Exchange rate at maturity will be the more favourable of either the protection rate or the prevailing spot rate, each adjusted to include the protection margin.


  • ​Provides you with a fixed, known rate should the currency move unfavourably.
  • Offers you unlimited gain potential from a favourable rate movement.
  • There's no upfront premium payable.


  • The cost (or protection margin) is embedded into the rate of exchange at maturity.
  • You've an obligation to transact at maturity.


We recommend currency protection and a participation contract if:

  • you're an Australian importer/exporter, or a business with payments or receipts in a foreign currency
  • you don't want to pay an upfront cash premium.

Any advice on this webpage does not take into account your objectives, financial situation or needs and you should consider whether it is appropriate for you. Before making any decision in relation to this information, you should consider the Product Disclosure Statement available at Financial Markets or by calling 1800 307 827. The products on this webpage are issued by National Australia Bank Limited ABN 12 004 044 937 AFSL 230686.

Please consider our Financial Services Guide.

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