Features & benefits

Wide range of currencies 

Make and receive payments in most convertible currencies through NetBank or the CommBank app.

Save on conversion fees

No need to convert between Australian dollars and foreign currency every time you make or receive a payment. 

Convert when it suits you

Avoid short-term currency fluctuations with the flexibility to hold foreign currency and convert it whenever you like.

Rates & fees

Currencies

Most freely convertible currencies are available. Interest calculation depends on the day count convention for the foreign currency in which the account is held. Available currencies, interest rates and their respective day count conventions are listed here.

Effective date 27 March 2024

Currency

Debit Excess Interest Rate

Credit Interest Rate
Tier 1

Credit Interest Rate
Tier 2

Credit Interest Rate
Tier 3

Credit Interest Rate
Tier 4

Credit Deposit Fee #

Day Count Convention

AED
United Arab Emirates Dirham*

9.10% p.a.

360

CAD
Canadian Dollar

13.65% p.a.

360

CHF
Swiss Franc

10.33% p.a.

360

CZK
Czech Koruna*

14.75% p.a.

360

DKK
Danish Kroner 

12.54% p.a.

360

EUR
Euro

13.00% p.a.

360

GBP
Great British Pound

14.22% p.a.

365

HKD
Hong Kong Dollar

13.43% p.a.

365

HUF
Hungarian Forint*

17.50% p.a.

360

ILS
Israeli New Shekel*

13.50% p.a.

365

JPY
Japanese Yen

8.85% p.a.

0.25% p.a.

360

NOK
Norwegian Kroner

13.42% p.a.

360

NZD
New Zealand Dollar

14.50% p.a.

0 - 59,999
0.00% p.a.

60,000 - 119,999
0.00% p.a.

120,000 - 599,999
4.50% p.a.

600,000+
4.75% p.a.

365

SEK
Swedish Kronor 

13.00% p.a.

360

SGD
Singapore Dollar

13.05% p.a.

365

THB
Thailand Baht

11.48% p.a.

365

USD
United States Dollar

14.33% p.a.

360

ZAR
South African Rand 

16.73% p.a.

0 - 249,999
0.00% p.a.

250,000 - 499,999
4.73% p.a.

500,000 - 2,499,999
5.73% p.a.

2,500,000+
6.73% p.a.

365

* These currencies are only available for Business Foreign Currency Accounts and are subject to eligibility criteria.
# Some currencies have very low or negative interest rates. If you hold an account in one of these currencies, and you are a wholesale client you may incur a Credit Deposit Fee. 

How to apply

  • To be eligible for a Foreign Currency Account, applicants must:

    • Be 18 years or older
    • Hold an eligible CommBank Everyday or Savings account

    Fees may apply to your linked CommBank account.

    Open in NetBank

FAQs

If you’re a CommBank customer, you can buy or sell 9 foreign currencies at selected CommBank branches in exchange for Australian Dollars. All customers can order over 30 foreign currencies online.

For more details visit commbank.com.au/travel/foreign-cash.html

We no longer accept foreign cheques. You can receive payments from outside Australia directly into your account through an International Money Transfer.

You can use an International Money Transfer to send money to:

  • Someone’s mobile number – it’s quick, easy and secure
  • Someone’s international bank account - you’ll need their full name, home address, account name, account number or International Bank Account Number (IBAN) and the SWIFT or Bank Identification Code (BIC) of their bank

Tip: convert your payment into foreign currency and send from NetBank or the CommBank app to lock in the exchange rate and pay a lower transfer fee

  • An International Money Transfer takes around 3 business days to reach the recipient, but may take longer depending on the country and bank
  • IMTs made on a weekend, a public/bank holiday or after the currency cut-off time will be processed the following business day
  • You can trace an IMT if it hasn’t been received

Things you should know

  • 1 Fees may apply to linked accounts e.g. CommBank transaction or savings accounts

    The target market for this product will be found within the product’s Target Market Determination, available here.

    As this advice has been prepared without considering your objectives, financial situation or needs, you should, before acting on the advice, consider its appropriateness to your circumstances. Read our Foreign Currency Account Terms and Conditions before making any decision about this product.  Here’s our Financial Services Guide.