Where can I get more information on IBAN? 

You may obtain more information from the International Bank Account Number (IBAN) website at http://www.ecbs.org/iban.htm.

What is the payment cut-off time for BPAY payments? 

We commit to process all payments received by 5:55pm. After 5:55pm or on a non-business day, payment instructions will be processed on a "best endeavours" basis.

When do I use an Intermediary Bank?

The beneficiary may provide full payments instructions to ensure funds are not converted or so that funds are received by them quicker.

An intermediary bank can be used when the beneficiary bank is not domiciled in the currency of that country.

An example is as follows:

Pay
AUD5,000
Intermediary Bank: 
HSBCAU2S
Hong Kong and Shanghai Banking Corporation Australia
Beneficiary bank: 
HSBCGB2L
Hong Kong and Shanghai Banking Corporation London
Beneficiary: 
/Account No.
Company ABC

In this instance AUD will be sent via Priority Payment to HSBC Australia who will credit HSBC London’s account and will send them an advice that they have been credited and that funds are for Company ABC.

What happens if I don’t have the Intermediary Bank?

If you do not have an Intermediary Bank, the Commonwealth Bank will use our preferred Correspondent Bank to effect the payment.

An example is as follows:

Pay
AUD5,000
Beneficiary Bank:
HSBCGB2L
Hong Kong and Shanghai Banking Corporation London
Beneficiary: 
/Account No.
Company ABC

In this instance AUD will be sent to Commonwealth Bank’s United Kingdom Correspondent Bank. Commonwealth Bank’s United Kingdom Correspondent Bank could convert the payment to GBP and send the GBP to HSBC. HSBC will either:

  • Return the payment and request AUD. In which case Commonwealth Bank’s UK Correspondent Bank will send the payment in AUD through to Commonwealth Bank to send the payment via RTGS/Priority Payment to HSBC Sydney
  • Convert the GBP payment they received to AUD and a loss would likely be incurred.

What happens when Australian Dollar Payments sent overseas without an Australian Intermediary Bank?

The timing of the payment may be subject to local laws, regulations or practices. Please also note that a financial institution involved in the payment chain may decide to, or may be required by local law to, convert your payment to a local or other currency.

If you would prefer the beneficiary to receive the payment in AUD, you should include the full banking instructions and specify that the beneficiary requires AUD in “Description Payment Details for Beneficiary” field.

We will pass on your instructions but we will not be responsible and will accept no liability, if your instructions are not followed for any reason. Please ensure you confirm full payment instructions with your beneficiary (account number, account name, beneficiary bank identifier code and branch details).