Leslie Massey
If you want to send money from the UK to a Commonwealth Bank account in Australia, there are a few things you should know. Commonwealth Bank customers can receive money from abroad via the SWIFT network, which handles most overseas transactions between banks. To transfer money to someone in Australia, you'll need their full name, home address, account number or International Bank Account Number (IBAN), and the SWIFT or Bank Identification Code (BIC) of their bank. You can use the CommBank app or NetBank to send money to over 200 countries in more than 30 currencies, and the transfer fee will be waived.
| Characteristics | Values |
|---|---|
| Recipient's details required | Full name, home address, account number or IBAN, SWIFT or BIC of their bank |
| Transfer fee | Waived when using NetBank, the CommBank app, or CommBiz (excludes AUD to AUD) |
| Correspondent bank fees | Covered when sending an IMT in any currency, as long as the originating account currency is different from the payment currency |
| Payee's bank fees | Not covered by CommBank |
| Transfer limit | Can be checked and increased in NetBank or the CommBank app |
| Exchange rate | Can be checked before transferring |
| Transfer time | Typically 3 business days, but may vary depending on the recipient's country and bank; transfers made on weekends, holidays, or after the currency cut-off time will be processed the next business day |
| Tracing payments | Payment tracker available in NetBank using the Unique End-to-Tracking Code (UETR) |
| SWIFT transfer fees | The sender can choose between options like OUR, SHA, or BEN, which affect how transfer fees are shared |
| Exchange rate impact | Banks with rates lower than the mid-market rate may result in less money for the recipient |
| Customer service | Fast-track access through the CommBank App |
| Alternative options | The Wise Account enables storing 40+ international currencies and provides local account details for various currencies, but lacks features like interest, loans, and deposit protection |
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What You'll Learn
Transfer fees and correspondent bank fees
When sending money from the UK to a Commonwealth Bank of Australia account, you may be charged transfer fees and correspondent bank fees.
Transfer fees
The Commonwealth Bank of Australia (CommBank) charges fees for international money transfers (IMTs). The fees depend on the type of account and whether the transfer is made in Australian dollars (AUD) or a foreign currency. For example, transferring funds to a CommBank AUD account incurs an $11 fee, while transferring to a foreign currency account at another bank incurs a $35 fee.
However, CommBank waives the transfer fee when sending money overseas using NetBank or the CommBank app, excluding AUD to AUD transfers. Additionally, if you convert your payment into foreign currency and send it through NetBank or the CommBank app, you can lock in the exchange rate and avoid the transfer fee.
Correspondent bank fees
When sending money internationally, it often goes through the SWIFT network, a system of banks that facilitate the payment until it reaches the destination country. These intermediary banks, known as correspondent banks, may charge fees for their services. The correspondent fee can be an outgoing transfer fee from your bank, an intermediary fee from the correspondent bank, or an incoming fee charged by the recipient's bank.
Correspondent bank fees are typically unpredictable and vary from USD 10 to USD 100 or more per transfer. These fees are often deducted directly from the transferred funds without prior knowledge or permission. They usually apply when sending money to a country or bank with which your bank does not have a direct relationship.
To avoid correspondent bank fees, consider using a money transfer provider instead of a traditional bank. Well-known providers include TransferWise, Azimo, Remitly, and WorldRemit, which often offer clearer and more affordable fees. Alternatively, you can request that the sender covers all correspondent charges by opting for OUR charges.
CommBank absorbs correspondent bank fees for transfers made through NetBank, the CommBank app, or in-branch transactions, excluding Japanese Yen transfers.
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Payment tracking
To track payments sent from the UK to a Commonwealth Bank account in Australia, you can use the CommBank payment tracker. This service is available for both senders and receivers of International Money Transfers (IMTs).
Using the CommBank Payment Tracker
To use the payment tracker, you will need the Unique End-to-Tracking Code (UETR). This is a 36-character code that can be found in your payment details. Once you have the UETR, simply log on to NetBank and enter the code to check the status of your IMT.
Other Payment Tracking Options
Aside from using the CommBank payment tracker, you can also try the following options to track your payment:
- Contact the sending bank: The bank sending the money can trace the payment and provide an approximate date of arrival.
- Check the CommBank app: The CommBank app provides fast-track access to customer service, which may be able to assist with payment tracking.
- Use Wise: Wise is a service that enables you to receive payments locally and pay out locally to your CommBank account, bypassing the need for international transfers.
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Recipient's details
To receive money from the UK into your Commonwealth Bank of Australia account, you will need to provide the sender with your full name and home address. They will also need your 6-digit BSB and 8-digit account number, as well as the account name and address.
The sender will also need the SWIFT or Bank Identification Code (BIC) of the Commonwealth Bank of Australia. This is used to identify the bank and facilitate the transfer of funds between financial institutions.
It is important to note that the sender may be charged a fee for using the SWIFT network, as multiple intermediary banks may be involved in the transfer. These intermediary banks may charge a fee for their services, and these fees can vary from country to country.
To save on fees, the sender can check the payment status using the Commonwealth Bank's payment tracker before lodging a trace. Additionally, if the sender converts the payment into foreign currency and sends it from their NetBank or the CommBank app, they can lock in the exchange rate and waive the transfer fee.
It generally takes three business days for the transfer to reach your account, but it may take longer depending on the recipient's country and bank. Transfers made on weekends, public/bank holidays, or after the currency cut-off time will be processed the following business day.
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Currency conversion
Step 1: Understanding Currency Conversion Options
Commonwealth Bank Australia offers currency conversion services to its customers. You can utilise their Foreign Exchange Calculator to determine the latest exchange rates for buying or selling foreign currency, including converting Australian dollars to foreign currency and vice versa.
Step 2: Choosing the Right Transfer Method
Commonwealth Bank Australia waives the transfer fee when you send money internationally using NetBank or the CommBank app, excluding AUD to AUD transfers. This means you can save on fees by using these platforms for your currency conversion and transfer.
Step 3: Providing Recipient Details
To initiate the transfer, you will need to provide the full name, home address, account number, and International Bank Account Number (IBAN) of the recipient. Additionally, you will require the SWIFT or Bank Identification Code (BIC) of their bank.
Step 4: Locking in the Exchange Rate
If you convert your payment into foreign currency using NetBank or the CommBank app, you can lock in the exchange rate. This ensures that you benefit from the current rate and protects you from potential fluctuations.
Step 5: Transfer Timing
Transfers generally take three business days to reach the recipient, but this may vary depending on the recipient's country and bank. Transfers made on weekends, public holidays, or after the currency cut-off time will be processed on the following business day.
By following these steps and utilising the currency conversion services offered by Commonwealth Bank Australia, you can efficiently transfer money from the UK while optimising exchange rates and minimising associated fees.
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Transfer timing
When transferring money from the UK to a Commonwealth Bank account in Australia, it's important to consider the timing of the transaction. International money transfers (IMTs) typically take between 1 to 3 business days to process. However, it's worth noting that the specific timing can vary depending on the bank and the country from which the money is being sent.
The SWIFT network, which handles most international transactions between banks, is commonly used for these transfers. It's important to be aware that multiple "intermediary" or "correspondent" banks may be involved in the transfer, and each of these banks may charge a fee for their services. These fees can impact the overall timing of the transfer, as they may need to be negotiated and agreed upon by the sender and their bank.
To ensure a smooth and timely transfer, it's crucial to have accurate recipient information. When sending money to someone in Australia with a Commonwealth Bank account, you will need their full name, home address (PO boxes are not accepted), account number, and the SWIFT or Bank Identification Code (BIC) of their bank. Providing incorrect or incomplete information may result in delays or even a failed transfer.
Additionally, it's important to consider the currency exchange rate at the time of the transfer. The exchange rate can fluctuate, and banks may set their own rates. This can impact the amount received by the recipient. Using a foreign exchange calculator can help you understand the expected amount in the chosen currency.
Finally, the timing of your transfer can also depend on when it is initiated. Transfers made on weekends, public or bank holidays, or after the currency cut-off time will typically be processed on the following business day. Therefore, it's advisable to initiate your transfer during regular business days to avoid potential delays.
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Frequently asked questions
To transfer money to a Commonwealth Bank account in Australia, you will need the recipient's full name, home address, account number or International Bank Account Number (IBAN), and the SWIFT or Bank Identification Code (BIC) of their bank. You can then use the CommBank app or NetBank to make the transfer.
When sending money from the UK to a Commonwealth Bank account in Australia, there may be transfer fees involved. These fees can vary depending on the banks involved in the transfer. The person sending the money can ask their bank to choose between different options that affect how the transfer fees are shared, such as OUR, SHA, or BEN. Additionally, there may be correspondent bank fees charged by the recipient's bank.
It generally takes around three business days for the transfer to reach the recipient's Commonwealth Bank account. However, it may take longer depending on the recipient's bank and the time of the transfer. Transfers made on weekends, public holidays, or after the currency cut-off time will be processed the following business day.
