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5 things to know before transferring money overseas

5 things to know before transferring money overseas

You may want to send money overseas to family, friends or suppliers or a special occasion, pay invoices or to help with day-to-day living expenses.

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:

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. 

Discover more about CommBank IMT costs and charges.

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. 

This article is intended to provide general information of an educational nature only. It does not have regard to the financial situation or needs of any reader and must not be relied upon as financial product advice.