Cheques

  • Effective 11 April 2022, Commonwealth Bank of Australia’s (CommBank) “Standard fees and charges for international payments and travel funds.” leaflet; “International Payments Information Guide”; and “Foreign Currency Accounts. Terms and Conditions” are amended as set out below.

    Why are we making the changes?

    The updates are to reflect that CommBank will not accept:

    • Foreign Currency Cheques, Foreign Cheques/Bills in any currency for new accounts that are opened on or after 11 April 2022.
    • Foreign Currency Cheques, Foreign Cheques/Bills in any currency for all accounts from 10 October 2022.

    Amendments to the Standard fees and charges for international payments and travel funds. leaflet (issued 27 October 2021)

    On the cover page (page 1), the third dot point is deleted and replaced with:
    “• Foreign Cheques/Bills (not accepted in any currency from 10 October 2022)”

    On page 5, the heading of the second table is deleted and replaced with:
    “Foreign Cheques/Bills (not accepted in any currency from 10 October 2022) 7

    On page 5, new footnote 7 is added:
    “ 7  Foreign Cheques/Bills will not be accepted in any currency for new accounts opened on or after 11 April 2022.”

    Amendments to the International Payments Information Guide (issued 5 October 2021):

    On the cover page, the second dot point is deleted and replaced with:

    “• Foreign Cheques/Bills (not accepted in any currency from 10 October 2022)”

    On page 2 the item in the “Contents” and on page 8 the corresponding heading that each read “Foreign cheques” are deleted and replaced with:
    “Foreign cheques (not accepted in any currency from 10 October 2022)”

    On page 3, the third dot point under the heading “About our services” is deleted and replaced with:
    “•  deposit foreign cheques to your accounts (not accepted in any currency for new accounts opened on or after 11 April 2022). Note: For all accounts, Foreign Cheques/Bills will not be accepted in any currency from 10 October 2022.”

    Amendments to the Foreign Currency Accounts. Terms and conditions (issued 13 December 2021)

    On page 17, Part ‘3.1 Fees’, at the end of that Part a new paragraph is added:

    Important Note:  Foreign Currency Cheques (Foreign Cheques/Bills) will not be accepted in any currency for new accounts opened on or after 11 April 2022. For all accounts, Foreign Cheques/Bills will not be accepted in any currency from 10 October 2022.”  

International Money Transfers

  • Effective 11 April 2022, Commonwealth Bank of Australia’s (CommBank) “Standard fees and charges for international payments and travel funds.” leaflet; “International Payments Information Guide”; and “Foreign Currency Accounts. Terms and Conditions” are amended as set out below.

    Amendments to the Standard fees and charges for international payments and travel funds. leaflet (issued 27 October 2021)

    On page 3, under the heading ‘IMTs sent using CommBiz’ the first paragraph under the table is deleted and replaced with:

    “The Bank will pay the correspondent bank fees for cross-currency IMTs, except IMTs in JPY.”

    Amendments to the IMT Terms and Conditions for NetBank and the CommBank app. (issued 27 October 2021)

    On page 2, item 7, the final sentence beginning “The Standard fees and charges….” is deleted.

    On page 2, item 12, delete everything after “Funds may be credited to” in the second sentence and add:
    “:

    • a Foreign Currency Account that is in the same name as the originating account and the same currency as the returned funds (if you have one); or
    • the account that the IMT was originally debited from, unless the sender instructs otherwise, and will be converted back to the currency of your original funding account, using the Commonwealth Bank’s applicable foreign exchange rate on the day the return is credited to your account.

    The Bank will not be liable for any losses or damages as a result of the return of funds.”

    Amendments to the International Payments Information Guide (issued 5 October 2021)

    On page 4, under the heading ‘Using correspondent bank and their commissions, fees and other charges’, in the first sentence of the second paragraph, “can” is deleted.

    On page 7, under the heading ‘Payment returns, amendments or cancellations’, delete everything after “We’ll credit this money to” in the second sentence and add:
    “:

    • a Foreign Currency Account that is in the same name as the originating account and the same currency as the returned funds (if you have one); or
    • the account that the IMT was originally debited from – unless the sender instructs us to credit them to another account. The money will be converted back to the currency of your original funding account, using CommBank’s applicable foreign exchange rate on the day the return is credited to your account.

    We won’t be liable for any losses or damage caused by the return of an IMT.”