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Ways your business can receive overseas payments

Ways your business can receive overseas payments

Find the best option to receive payments from your business’ international customers.

There are a range of ways your business can accept money from around the world – some popular options include receiving money directly into your business bank account or accepting a credit card payment.

Understanding some of the features, benefits and fees involved with these options may save you money over the long run.

Transfer money into your bank account

An International Money Transfer (IMT) is a secure way for international customers to transfer money into your bank account. If you’re a CommBank customer, you’ll need to give your customers the following in order to receive an IMT:

  • Bank name: Commonwealth Bank of Australia
  • CommBank’s BIC/SWIFT Code: CTBAAU2S
  • Your 14 digit account number, account name and address

This guide to IMTs offers more details including fees, exchange rates and processing times.

Separately, it’s worth considering if you’ll charge your customer in Australian dollars (AUD) or a foreign currency. If you charge in the latter you’ll expose yourself to currency risk (you could receive a different price because the foreign exchange rates change). Make sure you consider both options to decide what will work best for you. 

Transfer money into a foreign currency account

If you regularly send and receive payments in a foreign currency and want to reduce your currency risk and save on conversion costs, a foreign current account may suit you. It allows you to hold eligible foreign currencies, so you don’t have to convert in and out of AUD.

Before considering this, make sure you understand processing times, currencies available and fees and charges for international payments and travel funds involved.

Pay with a card

You may also want to consider accepting card payments as customers may prefer this if they want to earn spend points on their credit cards. This also gives them flexibility to pay over the phone, email or online. Just make sure you’ve got some strategies in place to protect yourself and your business against credit card fraud.

This article/guidance is published solely for information purposes. As this article/guidance has been prepared without considering your objectives, financial situation or needs, you should, before acting on the information, consider its appropriateness to your circumstances and if necessary seek the appropriate professional advice. Compilation, but no representation or warranty, either expressed or implied, is made or provided as to the accuracy, reliability or completeness of any statement made in this article. View our Financial Services Guide and fees and charges apply. Read our IMT terms and conditions for NetBank and the CommBank app at: and our terms and conditions for pay to an international mobile at: View the Terms and Conditions issued by Commonwealth Bank of Australia for Foreign Currency Account at: View our Merchant Agreement, Financial Services Guide and Operator and User Guides at our Merchant Support Centre. Credit card applications are subject to credit approval. Full Conditions of Use will be included in our Letter of Offer. Commonwealth Bank of Australia ABN 48 123 123 124 AFSL and Australian credit licence 234 945.