returns, you will likely want to maintain deposits for the longest period of time possible. Doing so can result in higher rates being offered.
That said, another alternative that many people are considering is opening accounts in foreign countries on the specific currencies that they are trying to get exposure to.
For example, if you want AUD deposits, you may be able to get the highest rate in Australia. Likewise, if you want the highest interest rates in Canada, you may want to have a fixed deposit at a Canadian bank.
Do You Want Help Opening Bank Accounts?
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