International Money Transfer

An international money transfer allows you to send electronic payments quickly and securely from Australia to banks in more than 220 countries, with most payments sent to the beneficiary bank within minutes and credited to their account on the same day.

Making international payments

More Australians choose to use the Commonwealth Bank to conveniently settle trade and other debts by International Money Transfers.*

Using online access via CommBiz or NetBank you can send funds in 26 currencies directly to your trading partner or recipient’s bank account. Your payment will be sent electronically as cleared funds which mean that they will be received by our banking correspondents (trusted Commonwealth Bank partner banks overseas) within minutes, with funds available to your beneficiary usually within a day.

Currency cut-off times do apply, these times determine whether your payment may be held over to the following day (due to time-zone differences), however the good news is that the Commonwealth Bank is a market leader in providing extended currency cut-off times, so that you can make a payment later in the day and still be assured that it will be sent to your destination on the same day.

The receipt of your funds by your beneficiary will be subject to domestic regulations and individual bank practices in the country of the beneficiary.

Receiving international payments

When we receive overseas payments, we will process them in one of the following ways:

• As per the instruction from the remitter i.e. payments will only be credited to the account specified by the remitter

• If the payment is in a foreign currency and the account to be credited is in another currency, the carded rate will be applied to amounts less than or equal to A$250,000

• If the payment is received in foreign currency and the account to be credited is in another currency, a dealer’s rate will be applied for amounts over A$250,000

You also have the option of opening a foreign currency account. These accounts allow you to hold funds in the remitted currency and provide the flexibility to either hold the funds or convert them at a time suitable to you.

Before we can process overseas payments, you will need to provide us with the Commonwealth Bank SWIFT code (CTBAAU2S), your BSB, account number, account name and account address. We will send you an email advising of all receipts to your account.

Fees and charges apply when making or receiving international money transfers, or when initiating an enquiry, cancellation or amendment.

• 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). Terms and Conditions for CommBiz and NetBank are available by calling 13 2221, from commbank.com.au or any branch of the Bank. *Reference: SWIFT Traffic Watch data, July 2009.