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:
- Recipient’s name, their account name and home address
- The SWIFT or Bank Identification Code (BIC) of the recipient's bank. Sometimes you'll be asked for a BIC and sometimes a SWIFT – they’re the same thing
- Recipient’s International Bank Account Number (IBAN) or bank account number. Here's a list of countries and their IBANs.
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
If you’re sending funds overseas in a currency that’s different to your debit currency, CommBank will absorb the correspondent bank fees for you when you use NetBank, the CommBank app, or send the funds via one of our branches.
If you’re looking to send money from your AUD account to South Pacific currencies (FJD, PGK, SBD, VUV, and XPF), we’ll waive the IMT fee for you.
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.