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
