Commonwealth Bank offers its customers a range of international products and services. This article explains and compares the various exchange rates provided for Travel Money (cash), Travel Cards and International Money Transfers. It will help you:
Find the right exchange rate in your situation
How to use the exchange rates to calculate your currency conversion
Compare the exchange rates at CBA to the rest of the options available in Australia
CBA foreign exchange rates explained
When you look at the above table of exchange rates, it's easy to get confused. The exchange rate you receive will largely depend on three things:
- Your currency
- Whether you need to buy or sell that currency
- The product you need
Let's start with the currency. Each line in the table relates to a different currency. So if you are heading to U.S., you only need to look at the line of exchange rates for the US Dollar. Take into account that the Euro Monetary Union (or EU) will cover a number of countries like France, Germany, Italy and Spain. If you are not sure about what currency you'll need for the country you are going to, check out our handy travel money guides here.
Next, you need to work out which column of exchange rates relates to your situation.
If you are sending money overseas or travelling overseas and need to buy currency, make sure you look at the 3 columns on the right hand side marked “Bank Sells”. If you are receiving money from overseas or if you need to sell currency, make sure you look at the 3 columns marked “Bank Buys”.
Once you've worked out the right set of columns, you need to work out which product relates to you:
- “Intl Money Transfer (IMT)” stands for International Money Transfer. This is the exchange rate that you'll recieve if you are making an overseas transfer to or from another bank account.
- “Cash, Travel Money Card & Travellers Chqs” is the exchange rate you'll receive if you using any of Commbank's travel products.
- “Foreign Cheques” is the exchange rate you'll receive if you are buying or selling currency in via a cheque in foreign currency.
A Guide to Calculating Currency Conversions
Once you've found the right exchange rate, next comes working out the currency conversion. Unfortunately, depending on your situation, the calculation may vary.
To help you, here are some common situations and how you calculate the conversion:
Travelling Overseas: How much foreign currency will my Australian dollars buy?
If you have an amount of Australian dollars you want to convert, here is how you work out how much currency you will get in return:
The Australian Dollars You Have X (multiplied by) The Exchange Rate = Currency You Will Receive
Let's say you have $3,000 and you are buying US dollars at a rate of 0.7100 then the amount of US dollars you will receive is
3 000 multiplied by 0.7100 = 2,130 US dollars
What is the cost to buy a certain amount of foreign currency?
If you know the amount of currency you want to buy, here is how you work how much it will cost:
The Australian Dollar Cost = The Amount of Currency You Want to Buy / (divided by) The Exchange Rate
If you want to buy 4 000 Euros and the exchange rate is 0.6300 then to total Australian dollar cost will be
4 000 divided by 0.6300 = $6,349.21
What about sending money overseas?
If you have a set amount of currency you want to send money overses, the calculation is the same as buying travel money
The Australian Dollar Cost = The Amount of Currency You Want to Send / (divided by) The Exchange Rate
If you want to send 10 000 US dollars and the exchange rate is 0.7500 then to total Australian dollar cost will be
10 000 divided by 0.7500 = $13,333.33
How about receiving currency from overseas?
If you are receiving currency from overseas, this is how to calculate how much you should receive in Australian dollars
The Australian Dollar You Receive = The Amount of Currency Received / (divided by) The Exchange Rate
If you received 20 000 British Pounds through a bank transfer and the exchange rate was 0.5900, then the amount you'd receive is:
20 000 divided by 0.5900 = $33,898.31
Where to find the Commbank exchange rates, currency converters and calculators
Here are the most useful links for CBA exchange rates:
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