Changes to CommBank terms and conditions documents

Effective 30 September 2025, the current Information Guide titled “International Payments Information Guide” will be amended as set out below.

• On cover page 1, “Foreign Cheques/ Bills (not accepted in any currency from 10 October 2022” will be removed
• On Contents page 2 – Section 2 – Other Information, “Foreign Cheques (not accepted in any currency from 10 October 2022) will be removed
• On page 3, About our services, dot point three “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 Cheque/ Bills will not be accepted in any currency from 10 October 2022” will be removed
• On page 3, - Privacy - “We collect your personal information to:……to complete transactions…”

and “Examples of how we use and share your information:….”will be amended to

“We collect your personal information and beneficiary personal details to:

• identify you for the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 and other purposes”
• share with third parties to complete and validate transactions

and

“Examples of how we use and share your information:

You give us the authority to disclose you and your beneficiary’s full name, date of birth, address and banking details with banks and other payment agents when we process and/or validate your payment.”

• On page 4, in Section 2 – Other Information, subheading Exchange rates, clause amended to “We provide foreign exchange rates on our website, but please keep in mind that they’re indicative only. Your exchange rate gets worked out will update intermittently to reflect market movement as you finalise your payment details. and A final rate will be applied when your transaction is confirmed – regardless of when we process the payment.”
• On page 4, same section under subheading “Using correspondent banks and their commissions, fees or other charges” will be amended to “Using correspondent banks and payment agents, and their commissions, fees or other charges
• On page 4 under the amended subheading “Using correspondent banks and payment agents and their commissions, fees or other charges”  the 2 paragraphs  - will be amended to “We may need to use a correspondent bank or a payment agent in processing your payment. A correspondent bank or payment agent provides services to either CommBank or the beneficiary bank, and act as an intermediary to facilitate the international payment. Any bank or payment agent who receives the payment instruction may apply a processing fee, which under market practice, they will deduct from the payment itself.
• For certain currencies we ask the correspondent bank or payment agent to not deduct their processing charges from the payment, but rather direct their processing charges back to us. CommBank will pay these charges on your behalf for transactions where the payment currency is different to the debit currency (cross-currency) for selected currencies. This does not include any charges deducted by beneficiary banks.”
• Under “Please Note: CommBank is not liable …of other banks, including those we have appointed as correspondent banks” will be amended to “Please Note: Except where caused by our negligence, fraud, or wilful misconduct CommBank is not liable for any costs or losses arising from the actions of other banks or payment agents, including those we have appointed as correspondent banks and payment agents.
• On page 4, in Section 2 – Other Information, subheading “More about correspondent banks” and under first paragraph “Correspondent banks may convert a payment..”, will be amended to “subheading “More about correspondent banks and payment agents” and first paragraph will be amended to “Correspondent banks or payment agents may convert a payment to a different currency to reach the beneficiary.” Sentence three starting with “For example, a payment…” will be amended to “For example, a payment being sent in Australian dollars to New Zealand. This conversion may happen even if we request the correspondent bank or payment agent not to convert the payment. Except where caused by our negligence, fraud or wilful misconduct, CommBank is not liable for any losses resulting to you or the beneficiary.”
• Under amended subheading “More about correspondent banks and payment agents” second paragraph starting with “International payments are generally paid to..” will be amended to “International payments are generally paid to the beneficiary within one (1) to three (3) business days…”
  On first dot point “or payment agents” will be added at the end of the sentence
  On third dot point, it will be amended to “system outages at CommBank, a correspondent, payment agent or beneficiary bank;”
  On fourth dot point “screening and due… overseas banks” will be amended to “screening and due diligence processes undertaken by CommBank, overseas banks and payment agents, associated with international sanctions or a financial crime request, including but not limited to delays connected with:”
• Additional notes  “Please Note: the.. Limitation of Liability” will be amended to “Please Note: CommBank is not liable for any loss or damage from the processing of your transaction where we have acted in good faith, except where the loss or damage was due to our fraud, negligence or wilful misconduct. In addition, the correspondent bank and payment agency acts as our agent and owes  no obligation to you and you have no right to claim against any correspondent bank and payment agency for services they provide to CommBank. Additional information is provided below under Limitation of liability”
• On page 5, under heading International Money Transfers (IMTs), privacy consent and authorisation, “By using our international services,….” Will be amended to “By using our international services, you’re giving us your authority and consent to disclose your personal information to relevant overseas correspondent banks, payment agents and relevant regulatory authorities. This authority and consent is necessary so we are authorised to complete your instruction to send or receive an IMT and respond to a financial crime request as referred to in More about correspondent banks and payment agents”
• New clause “We have the right to disclose information concerning you or any person named in the payment instruction to process or validate your payment.” will be added
• On page 5, Payment processing and fees, paragraph four, dot point three will be amended to “other reasons referred to in More about correspondent banks and payment agents;”
• On page 6, Requests for Information, paragraph 2, will be amended to “If we can’t confirm your instructions or your identity to our satisfaction, then we may delay, block or refuse to process the payment where required by law or risk policy. We will notify you where possible. In this case, CommBank won’t be liable for any costs, losses or damages caused or suffered as a result except where the losses and damages are caused by our negligence.
• On page 6, “To receive a payment for an inward IMT… your BSB number, account number, account name and full business or residential street address..” will be amended to “To receive an IMT … your 6 digit BSB and 8 digit account number (card numbers are not accepted) and full business or residential street address (not being a post office box)”
• On page 6, paragraph 3 last sentence to be amended to “If this happens, we won’t be liable for any resulting loss incurred, unless caused by our own error, negligence, or failure to act reasonably.
• On page 6, “When sending an IMT,…” will be amended to “When sending an International Money Transfer (IMT), it is essential to provide full and accurate beneficiary details. The required information includes:
  • Full Name: The beneficiary's full legal name must be provided. Nicknames or abbreviations are not acceptable;
  • Residential or Business Street Address: A complete residential or business street address of the beneficiary is required. PO Box addresses are not acceptable; and
  • Bank Account Details: Depending on the destination country, you may need additional details like IBAN (International Bank Account Number), SWIFT/BIC (Bank Identifier Code), and / or Local Clearing Identifier/Code
• On page 7, sentence starting with “An IMT is generally paid to the beneficiary...” will be amended to “An IMT is generally paid to the beneficiary within one (1) to three (3) business days from the time we have received your payment instruction. It may however take longer depending on your recipient’s country and bank or if affected by one of the reasons above in More about correspondent banks or payment agents.”
• On page 7, sentence starting with “For investigations relating to both Inward and Outward IMTs…” will be amended to “For investigations relating to both Inward and Outward IMTs we will contact you via the email address that you provide us or via CommBank’s messaging channels available to you, so it is important to ensure that you keep your contact details up to date. If your recipient does not receive your transfer, or you wish to change or cancel your IMT, you can request that a trace/amendment/cancellation be placed on the IMT by:”
• On page 7, paragraphs under the heading “Foreign cheques (not accepted in any currency from 10 October 2022”, including sub header “Dishonours...”, to sub header “Missing consignments” will be removed
• On page 7, paragraph four “This form can be used.. using the CommBank app” will be amended to “This form can be used for IMTs sent in NetBank within the last 6 months. This form cannot be used for IMTs sent from an account that requires authorization from more than one account holder. Please note that amendment requests are not available for IMTs sent via payment agents using the CommBank app.”
• On page 7, Limitation of Liability, second paragraph to be amended to “If any guarantee, term, condition or warranty is implied or imposed in relation to these terms and conditions under the Australian  Securities and Investments Commission Act 2001 or any other applicable legislation (a Non-Excludable Provision) and we are able to limit your remedy for a breach of the Non-Excludable Provision, then our liability for breach of the Non-Excludable Provision is limited to supplying of the services again, or the payment of the cost of having the services supplied again.”

Things you should know

Access the new PDF version of the terms and conditions

• International Payments Information Guide

Effective 15 July 2024, the current Information Guide titled “International Payments Information Guide” will be amended as set out below.

• On page 5, under the heading ‘Privacy’, first point will replace “Anti-Money Laundering/Counter-Terrorism” with Anti-Money Laundering and Counter-Terrorism, and add “and other purposes”
• Third point will be replaced with “use and sharing in line with our Group Privacy Statement – see further below”
• Sentence starting with ‘Our Group Privacy Statement' will be amended to “Our Group Privacy Statement describes how we collect, handle and share your information, for example:”
• The first point under the above sentence will have “other” and “or” removed, “and share” and “with third parties” will be added.
• New sentence “Examples of how we use and share your information” will be added.
• New dot point under the above new sentence “You give us the authority to disclose your full name, date of birth, address and banking details with other banks when we process your payment.” will be added.
• New sentence “We won’t share these details with other customers or use them for marketing purposes.” will be added.
•  On page 7, under the heading ‘More about correspondent banks’, the paragraph starting with ‘Correspondent banks may convert a payment to a different currency...’, in the third last line will have the word “and” removed.
• The first dot point will have “including risk assessments,” added.
• The fourth dot point will be replaced with “screening and due diligence processes, undertaken by CommBank and overseas banks associated with international sanctions or financial crime request, including but not limited to delays connected with:”
• First sub-point under the fourth dot point will be added “CommBank’s risk appetite and financial crime policies;”
• Second sub-point under the fourth dot point will be added “Complying with any applicable law in Australia or overseas including laws relating to International Sanctions; anti-money laundering and counter-terrorism financing including know your customer (KYC); anti-bribery and corruption; tax evasion and tax transparency;”
• Third sub-point under the fourth dot point will be added “Complying with payment Scheme Rules;”
• Fourth sub-point under the fourth dot point will be added “Complying with other regulatory requirements including any request or direction by, or requirement of a Regulator or Payment Scheme Operator”
• New paragraph added “Sanctions means any trade, economic or financial sanctions administered or enforced by the U.S. Department of Treasury's Office of Foreign Assets Control, the United Nations Security Council, the European Union, the UK HM Treasury, the Australian Department of Foreign Affairs and Trade, the New Zealand Ministry of Foreign Affairs and Trade, the Hong Kong Commerce, Industry and Tourism Branch of the Commerce and Economic Development Bureau, the Monetary Authority of Singapore, the Ministry of Finance Japan,  or any other trade, economic or financial sanctions administered or enforced by Australia including the Charter of the United Nations Act 1945 (Cth), the Autonomous Sanctions Act 2011 (Cth), or any other relevant sanctions authority or country.”
• On page 9, under heading ‘International Money Transfers (IMTs), privacy consent and authorisation’, in the paragraph the word “an” will be replaced with “relevant”,  “authority” will be replaced with “authorities”, “an Anti-Money Laundering (AML), Know Your Customer (KYC) or Sanctions” will be removed and replaced with “a financial crime” and “as referred to in More about correspondent banks” will be added.
• Under heading ‘Payment processing and fees’, the fourth dot point “The” has been amended to “the”
• Third paragraph will have “and Australian legal and regulatory requirements” added, and “In these situations, we are not liable for any resultant loss or shortfall.” removed.
• New line added “Where we reasonably consider it is necessary:”
• First dot point added “to comply with any applicable law in Australia or overseas, or our financial crimes policies”
• Second dot point added “to meet requests and requirements of overseas banks;”
• Third dot point added “other reasons referred to in More about correspondent banks”
• Fourth dot point added “to manage any risk”.
• New paragraph added “we have the right to delay, block or refuse to process any payment or transaction, suspend your access to electronic banking without telling you why or providing notice, or incurring any liability if we reasonably believe that allowing the transaction may:”
• First dot point added “breach Sanctions, or any applicable law in Australia or overseas including laws relating to anti-money laundering and counter-terrorism financing, anti-bribery and corruption, tax evasion and tax transparency, Payment Scheme Rules, or any other regulatory requirement including any request or direction by, or requirement of any regulator or Payment Scheme Operator;”
• Second dot point added “cause you or us to lose money (e.g. a fraudulent transaction or scam);”
• Third dot point added “expose you or us to unreasonable risk.”
• New line added “We may also decline a transaction if we reasonably believe that:”
• First dot point added “you haven’t provided all of the information we need.  You must provide us with all information which we reasonably require, and comply with any Australian or international law. We also have the right to disclose information concerning you or any person named in the payment instruction to any law enforcement, regulatory agency or court, where an Australian or other jurisdiction’s law requires us to do so”
• Second dot point added “You can read more about our policies on our website.”
• Proceeding line and dot points have been removed. “We may decline to process the transaction if we believe in good faith that doing so may”, “breach local or international laws such as Anti-Money Laundering or sanctions regulations;”, “cause you or us to lose money (eg. a fraudulent transaction or scam); or”, “expose you or us to unreasonable risk”.
• Paragraph starting with “In some circumstances, we may also suspend your access...” will be removed.
• In paragraph starting with “Where reasonably possible, we may contact you to discuss...”, the last sentence “If we have refused to process a transaction in good faith, we won’t be liable for any loss or damage suffered.” will be removed.
• On page 11, the heading ‘Delayed payment’ will be replaced with “Requests for information”.
• In the second paragraph under this heading, the line “This is known as a delayed payment” will be removed.
• Under the heading ‘Outward International Money Transfer (IMT)’, the sub-heading ‘How we use your information’ and all paragraphs and dot points will be removed.
• New sentence added “When sending an IMTs, the sender and receiver address provided must be the full business or residential street address (not a post office box).”
• Under the sub-heading ‘Payment returns, amendments or cancellations’, the line “if applicable laws in Australia or overseas permit,” will be added. “must” will be replaced with “will”. “Relevant laws allow,” will be added, and “We’ll” will be replaced by “we’ll”.
• The last sentence, “We won’t be liable for any losses or damages caused by the return of an IMT.” will be removed.
• On page 12, under heading ‘How to request an IMT investigation’, in the first paragraph, “usually” will be replaced with “is generally”, “takes” will be replaced with “paid to the beneficiary within”, “to process” will be replaced with “from the time we have received your payment instruction.” The last sentence will add “or if affected by one of the reasons above in More about correspondent banks.”
• The heading ‘Limitation of liability’ and proceeding paragraphs and dot points have been updated “We won’t be liable for any losses or damage caused by taking any actions referred to in the Guide, such as declining a transaction, delay in processing a transaction or the return of an IMT.  Specifically, we’re not liable for any:”
• Dot points added “loss caused by us acting on your instructions in good faith, unless the loss was caused by our fraud, negligence or willful misconduct,” and “delays by other banks in paying your recipient.”
• Paragraph added “Where we agree to supply services to you as a consumer, as defined in the Australian Securities and Investments Commission Act 2001 (the Act), then to the extent permitted under the Act, our liability in relation to any loss you have suffered as a consumer is limited to supplying of the services again or the cost of providing the relevant services again. Nothing in this document shall be taken to exclude liability, which may not be excluded under the Act.”

Effective 30 September 2025, the current terms and conditions for CommBank’s "Standard fees and charges for international payments and travel funds" will be amended as set out below.

• On Page 1, “Draft” product dot point will be removed from the product description covered
• On Page 2, footnote number 4 will be added to the headings “Cancellation and request for funds to be returned” and “Amendment to payment instruction” will read as “4 This form is applicable only for International Money Transfers (IMTs) initiated via NetBank within the past six months. It cannot be used for IMTs sent from accounts requiring multiple authorizations. Please note that amendment requests are not available for IMTs processed through payment agents via the CommBank app; only trace and cancellation requests are permitted for such transactions.”
• On Page 3, Under International Money Transfers Sent, subheading “International Money Transfers (IMTs) sent using NetBank or the CommBank app” paragraph one “The Bank will pay any…. In USD” will be amended to “The Bank will pay any correspondent bank or payment agent 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.”
• On Page 3, subheading “IMTs sent using CommBiz” the first sentence starting with “The option to pay an additional…” will be amended to “The option to pay an additional fee to cover charges by correspondent banks  or payment agents is available for same-currency International Money Transfers (IMTs) sent from a Foreign Currency Account in any of the currencies listed in the table below.”
• On Page 3 paragraph 2, sentence starting with “The Bank will pay…” will be amended to “The Bank will pay the correspondent bank or payment agent fees for cross-currency IMTs, except IMTs in JPY.”
• On Page 4, under heading “International Money Transfers Sent” subheading “Sending an IMT in Branch” paragraph one and two starting with “The Bank will pay… correspondent bank fees.” Will be amended to “The Bank will pay any correspondent bank or payment agent 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 or payment agent fees.”
• On Page 4, Draft pricing table and information associated with repurchase of draft, lost or stolen draft and investigation of issued draft will be removed as the product is no longer offered by The Bank.
• On Page 4, On Receiving Money, additional 2 rows added with “For credit of an AUD account at another bank⁴ - Up to $25.00 per transfer⁴” And “For credit of a Foreign Currency Account at another bank⁴  - Up to $35.00 per transfer⁴ ”
• On Page 5, the below is added
• “The person sending you money will need your full name and home address (PO Boxes cannot be used). They’ll also need:
  • Bank name: Commonwealth Bank of Australia
  • CommBank BIC/SWIFT code: CTBAAU2S
  • Your 6 digit BSB and 8 digit account number (card numbers are not accepted).
  • Account name and address (PO Boxes cannot be used).”
• On Page 7, in the Foreign Currency Account table, “Deposit of foreign currency notes” will be amended to “Deposit of foreign currency notes”
• On Page 7, Other International Products, paragraph 1 on third row “^and Drafts” will be removed

Things you should know

Access the new PDF version of the terms and conditions

• Standard fees and charges for international payments and travel funds

Effective 24 May 2024, the current terms and conditions for CommBank’s "Standard fees and charges for international payments and travel funds" will be amended as set out below.

On page 2, the table ‘Sending money’ will be changed with the following updates:

• On the second row, "^From 1 June, 2023 IMTs previously charged at $6 will be waived" will be deleted. '$6.00^ per transfer" will be amended to 'Waived’.
• On the third row, '$22.00 per transfer’ will be amended to '$30.00 per transfer’.
• On the fourth row, "^From 1 June, 2023 IMTs previously charged at $6 will be waived" will be deleted. '$6.00^ per transfer" will be amended to 'Waived’.

Effective 30 September 2025, the current terms and conditions for CommBank’s “IMT Terms and Conditions for NetBank and the CommBank App” will be amended as set out below.

• First paragraph on page 1 is amended to:
• “Your International Money Transfer (IMT) transaction is governed by these Terms and Conditions, the Electronic Banking Terms and Conditions and the CommBank app Terms and Conditions. If there’s any conflict, the Electronic Banking Terms and Conditions and the CommBank app Terms and Conditions will take precedence”
• Point 2 on page 1, “or payment agent” is added after “other banks” to read as “We (the Bank) may use other banks or payment agents to process this transaction”
• Point 4 on page 1, sentence starting with “Money sent overseas..” will be amended to “Money sent overseas is usually available for payment to the recipient within one (1) to three (3) business days..”
• Point 4 on page 1 third line “(such as international communications breakdowns…)” will be amended to “(such as international communications breakdowns and problems or delays in processing of a payment by other banks or payment agent)” 
• Point 7 on page 1 updated to “Correspondent banks or payment agents may impose fees for processing a payment to the recipient. Normally these fees will be deducted by those banks or payment agents from the payment. For cross-currency IMTs, we will absorb any correspondent bank or payment agent fees, however other banks or payment agents 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.”
• Point 8 updated to “Other banks or payment agents may convert the currency sent into other currencies. In some cases, they may first convert the currency sent to an intermediate currency (such as US Dollars or Euros) prior to conversion to the desired ending currency. This could happen even where the currency sent and the desired ending currency is Australian dollars. We may offer to request non conversion, however other banks or payment agents may ignore our instruction in which case we are not liable for any resultant loss or shortfall.”
• Point 9 on page 1 updated to “You must pay us our fees, and any costs we incur to make enquiries to other banks or payment agents regarding a payment trace, amendment or cancellation as set out in our brochure Standard fees and charges for international payments and travel funds You cannot request an amendment for payments made to a mobile phone number. Request for traces and cancellations can be accepted for this payment type. 

Things you should know

Access the new PDF version of the terms and conditions

• IMT Terms and Conditions for NetBank and CommBank App

Effective 15 July 2024, the current terms and conditions for CommBank’s “IMT Terms and Conditions for NetBank and the CommBank App” will be amended as set out below.

• On page 1, point 4, “first time” has been updated to “first-time” and the last sentence has been added “When sending an IMT, the sender and receiver address provided must be the full business or residential street address (not a post office box)”