International Money Transfer

In additional to our $6 IMT transfer fee, we will pay the pay the correspondent bank fees for you on most cross-currency IMTs (Japanese Yen excluded). There may still be charges applied by the beneficiary’s bank, but we’ll cover the rest.

Making international payments

• Log on to NetBank or CommBiz to send funds in over 30 currencies to a beneficiary’s bank account
• Payment is sent electronically as cleared funds
• Funds are usually available to your beneficiary within 2 to 3 business days
• Currency cut-off times, which determine whether a payment may be held over to the following day due to time-zone differences, apply
• Extended cut-off times are provided, allowing later payments that are still sent on the same day
• Receipt of funds is subject to domestic regulations and individual bank practices in the beneficiary’s country
• CommBiz offers the ability to pay an additional fee to cover correspondent banks charges for same-currency transactions for selected currencies.
• The Bank will absorb the correspondent bank fees for IMTs sent in selected currencies where the debit account is in a currency that is different from the payment currency (cross-currency IMT). Fees charged by the beneficiary bank may still apply to the payment.

Receiving international payments

• Overseas payments are processed 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 in a 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
• Before overseas payments are processed, you will need to provide:
  • CommBank's SWIFT code: CTBAAU2S
  • 14 digit account number, account name and account address
• Fees and charges apply when making or receiving international money transfers, or when initiating an enquiry, cancellation or amendment
• An alternative way to receive money from overseas is to open a foreign currency account that will:
  • Let you hold funds in the remitted currency
  • Provide the flexibility to either hold the funds or convert them when you choose