Effective 8 August 2022, the current terms and conditions for CommBank’s “International Money Transfers Terms & Conditions” (Branch Printed version) will be amended as set out below.
Update of points under heading “Section 4 – Terms and Conditions” on page 2 and 3 to simplify the sender/remitter’s agreement when sending an IMT from the Branch. Details are set out below;
- First line on page 2 has removed “(you)” and replaced to now read as “The Sender/Remitter agrees:…”
- Point 1 on page 2, wording “International Money Transfer (IMT)” has been removed at the end of this line.
- Point 2 on page 2, wording “will be” has been replaced with “are” on the first line of this point. ”(T&C)” has been added to the second line after “terms and conditions”. The last line stating “all are available on the CommBank website or” have been removed and replaced with “T&C and PDS are able to be requested at Branch.”
- Point 3 on page 2, has been updated with “Money sent overseas is usually available to the beneficiary within three (3) business days of the Bank accepting your instructions. Delays on this timing can be due to numerous reasons outside of the Bank’s control such as the regulatory requirements and market practices of overseas banks, market disruptions impacting either payment processing or funding, system outages at the Bank, a correspondent or beneficiary bank, screening processes associated with international sanctions, additional controls and screening on first time beneficiaries or the currency of the payment is not the local currency of the destination country”
- Point 4 on page 2, has removed the wording “and this is the rate that will apply to your payment”
- Point 5 on page 2, has been updated with We are not liable for:
- any loss (including consequential loss) suffered by you as a result of us acting on your instructions in good faith except where our negligence, fraud or wilful misconduct causes the loss; or
- any costs or losses arising from the actions of other banks
- Point 6 on page 2, removal of the last sentence “We may offer you the option for us to request that all charges be directed to us instead of being deducted from your payment for a fee, in which case we will absorb these costs, however other banks may ignore our instructions in which case we are liable only to the extend to the amount deducted” and now reads as “Other banks may charge processing fees which they may deduct from the payment. For cross-currency IMTs, we will absorb any correspondent bank fees, however other banks may ignore our instruction in which case we are liable only to the extent of the amount deducted. If the other banks charge CBA instead, you must reimburse us for charged fees.”
- Point 7 on page 2, has been updated to “Other banks may convert a payment to a different currency to reach the beneficiary bank. This can occur specifically if the payment is not in the local currency of the country the payment is being sent to. This conversion may happen even if we request the correspondent bank not to convert the payment. If this happens, the CommBank is not liable for any losses resulting to you or the beneficiary.”
- Point 8 on page 3, removal of wording “our fees, and costs we incur to make enquiries to other banks regarding a payment trace, amendment or cancellation as..” and now reads as “There are fees associated with international money transfers you must pay. These fees are set out in our brochure Standard fees and Charges for International Payment and Travel Funds.”
- Point 9 on page 3, has been updated to read “In some circumstances, we may also suspend your access to electronic banking or not process a transaction, without having to provide you notice, where we reasonably consider it is necessary to comply with, for example, our financial crimes policies, any laws in Australian or overseas, or to manage any risk. Where reasonably possible, we may contact you to discuss the details of your transaction. We will not be liable for any loss or damage suffered where we have refused to process a transaction in good faith.”
- Point 10 on page 3, has been updated to read “We collect personal information to identify you for the Anti-Money Laundering and Counter-Terrorism Financing Act 2006. To complete an international payment we will need to transfer personal information to banks outside of Australia as set out in the International Payments Guide.”
- Point 11 on page 3, has been updated to read “If your payment is refused for any reason, we must accept any proceeds that are returned to you. We may credit these funds to an FCA in the same name as the originating account and in the same currency as the returned funds (if you have one) or to the originating account (funds are converted back to that account currency using our applicable foreign exchange rate on the day the funds are credited to your account) – unless you tell us otherwise. The Bank will not be liable for any losses or damage as a result of the return of funds.”
- Point 12 on page 3 beginning with “If any provisions of this agreement is found to be illegal, void or unenforceable …” has been removed.
- Point 13 on page 3, has been updated to be point 12. Wording on the last line stating “where relevant to your service is you are a small business or an individual.” has been removed and updated to now read as “The Banking Code of Practice applies to accounts that are held by individuals or small business customers”
- Point 14 on page 3, has been updated to be point 13. Wording remains unchanged.
