Sending money overseas is pretty straightforward once you're prepared. Here are 4 things to know before you send money overseas:

1. You need the recipient's details

The quickest way to send money overseas is using just your recipient’s mobile number.

If you choose not to do this, you’ll need the following info before you can transfer money internationally:

It’s a good idea to double-check any details you enter before confirming your transfer to avoid any mistakes which may mean you need to cancel it.

If someone’s transferring money to your CommBank account from overseas, here's the info you need to give them.

2. Check your transfer limit

Many banks and financial institutions set an International Money Transfer (IMT) limit. If you bank with us, we set the limit at $0 for security reasons.

Before you make your first IMT, you need to either:

  • Log on to NetBank > Settings > Online banking limits; or 
  • Log on to the CommBank app > Settings > Payment limits.

3. Watch the exchange rate

Exchange rates change, so it’s good to keep your eye on them so you time your transfer right. Use our foreign exchange calculator (choose 'Send money overseas') to work out how much it'll cost you in Aussie dollars.

Your transfer will be converted into the local currency, so the strength of the foreign exchange rate on the day you send your IMT will determine your transfer amount.

4. Transfer in the local currency

Send your transfer in the recipient country's local currency to lock in the exchange rate and pay lower transfer fees.

Other banks may deduct processing fees from the amount you transfer, which could mean the recipient receives less money than you intended. It's a good idea to make a transfer in the local currency as opposed to AUD because we're unable to guarantee that the payment will be received in Aussie dollars. This is because the transfer passes through other banks on the way to the recipient, and these banks may convert the funds.

For some countries and currencies, you have the option to pay an overseas bank fee upfront to cover these deductions. It's in addition to the amount you want to send, to make sure the recipient receives the exact amount you want to send them. 

Discover more about CommBank IMT costs and charges.

Transfers usually take 1-3 business days.

An international transfer can take longer though, depending on the bank and country you’re sending the money to.  

It’s also worth noting that transfers made on a weekend, a public/bank holiday, or after the currency cut-off time will be processed the following business day. 

Send money overseas in NetBank

Send money overseas

Things you should know

This article is intended to provide general information of an educational nature only. It does not have regard to the financial situation or needs of any reader and must not be relied upon as financial product advice. As this information has been prepared without considering your objectives, financial situation or needs. You should, before acting on this, consider the appropriateness to your circumstances.