Key changes 

  • The Bank will absorb correspondent bank fees generally deducted from International Money Transfers (IMTs) where the account currency is different to the payment currency. This only applies to IMTs sent via NetBank, CommBank app and in Branch
  • Provide clarity around sending IMTs through the different channels including CommBiz
  • Simplification of the Banking Code of Practice clause

The changes to each document are provided below and copies of the new terms and conditions are available to download:

Standard fees and charges for international payments and travel funds 

(previous version issued 11 June 2021);

1. Amendments to the text in the section “International Money Transfers Sent”, under the heading “International Money Transfers (IMTs) sent using NetBank or the CommBank app”:

The entire section is deleted and replaced with:

“International Money Transfers (IMTs) sent using NetBank or the CommBank app

The Bank will pay any correspondent bank fees when you send an IMT in any currency, as long as the originating account currency is different to the payment currency (cross-currency IMT), e.g. using an AUD account to send a payment in USD.

This does not include charges by the beneficiary's bank, which may have their own processing fees.”

2. Amendments to the section “International Money Transfers Sent”, under the heading “IMTs sent from a Foreign Currency Account via CommBiz, in Branch or via agreement with your Relationship Manager”.

The heading “IMTs sent from a Foreign Currency Account via CommBiz, in Branch or via agreement with your Relationship Manager” is deleted and replace with:

“IMTs sent using CommBiz”

3. In the section with the heading “IMTs sent using CommBiz”, after the sentence “This does not include charges by the beneficiary banks, which may have their own processing fees”, a new section is added as follows:

Sending an IMT in Branch 

The Bank will pay any correspondent bank fees when you send an IMT in any currency, as long as the originating account currency is different to the payment currency (cross-currency IMT) e.g. using an AUD account to send a payment in USD. 

If you use a Foreign Currency Account to send a same-currency IMT in any of the currencies listed in the table above, then you have the option to pay a separate upfront fee to cover the correspondent bank fees. 

This does not include charges by the beneficiary's bank, which may have their own processing fees.”

IMT Terms and Conditions for NetBank and the CommBank app

(previous version issued 3 September 2019);

1. Amendments to section 7. 

The entire section is deleted and replaced with:

“7. Correspondent banks may impose fees for processing a payment to the recipient. Normally these fees will be deducted by those banks from the payment. For cross-currency IMTs, we will absorb any correspondent banking fees, however other banks may ignore our instruction in which case we are liable only to the extent of the amount deducted. CommBank is also not liable for any charges by the beneficiary bank. The Standard fees and charges for international payments and travel funds brochure sets out who is liable for these charges.”

2. Amendment to section 14. 

The entire section is deleted and replaced with: 

“The Banking Code of Practice (BCoP) applies where relevant to your service if you are small business (as defined in BCoP) or an individual.”

Things you should know