Commonwealth Bank: How to Transfer Money Overseas

The Commonwealth Bank is one of Australia’s largest banks and therefore has a global network of branches and strategic partnerships.

You might find yourself needing to transfer money overseas, perhaps to pay for education or investment property abroad, or simply to support your partner or family member in another country.

The process for transferring money overseas will differ depending on your circumstances, but the basics remain the same regardless of which bank you use.

The first step is to locate an institution that will handle the transfer on your behalf.

The following details how to transfer money overseas from the Commonwealth Bank so you can take care of business no matter where in the world you reside.

What You Should Know Before Transferring Money Overseas

transfer money overseas

Before you start moving money, you should consider a few key factors. These will determine the best way to transfer money overseas and make the process run as smoothly as possible.

Target country: The first thing to consider is the country you will be sending money to. Some countries are more expensive than others, and transaction costs also vary between financial institutions.

Exchange rate: The exchange rate between Australian dollars and the currency of the country you’re transferring to is important. The Commonwealth Bank offers a regularly updated online exchange rate calculator so you can see how the value of your money changes as the exchange rate fluctuates.

Transfer method: There are two main methods for transferring funds from Australia to another country: wire transfer and direct debit. Although direct debit may be cheaper in the short term, a wire transfer is generally the most secure way to transfer money overseas.

Payment date: The date on which you settle the payment is also an important consideration. If you’re paying a mortgage or investment property loan overseas, you may need to check if the payment date is different from what you’re used to.

How to Transfer Money Overseas with CommBank

The Commonwealth Bank offers various ways to transfer money overseas through bank branches and online and phone transfers. You can also send funds using CommBank’s Smart Money app, which offers the same services. –

Bank branches: If you have a personal relationship with one of the Commonwealth Bank’s overseas branches, you may be able to transfer funds in person.

Online: Transfers online are generally more efficient

  1. Log on to NetBank
  2. choose Transfers and BPAY
  3. Select International Money Transfer.
  4. Choose the destination country
  5. Add the recipient’s details
  6. Double-check that the details you’ve entered are correct

Commbank app: The Commonwealth Bank’s Smart Money app allows you to make international money transfers from your phone or tablet.

  1. Log on to the CommBank app
  2. Click Pay Someone
  3. Overseas transfer (to pay someone in your international address book) or “+” (to pay a new recipient)
  4. Choose the destination country
  5. Add the recipient’s details
  6. Double-check that the details you’ve entered are correct

Bank Online Using Your Mobile or Tablet

Online account access is the safest and most convenient way to manage your finances, especially when you’re looking to transfer money overseas.

Commonwealth Bank offers premium customers access to CommBanking, along with a range of premium features. These include Commbank, which allows you to make payments through the CommBank mobile app, and CommSec, CommBank’s online share trading platform.

If you’re new to CommBank and want to bank online, you’ll need to visit CommBank’s website and register for an account.

Even if you prefer to manage your finances over the phone, it’s still a good idea to sign up for an online CommBank account so you can access the features later.

You can use the CommBank website to transfer funds, pay bills and view your account balance. You can also manage your CommBank credit card online.

Fees for Overseas Transfers with CommBank

When choosing a bank to transfer money overseas, it’s important to understand the associated costs. CommBank offers a clear breakdown of its fees online, so you can make an informed decision based on your circumstances.

Generally speaking, the cost of overseas transactions will depend on the amount you’re transferring, the recipient’s location, the payment method, and your CommBank account type.

CommBank offers a range of products to suit different customer needs and budgets.

Fees may also differ depending on which country the recipient lives in, so make sure to check the Commbank website for up-to-date information.

Also remember that your bank will likely charge you a fee to receive funds from another institution, so it’s always best to give them as much as you can to avoid this.

Sending an IMT using NetBank or the CommBank app

Issued via a branch$30.00 per transfer
payment issued using the CommBank app or NetBank. Money that was taken out of a AUD account and exchanged into another currency.$6.00 per transfer
issued using the CommBank app or NetBank. Amounts debited and credits in AUD$22.00 per transfer  
issued using the CommBank app or NetBank. money that was taken out of a foreign currency account.$6.00 per transfer
Cancellation and demand for a refund of payments$25.00 per request plus overseas bank’s costs
Modification of payment instruction$25.00 per request plus overseas bank’s costs
A sent international money transfer is being looked into.$25.00 per investigation includes any subsequent follow up request

Receiving an IMT using NetBank or the CommBank app

In order to credit an Australian currency (AUD) account with the Commonwealth BankUp to $11.00 per transfer  
For credit of a CommBank Foreign Currency AccountUp to $11.00 per transfer
For credit of an AUD account at another bankUp to $25.00 per transfer
For credit of a Foreign Currency Account at another bankUp to $35.00 per transfer
Payment by bank chequeUp to $20.00 per cheque

Which Method is Best for Your Situation?

Wire transfers are generally the best option for larger amounts that need to be transferred quickly. This is a good choice if you’re transferring money to purchase real estate, considering the time and effort required to open a foreign bank account.

Direct debit is a secure way to transfer smaller amounts, but it can take longer to go through. Consider this method if you’re supporting a family member or partner who lives abroad.

This is also a good option if you buy smaller items, such as textbooks for school.

Sending Large Sums Overseas

If you need to send large sums of money overseas, you may want to consider a foreign exchange company. These organizations will work with your bank to settle the transaction in a safe, timely manner.

You can also use a money transfer broker. This is a third-party organization that will help you find the best rate for your transfer.

You could also use a peer-to-peer platform to send money internationally, but make sure you’re signing up for a reputable site that’s regulated by the Australian Securities and Investments Commission (ASIC).

A final option is to use a foreign currency exchange company. This company will buy Australian dollars and sell you their equivalent in the currency you need.

Keep in mind that the exchange rate may not be in your favour.

Conclusion

If you’re planning on transfer money overseas, it’s important to consider your options.

The Commonwealth Bank offers competitive rates and various payment methods, so you can choose the option that works best for your situation.

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