Features & benefits

Wide range of currencies 

Make and receive payments in most convertible currencies through CommBiz, the CommBiz mobile app, NetBank or the CommBank app.

Save on conversion fees

No need to convert between Australian dollars and foreign currency every time you make or receive a payment. 

Manage exchange risk

Avoid short-term currency fluctuations with the flexibility to hold foreign currency and convert it whenever you like.

Rates & fees

Currencies

Most freely convertible currencies are available. Interest calculation depends on the day count convention for the foreign currency in which the account is held. Available currencies, interest rates and their respective day count conventions are listed here.

Effective date 10 April 2024

Currency

Debit Excess Interest Rate

Credit Interest Rate
Tier 1

Credit Interest Rate
Tier 2

Credit Interest Rate
Tier 3

Credit Interest Rate
Tier 4

Credit Deposit Fee #

Day Count Convention

AED
United Arab Emirates Dirham*

9.10% p.a.

360

CAD
Canadian Dollar

13.29% p.a.

360

CHF
Swiss Franc

10.23% p.a.

360

CZK
Czech Koruna*

14.75% p.a.

360

DKK
Danish Kroner 

12.51% p.a.

360

EUR
Euro

13.00% p.a.

360

GBP
Great British Pound

14.14% p.a.

365

HKD
Hong Kong Dollar

13.15% p.a.

365

HUF
Hungarian Forint*

16.75% p.a.

360

ILS
Israeli New Shekel*

13.50% p.a.

365

JPY
Japanese Yen

8.85% p.a.

360

NOK
Norwegian Kroner

13.53% p.a.

360

NZD
New Zealand Dollar

14.50% p.a.

0 - 59,999
0.00% p.a.

60,000 - 119,999
0.00% p.a.

120,000 - 599,999
4.50% p.a.

600,000+
4.75% p.a.

365

SEK
Swedish Kronor 

12.89% p.a.

360

SGD
Singapore Dollar

12.50% p.a.

365

THB
Thailand Baht

11.49% p.a.

365

USD
United States Dollar

14.33% p.a.

360

ZAR
South African Rand 

16.43% p.a.

0 - 249,999
0.00% p.a.

250,000 - 499,999
4.43% p.a.

500,000 - 2,499,999
5.43% p.a.

2,500,000+
6.43% p.a.

365

* These currencies are only available for Business Foreign Currency Accounts and are subject to eligibility criteria.
# Some currencies have very low or negative interest rates. If you hold an account in one of these currencies, and you are a wholesale client you may incur a Credit Deposit Fee. 

How to apply

  • To be eligible for a Business Foreign Currency Account, applicants must:

    • If an individual, be 18 years and older
    • Hold an eligible CommBank Australian Dollar account
    • Use the Business Foreign Currency Account for business purposes only
    • Have an Australian Business Number (ABN) and/or Australian Company Number (ACN) 
    • If a foreign company doing business in Australia, be registered with ASIC. The eligibility of other foreign companies is reviewed on a case-by-case basis

    If you’re eligible for a Business Foreign Currency Account, complete an application form [PDF] then visit a branch or speak to your Relationship Manager.

    Find a branch

FAQs

We no longer accept foreign cheques. You can receive payments from outside Australia directly into your account through an International Money Transfer.

Log on to NetBank or CommBiz to send an International Money Transfer (IMT) in over 30 currencies.

Keep in mind:
 
  • Payments are sent electronically as cleared funds and usually received in 2 to 3 business days
  • Currency cut-off times apply
  • Receipt of payments is subject to domestic regulations and individual bank practices in the beneficiary’s country
  • CommBiz gives you the ability to pay an additional fee to cover correspondent banks charges for same-currency transactions in selected currencies
  • We’ll absorb the correspondent bank fees for IMTs sent in selected currencies where the debit account is in a currency that’s different from the payment currency (i.e. a cross-currency IMT). Fees charged by the beneficiary bank may still apply to the payment

You’ll need to give the sender your account details including:

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

Fees and charges apply when making or receiving IMTs, or when initiating an enquiry, cancellation or amendment.

Sending an IMT using NetBank or the CommBank app:

  • When you send money overseas using NetBank or the CommBank app, we’ll waive the transfer fee. (excludes AUD to AUD).
  • We’ll pay any correspondent bank fees when you send an IMT in any currency, as long as the originating account currency is different to the payment currency (cross-currency IMT) – e.g. using an AUD account to send a payment in USD. We won’t cover any fees that may be charged by the beneficiary’s bank.

Sending an IMT using CommBiz:

  • We'll pay any correspondent bank fees when you send a cross-currency IMT (Japanese Yen excluded).
  • If you use a Foreign Currency Account to send a same-currency IMT, for select currencies, you have the option to pay a separate upfront fee to cover the correspondent bank fees. We won’t cover any fees that may be charged by the beneficiary’s bank.

Sending an IMT in-branch: 

  • We’ll pay any correspondent bank fees when you send a cross-currency IMT – e.g. using an AUD account to send a payment in USD. 
  • If you use a Foreign Currency Account to send a same-currency IMT, for select currencies, you have the option to pay a separate upfront fee to cover the correspondent bank fees. We won’t cover any fees that may be charged by the beneficiary’s bank.

Things you should know

  • 1A Business Foreign Currency Account must be linked to an eligible CommBank Australian Dollar (AUD) transaction or savings account. Fees may apply to the linked account.

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

    The target market for these products will be found within the product’s Target Market Determination, available here.

    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 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.