Market order

Market information

A Foreign Currency Account can simplify your banking if you make or receive payments in a foreign currency. It removes the need to convert every transaction to New Zealand dollars.

You can use it to

• manage foreign currency cash flow
• make advance provision for commitments in a foreign currency

Use a Forward Exchange Contract to buy one currency amount and sell another at a fixed exchange rate on an agreed future date.

This means you know exactly how much NZD you’ll pay for imports or receive for exports and you can protect your business when exchange rates turn for the worse.

Consistent use of forward contracts can help smooth out the impact of foreign exchange rate fluctuations.

Remember that if the exchange rate turns in your favour, you won’t be able to take advantage of any gains as you have contractually agreed to a fixed rate.

Like an insurance policy, a currency option can provide you with peace of mind.  You can protect a certain exchange rate but also have the ability to participate if market rates move in your favour.

For this flexibility a premium is payable up front, the cost depends on factors such as the volatility of currencies involved, the rate you want to protect and the maturity date of the option.

For further information contact your branch or Business Manager who will refer you to the Dealing Room.

Like an insurance policy, a currency option can provide you with peace of mind.  You can protect a certain exchange rate but also have the ability to participate if market rates move in your favour.

For this flexibility a premium is payable up front, the cost depends on factors such as the volatility of currencies involved, the rate you want to protect and the maturity date of the option.

For further information contact your local branch or Business Manager who will refer you to the Dealing Room.

A market order allows you to request a foreign exchange conversion for a particular amount and exchange rate.

You don’t need to constantly monitor the currency markets as your order will be filled if the market reaches the required level.

There is no fee charged for placing orders. For further information contact your local branch  or Business Manager  who will refer you to the Dealing Room.

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No member of the Westpac group accepts any liability for losses suffered as a result of the conversion of currencies and any exchange risks from the conversion of currencies is the responsibility of the account/deposit holder. Terms and conditions apply and may vary from time to time. Most of the above products and services are provided by Westpac Banking Corporation ABN 33 007 457 141, incorporated in Australia (New Zealand division). Some products and services may be provided by Westpac New Zealand Limited. For more information or a copy of the Product Disclosure Statement for any product which a Product Disclosure Statement is required, please contact the International Business team. You can get a copy of the current disclosure statement for Westpac New Zealand Limited or Westpac Banking Corporation from any branch in New Zealand free of charge.The information on this page is presented subject to Westpac New Zealand Limited’s (Westpac’s) legal page and any other terms and conditions that Westpac may impose from time to time. It is subject to change without notification.