Customers making an International Money Transfer (IMT) using NetBank or the CommBank app will now pay as little as $6, down from $22 previously charged on transfers.
CBA Executive General Manager Clive van Horen said the 70 per cent fee reduction will benefit many customers who send money to friends and family overseas.
“More than three quarters of our customers go online to send money overseas, making it quicker, and more convenient.
“As such, we’ve reviewed the international fee structure and made a change that better reflects how our customers bank with us.”
The new fees are detailed in the following table:
Fee (prior to change) |
New fee structure: |
|
$22 for IMTs sent via NetBank and CommBank app (Regardless of amount)
|
$6
|
IMT amount is less than or equal to $1,000 AUD equivalent. Funds debited from AUD account and converted to foreign currency. |
$6 |
IMT sent from a Foreign Currency Account |
|
$12
|
IMT amount is greater than $1,000 AUD equivalent. Funds debited from AUD account and converted to foreign currency. |
|
$22 |
Funds debited and credited in AUD (no FX conversion) |
|
Commonwealth Bank customers can send money securely to more than 200 countries in over 30 currencies through NetBank or CommBank app using just a mobile phone number, 24 hours a day, seven days a week.
Customers should be aware this is the transaction fee charged by Commonwealth Bank. Overseas bank charges (which vary from country to country) could also apply.
An IMT is a payment made by a customer in Australia to an overseas account, typically in the currency of the receiving country. IMTs which take place over the counter will still incur the flat $30 fee.
To see how this will benefit communities in the Pacific Islands, click here.