International Money Transfer

We’ve lowered the cost of sending an International Money Transfer on CommBiz to a fixed rate of $6 per payment, making it cheaper to send money overseas. We’ve also stopped correspondent bank fees being passed back to you for IMTs sent with FX conversion, where the final payment is in EUR, GBP, NZD or USD, reducing your payment costs. There may still be charges applied by your 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