Commbank International Money Transfer: All You Need to Know 2024
This article will cover everything you need to know about Commbank international transfers including: how much they cost, how long they take, and how to arrange your payment.
Commbank is a popular and safe Australian bank – but when it comes to sending money abroad, it may not be the best option available. This guide walks through how Commbank international money transfers work – and also highlights alternatives which may be cheaper, faster and more convenient, like Wise and OFX.
Commbank international money transfer comparison
Let’s kick off with a comparison of what sending money with Commbank might cost compared to using a different – non-bank – provider.
It’s good to understand that several different fees may apply when you send a payment overseas with a bank – which may be more or less easy to see:
- Transfer fee – often a fixed cost paid to your own bank – usually easy to find in your account terms and conditions
- Exchange rate markup – a percentage fee added to the exchange rate used – to spot this you’ll need to compare the bank’s rate with the mid-market rate from Google
- Third party charges – paid to intermediaries – you might not know the cost of these before you initiate the payment
The easiest way to see the impact of these charges is to figure out what your recipient might get when you send your payment with different providers.
Here’s a worked example. We’ll imagine we’re sending an online payment to a friend in the US. We’ll send 1,000 AUD, to be received into an account in US dollars:
| Sending 1,000 AUD with: | Recipient gets: |
| Commbank | 647.05 USD |
| Wise | 669.99 USD |
| OFX | 653.79 USD |
| Western Union | 662.04 USD |
*Fees and rates correct at time of research – 3rd September 2024
In this example, your recipient gets the most if you send your payment with Wise.
In this example, the Commbank international transfer fee was actually 0 AUD. However, the fee you pay here is just rolled up into the exchange rate you get – known as adding a markup. That’s an extra charge which can quickly mount up on higher value payments, dwarfing any other fees you might have to pay by a significant margin.
Banks exchange rate markups vary a lot but can be around 3% for many currency pairs. That represents an extra 150 AUD fee on a transfer worth 5,000 AUD. More on fees later.
More about the alternatives to Commbank
Let’s look in more detail at a couple of Commbank alternatives which can often offer fast transfers with low fees and great exchange rates. Non-bank providers are still regulated and safe to use, but don’t have the overheads that a bank does. This can mean cheaper services for customers.
Wise
Open a Wise account online or in app, to send payments to 160+ countries, quickly or even instantly. Currency conversion uses the mid-market rate with low fees from 0.33%
If you send and receive payments a lot you may also want to open a Wise account, and order a Wise card. Accounts can hold and exchange 40+ currencies and let you receive international transfers with local account details in 8+ currencies, and SWIFT details in additional currencies.
OFX
OFX customers can create an account to send 50+ currencies all over the world, by phone, in the app or online. Transfers can arrive quickly, and are usually in the recipient’s account in 1 or 2 days. There’s no transfer fee for payments worth over 10,000 AUD, with a small charge of 15 AUD for lower value transfers. As part of the currency conversion process, an exchange rate markup is applied to the mid-market rate.
OFX also offers more complex currency risk management products and 24/7 phone service.
Commbank international transfer fees
The Commbank international transfer fees you pay will depend on how you set up your transaction. Usually the stated fees are lowest if you send online and allow the bank to convert currency for you – in this case you may find that upfront fees are waived, but currency conversion costs still apply in the form of an exchange rate markup. Here’s a quick summary of the Commbank international transfer fees you should know about:
| Service | Commbank fee |
| Send money in a branch | 30 AUD (exchange costs may also apply) |
| Send money online or in app – currency conversion required | No transfer fee (exchange costs may apply) |
| Send money online or in app – in AUD, with no conversion | 30 AUD |
| Send money online or in app – from a foreign currency account | No transfer fee (third party fees may apply) |
| Third party fees (if applicable) | 17 AUD – 37 AUD |
| Receive a payment | Up to 11 AUD |
Commbank additional fees
We mentioned third party costs in the table above. When Commbank processes money transfers set up online or in app, which require currency conversion, the bank will absorb these costs. However, if you’re sending money from a foreign currency account – so from your GP balance to a UK account in GBP for example – extra fees apply. These vary by currency, and cover the costs of correspondent banks involved in the transaction. Fees run from 17 AUD to 37 AUD.
Commbank international transfer receiving fees
The fees you pay to receive a payment to Commbank from overseas can be up to 11 AUD.
How to receive money with Commbank from abroad
If you’re expecting a payment from overseas into your Commbank account you’ll need to give the sender your account number, BSB and the Commbank SWIFT/BIC code to make sure the money arrives safely. Pass this information to the person sending you money and then simply wait for iit to arrive.
Commbank exchange rate
Commbank sets its own exchange rate. To do this they’ll take the mid-market exchange rate – which is the one you find on Google – and add a markup, or margin. This is a percentage charge which covers the bank’s costs and revenue.
This practice is very common, but it pushes up costs and makes it harder to see exactly what you’re paying for your transfer. Plus, as a percentage cost, it increases steeply when you send higher value payments.
Bank exchange rate margins are often about 3%. Here’s how the exchange rate markup builds up with a 3% margin used for different transfer values:
- Sending 1,000 AUD – the exchange rate markup adds 30 AUD to the total
- Sending 5,000 AUD– the exchange rate markup adds 150 AUD to the total
- Sending 50,000 AUD – the exchange rate markup adds 1,500 AUD to the total
Commbank international transfer limits
You can send payments of up to 5,000 AUD online or using your mobile banking service. If you’re sending over this amount you must do so in a branch. Upper limits for branch payments may vary depending on your account, but a member of the service team will advise you if your payment is over your account limit when you call in.
How long does an international transfer take with Commbank?
When you send money overseas with Commbank it takes 3 business days to arrive on average – and sometimes longer depending on the recipient’s country and bank.
Bear in mind also that transfers made on a weekend, a bank holiday or after the currency cut-off time won’t start to be processed until the following business day, which could further slow the delivery time.
Here’s a rundown of the delivery times for Commbank compared to the popular specialist providers we looked at earlier:
- Commbank: 3 business days
- Wise: 90% of payments arrive in 24 hours
- Western Union: Up to 2 days
- OFX: 1 – 2 business days
Pros and cons of transferring money abroad with Commbank
Pros:
- Familiar and secure service
- Arrange your payment online, using mobile banking or in a branch
- No upfront transfer fee for most online payments
Cons:
- Exchange rates include a markup
- Sending from a foreign currency account can incur extra fees of 17 AUD – 37 AUD
- Payments over 5,000 AUD must be sent in a branch – costing 30 AUD
Using your bank for your international transfer may seem like an obvious solution – but if your bank uses an exchange rate markup you might find it’s a lot more expensive in the end compared to alternative digital non-bank providers. Take a look at the end costs of your bank compared to using a specialist like Wise, which uses the mid-market exchange rate and a transparent charge from 0.33% for international money transfers.
How to make an international transfer with Commbank
If you are sending a payment under the value of 5,000 AUD you must do so online or in the CommBank app. Higher value payments can only be sent in a branch, incurring higher fees.
Here’s how to send an international money transfer in NetBank or the CommBank app:
- Log on to NetBank or the Commbank app
- Online, choose Transfers and BPAY then International Money Transfer – in the app tap Pay Someone, then Overseas transfer
- Choose where you’re sending to, and enter the amount to send
- Add the recipient’s details or select from your recipient list
- Check everything over and confirm the payment
What information do you need to make an international transfer with Commbank?
Here’s the information you’ll need to send a Commbank international money transfer:
- Your recipient’s name and address
- The name and address of the recipient’s bank
- Your recipient’s bank account number or IBAN
- Your recipient’s bank’s SWIFT/BIC code
Countries to send money with Commbank
Send money in 30+ currencies, to a broad selection of currencies, with Commbank.
Commbank SWIFT code
The Commbank SWIFT/BIC code is: CTBAAU2S
A SWIFT code is needed to make sure that international payments arrive safely into the recipient’s account. It’s a unique identifier linked to your bank, so the overseas bank sending the money knows where the transfer is headed, with no possibility of confusion.
Conclusion
Sending money abroad with Commbank might feel like the obvious option – but it isn’t the only choice. Using a bank may not be the cheapest, fastest or most convenient way to process your international money transfer – instead, specialist providers can often offer an intuitive user experience, low costs and great exchange rates.
Shopping around and comparing a few different providers before you set up your international transfer is the best way to know you’re getting the right fit for your specific needs.
Commbank international bank transfer FAQs
How much does a Commbank international transfer cost?
Commbank waives the transfer fee for many online and in app payments – but there’s still an exchange rate markup, which can push up the costs without you even knowing it. Compare the end costs with alternatives like Wise to see which is cheaper for your needs.
How long does a Commbank international money transfer take?
An overseas payment with Commbank takes 3 business days to arrive on average.
How to transfer money internationally with Commbank?
If you are sending a payment under the value of 5,000 AUD you must do so online or in the CommBank app. Higher value payments can only be sent in a branch, incurring higher fees.
