An international money transfer allows you to make electronic payments from Australia to banks in more than 220 countries. Your overseas customers can also make payments directly into your account using the same facility.
Making international payments
Importers and exporters can use international money transfers to settle trade debts using the ‘clean payment’ method.
A clean payment is initiated by a request from the importer to their bank. The request will include the seller’s name and bank account details, amount and currency of payment. The importer will also authorise the bank to debit their account for the payment. The importer’s bank will then telegraphically remit the payment to the seller. Payments can be made in a range of currencies. View the foreign exchange rates available.
In the normal course of business, the seller will receive the cleared funds in their account two to three days later. However, the timing of payment and conversion to a local or other currency depends on the domestic regulations and individual bank practices in the country of the beneficiary.
Receiving international payments
When we receive overseas payments, we will process them 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 A$250,000
- If the payment is received in 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
You also have the option of opening a foreign currency account. These accounts allow you to hold funds in the remitted currency and provide the flexibility to either hold the funds or convert them at a time suitable to you.
Before we can process overseas payments, you will need to provide us with the Commonwealth Bank SWIFT code (CTBAAU2S), your BSB, account number, account name and account address. We will send you an email advising of all receipts to your account.
Fees and charges apply when making or receiving international money transfers, or when initiating an enquiry, cancellation or amendment.
Important information about advice
As this advice has been prepared without considering your objectives, financial situation or needs, you should, before acting on the advice, consider its appropriateness to your circumstances. View our Financial Services Guide (PDF 59kb).