The Commonwealth Bank boosts business services as foreign exchange goes online

7 March 2006

The Commonwealth Bank today launched an easy-to-use online business foreign currency exchange tailored specifically for small and medium sized businesses. The new service is called Business Foreign Exchange and is located at

Craig Keary, General Manager New Business Development, said Business Foreign Exchange is a safe and easy-to-use service designed to streamline currency exchanges and payments for business customers.

"What makes this product unique is that it’s tailored specifically for use by small and medium sized businesses," Mr Keary said.

"This internet based international payments system is simple to use and navigate. Transactions can be done in minutes using just a few keystrokes.

"The intention was to customise a product which would streamline foreign currency payments with accurate record keeping, provide online settlement with standard settlement instruction templates and facilitate easy exporting of data.

"Settling transactions is straightforward with a choice of flexible options including BPay®, Direct Debit and Electronic Funds Transfer (EFT). And you do not need a Commonwealth Bank Account to use the service."

"This is a competitive area but the size, stability and security of The Commonwealth Bank, combined with our dedicated customer support, gives us a critical point of difference."

Business Foreign Exchange clients will also have access to an expanding sales team including:

  • Business Foreign Exchange Specialists, who will take the time to discuss business and foreign currency needs and ensure that the service is meeting customer expectations.
  • A dedicated Business Foreign Exchange help desk, which can assist with any business or technical issues.
  • The Business Foreign Exchange dealing desk, who will assist if a business wants to deal in a currency pair that is not available to book online. Dealers can book the deal and the customer can then view the deal and settle it online.

Customers will also have access to the best currency research in the world after the Commonwealth Bank topped Reuter’s global survey of foreign exchange forecasters.

Of the 53 banks that provided their 12-month forecasts for the major currencies in the Reuters January 2006 survey, the Commonwealth Bank was the most accurate.

"Our economic and currency research is available in a format that is easy to understand by small to medium sized businesses," Mr Keary said.,

"It’s that expertise that Business Foreign Exchange customers can utilise."

Businesses will be able to buy and sell foreign currency at the click of a mouse, with live foreign exchange rates on their computer screens.

"Businesses can book online when the rate suits them," Mr Keary said.

"They will have the option to transact online in both spot and forward transactions.

"Standard settlement instructions save time as streamline payments are made to suppliers."

The Commonwealth Bank is extremely security conscious and provides a website with 128 bit encryption.

Users will be provided with a unique profile and have their own ID and Password.

All information that is transmitted to and from the Bank is encrypted. Users should take adequate precautions to protect the security of the access codes we provide.

Different access and authorisation levels can be assigned to people in the business to match payment authorisation requirements.



For more information, contact:

Michael Gleeson
Executive Manager, Media and Issues Management
Communication, Community and Reputation
Phone: (02) 9378 5965 / Mobile: 0400 096 924