|COMMONWEALTH BANK||MIN. TRANSFER||SPEED||FX MARGIN RATE||*GUIDE RATES||MORE DETAILS|
|GBP £ - to AUD||NO MINIMUM||5/7 DAYS||6.0%||$1.697|
|EUR € - to AUD||NO MINIMUM||5/7 DAYS||6.0%||$1.458|
|TORFX||MIN. TRANSFER||SPEED||FX MARGIN RATE||*GUIDE RATES||MORE DETAILS|
|GBP £ - to AUD||FROM £250||FROM 1 DAY||0.7%||$1.793|
|EUR € - to AUD||FROM £250||FROM 1 DAY||0.7%||$1.54|
Table *GUIDE RATES are updated daily (Monday to Friday) at 09:00 GMT.
Save on the exchange rate when transferring money overseas from your Commonwealth Bank account in Australian dollars, UK pounds, the euro & other currencies. Commonwealth Bank international money transfers to or from Australia have higher transaction charges, due to a less competitive exchange rate offered by Commonwealth Bank. Skip to: Australia Money Transfer Specialists
Typically, sending funds to or from your Commonwealth Bank account in Australian dollars or UK pounds will involve a margin rate of 6.0% – much higher than most currency broker rates (typically 0.7 to 1.0%).
Sending foreign currency to or from your Commonwealth Bank account in Australia needn’t be a complex matter, moreover, you can save time and money when you use a specialist currency broker instead.
Specialist foreign exchange companies including our recommended providers here can save you money and time on the transaction. Our recommendations are based on international coverage and office locations together with the lowest foreign exchange margin rates offered.
Example: A typical overseas currency transfer of $100,000 Australian dollars (AUD) using Commonwealth Bank services would have a transaction exchange rate margin of around 6.0% – or $6,000 AUD. Using a specialist broker, in this example TorFX – the exchange rate margin would work out at 0.7% – or only S700 AUD in total, which is a large saving over the bank service.
International money transfers from Commonwealth Bank could take longer to arrive than using a private currency exchange provider and you will also need to be an existing Commonwealth Bank account holder to use their services. Commonwealth Bank may additionally charge a flat rate commission fee when sending money abroad into another currency and bank transfer commission fees vary depending on the amount you need to transfer. Private brokers offer commission free currency transfers, typically over a value of $5000.
Unless you pay a premium, Commonwealth Bank’s service will take from 5 to 7 days for your funds to arrive at the destination bank. Private foreign exchange companies typically complete the transaction either same day, or next day.
Commonwealth Bank of Australia (also known as CBA or Commbank) was created in 1911 and is one of the major banks in Australia, operating over 4,000 Australian banking branches nationally with more than 800,000 customers.