Here are 5 things to know when you send an International Money Transfer (IMT).
1. You need the recipient's details
The quickest way to send money overseas is using just your recipient’s mobile number.
If you choose not to do this, you’ll need the following info before you can transfer money internationally:
- Recipient’s name, their account name and home address
- The SWIFT or Bank Identification Code (BIC) of the recipient's bank. Sometimes you'll be asked for a BIC and sometimes a SWIFT – they’re the same thing
- Recipient’s International Bank Account Number (IBAN) or bank account number. Here's a list of countries and their IBANs.
It’s a good idea to double-check any details you enter before confirming your transfer to avoid any mistakes which may mean you need to cancel it.
If someone’s transferring money to your CommBank account from overseas, here's the info you need to give them.
2. Check your transfer limit
Many banks and financial institutions set an International Money Transfer limit. If you bank with us we set the limit at $0 for security reasons.
Before you make your first IMT you need to either:
- Log on to NetBank > Settings > Online banking limits
- Log on to the CommBank app > Settings > Payment limits.
3. Watch the exchange rate
Exchange rates change, so it’s good to keep your eye on them so you time your transfer right. Use our foreign exchange calculator (choose 'Send money overseas') to work out how much it'll cost you in Aussie dollars.
Your transfer will be converted into the local currency, so the strength of the foreign exchange rate on the day you send your IMT will determine your transfer amount.
4. Transfer in the local currency
Send your transfer in foreign currencies to lock in the exchange rate and pay lower transfer fees.
Other banks may deduct processing fees from the amount you transfer. It could result in the recipient receiving less money than you intended. It's a good idea to make a transfer in the local currency as opposed to AUD because we're unable to guarantee that the payment will be received in Aussie dollars. This is because the transfer passes through other banks on the way to the recipient and these banks may convert the funds.
For some countries and currencies you have the option to pay and overseas bank fee upfront to cover these deductions. It's in additional to the amount you want to send to make sure the recipient received the exact amount you committed or wanted to send them.
Transfers usually take 1-3 business days
An international transfer can take longer though, it depends on the bank and country you’re sending the money to.
It’s also worth noting that transfers made on a weekend, a public/bank holiday or after the currency cut off time will be processed the following business day.