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About foreign currency accounts

Features

  • Receive payments from overseas clients and pay overseas suppliers without repeatedly converting funds from/to Australian dollars
  • Manage currency risk by converting funds at the time of your choosing, avoiding the impact of short-term currency fluctuations
  • Save on conversion costs when sending and receiving the same currency
  • Choose from major global currencies
  • No account-keeping fees*
  • Earn competitive interest on selected currencies
  • Make payments and manage your account online through CommBiz or NetBank
  • View real-time account information online through CommBiz, including the CommBiz Mobile app
  • Free transfers between linked Commonwealth Bank accounts

*In order to open a Foreign Currency Account, you must hold an eligible CommBank Australian Dollar (AUD) transaction or savings account. Fees may apply to your linked account.

Currencies

Accounts are available in most freely convertible currencies, including those listed below.

The base annual number of days for interest calculation depends on the day count convention for the foreign currency in which the account is held. Available currencies and their respective day count conventions are below.

Currency Name

Currency Code

Day count convention

Canadian Dollar

CAD

360

Chinese Renminbi*

CNY

360

Czech Koruna*

CZK

360

Danish Kroner

CZK

360

Euro

EUR

360

Great British Pound

GBP

365

Hong Kong Dollar

HKD

365

Hungarian Forint*

HUF

360

Israeli New Shekel*

ILS

365

Japanese Yen

JPY

360

New Zealand Dollar

NZD

365

Norwegian Kroner

NOK

360

Singapore Dollar

SGD

365

South African Rand

ZAR

365

Swedish Kronor

SEK

360

Swiss Franc

CHF

360

Thailand Baht

THB

365

United Arab Emirates Dirham*

AED

360

United States Dollar

USD

360

*These currencies are only available for Business Foreign Currency Accounts and are subject to eligibility criteria.

Rates and fees

Account access

  • Make deposits or withdrawals at any CommBank branch or online through CommBiz or NetBank
  • View account balances and transaction details in real-time through CommBiz or NetBank
  • Cheque books and Keycards not provided. To make payments from a Foreign Currency Account:
    - Send an International Money Transfer or buy an International Bank Draft in the currency of the account
    - Buy a bank draft and have the foreign currency equivalent debited from your account

 

Foreign currency term deposit

  • Invest in foreign currencies for fixed time periods
  • Interest rates determined by the current market interest rates of the currency selected
  • Interest is fixed for the term of the deposit, calculated daily and paid at maturity
  • Deposits can be made in most freely convertible currencies
  • Provides a natural hedge for exchange rate movements between import payments and export proceeds

Minimum term

Minimum Australian dollar equivalent*

30 days

AUD 75,000

15 days

AUD 100,000

7 days

AUD 250,000

1 day

AUD 1,000,000

Receiving payments

To ensure that you receive money sent to you, you’ll need to provide the sender with the following information:

  • BIC/SWIFT address: CTBAAU2S
  • Bank: Commonwealth Bank of Australia
  • BSB and account number
  • Account name

You may be asked to provide details of Correspondent Banks which the Commonwealth Bank maintains accounts with.

See a list of Commonwealth Bank’s Correspondent Banks.

Related products

About international bank drafts

About international bank drafts

Pay suppliers sooner with the equivalent of a local cheque.

Learn more
Foreign exchange service

Foreign exchange service

We offer a comprehensive foreign exchange service and competitive exchange rates.

Learn more

Talk to us

Call 1800 222 398

Call 1800 222 398

New Foreign Currency Account enquiries

(8:30am-5:00pm AEST, Mon-Fri) 

Important information

All products mentioned on this web page are issued by the Commonwealth Bank of Australia. As this information has been prepared without considering your objectives, financial situation or needs, you should, before acting on the information, consider its appropriateness to your circumstances.  View Terms and Conditions for Foreign Currency Account (PDF 201kb), and Foreign Currency Term Deposit (PDF 426kb) and Terms and Conditions for CommBiz and consider them before making any decision about these products.  View our Financial Services Guide (PDF 56kb). If you have a complaint, the Bank’s dispute resolution process can be accessed on 13 2221.

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