Foreign Currency Account

Foreign Currency Account (FCA) is simply an account held with the Commonwealth Bank of Australia in a currency other than Australian dollars. You can use your Foreign Currency Account to manage payments from customers and to suppliers who utilise the same currency. 

For example, if you buy goods or services from and sell goods and services to the United States, you may find a Foreign Currency Account useful as it would enable you to accept US dollar payments into your account from your customers, as well as pay US dollars to your suppliers with no need to convert funds again. Trade transactions can also be passed through this account including Documentary Collections and Documentary Credits.

Documentary Collection

A bill of exchange and various shipping documents that the buyer or seller needs in order to clear the goods. These documents are released in exchange for the agreed payment.

Documentary Credit

Documentary Credit is a bank guarantee of payment to the supplier. The buyers bank provides the credit. Before payment is made the relevant shipping documents and other conditions must be met.

For more information on our Trade Finance Products click here.

Important information about advice
As this advice has been prepared without considering your objectives, financial situation or needs, you should, before acting on the advice, consider its appropriateness to your circumstances. View our Financial Services Guide (PDF 59kb).

View the Product Disclosure Statement (PDS) for Foreign Currency Account (PDF 847kb)  issued by the Commonwealth Bank of Australia, and consider it before making any decision about the product.