CBA International Money Transfers Exchange Rates, Fees and Transfer Times
CBA international transfers are a quick and fairly easy way to send money from your Australian bank account to a bank account overseas. The easiest and cheapest way to do it using Commbank is online. Although CBA recently lowered their flat fees for international money transfers, the exchange rates for most Australian customers are still relatively expensive.
Making an international money transfer (or telegraphic transfer) comes with a few questions. How easy is it? Are there any hidden fees or charges? How does it actually work?
While the CBA website about international money transfers is useful, our summary makes it even easier to find out all the information you'll need to know before you transfer funds overseas.
If you're looking for a safe, easy and cheaper alternative to CBA, click here to compare your options.
In this article, you'll find out more about:
CBA Exchange rates for international money transfers (IMT's)
Compare CBA exchange rates to other banks and foreign exchange services
About CBA exchange rates
Send Money: If you need to transfer money from Australia to another bank account overseas
Receive Money: If you need to receive money into your CBA bank account from overseas
To view the rates for CBA foreign currency exchange click here
If you're not sure about what currency you’ll need for the country you're going to, check out the full list of currency codes here.
Bank charges and transfer fees
How much Commonwealth Bank charges for international transfers
CBA a number of different fees depending on your situation so it's important to check which ones apply to you. The lowest fees are if you use Netbank or the Commbank app.
- $6 fee for online transfers under AUD $1000
- $12 fee for online transfers over AUD $1000
- $22 fee for online international transfers in AUD
- Any international transfer made at the branch costs $30
There are additional fees to receive foreign currency from overseas, but you can find out more information on the CBA International Transfer Fee page.
Extra Fees to be Aware Of:
- Intermediary bank fees — payments may be routed through one or more intermediary banks before the payment reaches your Commbank account. This could happen if the remitting bank has an arrangement with another bank in Australia or overseas. In this scenario, the intermediary banks may also charge processing fees. This will be deducted from the amount you receive.
- Sending provider or bank fees — International money transfers sent from an overseas bank or currency exchange provider may be subject to commissions, fees and other charges. These are typically deducted before the money is sent to you.
How to transfer money overseas with CBA
You can transfer money overseas either using CBA Netbank or at a branch. No matter how you choose to send your money abroad, you will need certain information about the international bank account you are transferring the money to. This includes:
- The account name of the payee
- The account number
- The overseas bank or financial institutions SWIFT code (also know as a BIC code)
- Different countries have different requirements though. You may also need to provide more account details like a bank routing number, the branch number of the receiving bank, or an IBAN (particularly for transfers to Europe)
Commbank have another way to pay someone overseas that is unique to the other major Australian banks. You simply use the mobile number of the person you are paying. They then receive a message instructing them to provide the necessary bank details.
How to receive money from overseas into your CBA bank account
If you want to receive foreign currency into your Australian dollar account at the Commonwealth, you need to provide your bank account details to the person or business sending the money.
They will need the following information:
- Your CBA branch name and address
- The bank account number and BSB
- Your account name
- Your residential address that is listed on the account
- CBA's SWIFT/BIC code. This is CTBAAU2S. If the other party requires an 11 digit SWIFT, use CTBAAU2SXXX
In most cases CBA will automatically convert the incoming foreign currency at a foreign exchange rate that they can determine. Unfortunately, this exchange rate might not be the best you can find. If you're looking to get the best exchange rate or even hold the foreign currency in an account before converting it, you can either compare money transfer exchange rates here, or look at a multi-currency account like the TransferWise Borderless Account.
For a more comprehensive guide on how to receive funds into your Australian CBA account click here.
How long it takes for the money to arrive
In most cases it either arrives on the same day or between 1-3 business days later. Commonwealth Bank international services tend to process international transfers overnight on bank business days. However, the time it takes until your payee can see money in their account will vary depending on the receiving bank.
For more information, read about how long does an international money transfer take?
If you're not sure which exchange rate you need, here is a list of currencies, countries and currency codes.
|CZECH REPUBLIC||Czech Koruna||CZK|
|HONG KONG||Hong Kong Dollar||HKD|
|ISRAEL||New Israeli Sheqel||ILS|
|THE REPUBLIC OF KOREA||Won||KRW|
|NEW CALEDONIA||CFP Franc||XPF|
|NEW ZEALAND||New Zealand Dollar||NZD|
|PAPUA NEW GUINEA||Kina||PGK|
|THE PHILIPPINES||Philippine Peso||PHP|
|PUERTO RICO||US Dollar||USD|
|SOUTH AFRICA||South African Rand||ZAR|
|SRI LANKA||Sri Lanka Rupee||LKR|
|TAIWAN||New Taiwan Dollar||TWD|
|UNITED ARAB EMIRATES||UAE Dirham||AED|
|UNITED KINGDOM||Pound Sterling||GBP|
|UNITED STATES OF AMERICA||US Dollar||USD|