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Manage your international transactions and have simple ways to send to or receive payments from overseas. |
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| If you regularly accept payments* or pay bills in foreign currencies, Foreign Currency Accounts |
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can help you meet your international transaction needs |
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can reduce your exchange rate risk |
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are available to existing Westpac NZ customers in all major currencies. |
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| * Foreign cheque deposits are subject to acceptance criteria. |
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| Flexibility |
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make deposits, withdrawals and pay foreign currency bills, without having to convert to or from New Zealand dollars. |
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| Control |
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you decide when you want to convert money between your foreign currency and New Zealand dollars. |
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| Convenience |
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you can 'hold' foreign earnings in your account until exchange rates become more favourable |
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earn interest in a foreign currency (subject to a minimum balance and interest rates at the time). |
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| Manage your exchange risk |
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form a natural hedge by accumulating money in a particular currency to meet future payments in the same currency. |
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| If you need to settle accounts with your overseas trading partners, we can provide simple payment solutions with telegraphic transfers and international bank drafts. |
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| Telegraphic transfers (TT) |
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an electronic payment that can be credited directly to the recipient's bank account fast - funds are usually available within 1-3 working days, and there's no waiting for funds to clear |
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secure - funds are traceable should the overseas recipient claim non-receipt. |
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| You can purchase and send a telegraphic transfer** |
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from any Westpac branch |
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by sending a request via DeskBank – our PC banking service for business, or |
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through Corporate Online - an online banking service for corporate and institutional customers. |
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| **Funds transferred must be sourced from a Westpac account that you have authority to make withdrawals from |
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| You can receive funds via a telegraphic transfer |
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payment can be made available at any Westpac branch |
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the SWIFT code for inward telegraphic transfers to Westpac New Zealand is WPACNZ2W. |
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| International bank drafts |
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are bank cheques made out to the recipient in the currency you choose |
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provide an economical way of sending money overseas by post |
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can be used to pay for goods when there's no payment urgency |
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cannot be made out, or exchanged for cash - only the person nominated on the draft can receive value for it |
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can be stopped if they are lost or stolen. |
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| You can purchase a draft |
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from any Westpac branch |
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by sending a request via DeskBank – our PC banking service for business |
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| If you receive a bank draft as payment, this can be deposited into your account at any Westpac branch. |
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