Ruqayyah Snyder
If you want to send money to a Commonwealth Bank account in Australia from India, you can do so by transferring money to the recipient's bank account. To do this, you will 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 make the transfer through the international banking system into the recipient’s Commonwealth Bank account in Australia. The transfer fee is up to $11, and there may be additional fees charged by intermediary banks involved in the transfer. The transfer generally takes three business days to reach the recipient but may take longer depending on the bank and country.
| Characteristics | Values |
|---|---|
| Recipient's details required | Full name, home address, account number or International Bank Account Number (IBAN), 6-digit BSB, 8-digit account number |
| Sender's bank details required | SWIFT or Bank Identification Code (BIC) |
| Transfer fee | Waived when using NetBank or the CommBank app for transfers in different currencies |
| Correspondent bank fees | Covered by CommBank when using NetBank, the CommBank app, or CommBiz |
| Payee's bank fees | Not covered by CommBank |
| Transfer limit | Can be checked and increased in NetBank or the CommBank app |
| Exchange rate | Should be checked before transferring |
| Transfer time | Typically 3 business days, but may vary depending on the recipient's country and bank |
| Processing days | Transfers made on weekends, public/bank holidays, or after the currency cut-off time will be processed the next business day |
| Fee for receiving money from overseas | Up to $11, depending on arrangements with overseas banks |
| SWIFT transfer fee options | OUR, SHA, or BEN |
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What You'll Learn
Transfer fees and charges
When transferring money from India to a Commonwealth Bank account in Australia, there are a few fees and charges that you should be aware of. Firstly, the fee charged by CommBank for receiving money from overseas into a CommBank account is up to $11 AUD. This fee depends on the arrangements with overseas banks, so it may vary depending on which bank in India is sending the money. However, $11 AUD should be the maximum fee if it's an international money transfer (IMT) into a Commonwealth Bank account.
In addition to the CommBank fee, there may be intermediary bank fees involved. International transfers are typically sent via the SWIFT network, which often involves multiple intermediary banks in addition to the sending and receiving banks. Each of these intermediary banks may charge a fee for their service, which can result in a reduction in the amount received by the recipient. To ensure that the recipient receives the intended amount, CommBank offers the option to pay these intermediary bank fees in some instances, particularly when making a cross-currency IMT through NetBank, the CommBank app, or in-branch.
When using CommBank's NetBank or mobile app to send money overseas, they waive the transfer fee (excluding AUD to AUD transfers). Additionally, they absorb any correspondent bank fees for these transfers. However, if you use other CommBank services like CommBiz, you may need to pay correspondent bank fees for certain types of transfers.
It's important to note that the exchange rate can also impact the overall cost of the transfer. Banks may set their own exchange rates, which may be lower than the mid-market rate, resulting in a lower amount being received by the recipient. Therefore, it's advisable to compare the offered exchange rate to the mid-market rate using an online currency converter.
Lastly, there may be fees charged by the sending bank in India for initiating the international transfer. These fees can vary depending on the specific bank and the type of transfer. It's recommended to check with the sending bank in India to understand their fee structure for international transfers.
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Required recipient details
To receive money from India into your Commonwealth Bank of Australia account, you will need to provide the sender with the following details:
- Your full name and home address.
- Your 6-digit BSB and 8-digit account number. Please note that card numbers are not accepted.
- Account name and address. Please note that PO Boxes cannot be used.
Additionally, the sender will need the Commonwealth Bank of Australia's CommBank BIC/SWIFT code, which is available on their website. This code is used to identify the bank and facilitate the international transfer of funds.
It is also important to note that there may be fees associated with receiving money from overseas into your Commonwealth Bank of Australia account. The fee from CommBank itself for receiving money from overseas is up to $11, but this may vary depending on the sending bank. There may also be additional fees charged by intermediary or correspondent banks involved in the transfer process.
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Transfer methods
If you want to transfer money to a Commonwealth Bank account in Australia from India, there are a few methods you can use. Here is a step-by-step guide on how to do it:
Using NetBank or the CommBank app
You can send money to a Commonwealth Bank account in Australia from India using NetBank or the CommBank app. Here are the steps you need to follow:
- Log in to your NetBank account or the CommBank app using your secure credentials.
- Navigate to the "International Money Transfer" (IMT) section.
- Enter the recipient's full name, home address, account number, and International Bank Account Number (IBAN) if available.
- Provide the SWIFT or Bank Identification Code (BIC) of the Commonwealth Bank in Australia. The BIC/SWIFT code for CommBank is a six-digit Bank State Branch (BSB) number and an eight-digit account number.
- Enter the amount you wish to transfer and select the currency (in this case, Australian Dollars, AUD).
- Review the exchange rate and any applicable fees. By converting your payment into foreign currency and sending it through NetBank or the CommBank app, you can lock in the exchange rate and avoid transfer fees.
- Confirm the transaction details and proceed with the transfer.
Through a CommBank Branch
If you prefer a more traditional approach, you can visit a local branch of the Commonwealth Bank in India (if available) or your local bank to initiate the transfer. You will need to provide the following details:
- Recipient's full name and home address.
- Recipient's account number or IBAN.
- Commonwealth Bank's BIC/SWIFT code, BSB, and account number.
- Your personal details, such as name and address.
Using Wise Account
Another option is to use a Wise Account, which allows you to store over 40 international currencies, including AUD. With a Wise Account, you can easily transfer money to a Commonwealth Bank account in Australia. Here are the steps:
- Sign up for a Wise Account and add your preferred payment methods, such as a bank account or credit/debit card.
- Use your Wise Account to create local AUD payment details.
- Transfer money from your Indian bank account or payment method to your Wise Account.
- Use your Wise Account's local AUD payment details to transfer money to the recipient's Commonwealth Bank account.
Please note that the transfer time and fees may vary depending on the method you choose and the banks involved. Always ensure that you double-check the recipient's account details and transfer amount before finalizing the transaction.
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Transfer time
Wise, a company that provides international money transfer services, states that international transfers via the SWIFT network usually take between two and five business days to process, which is consistent with CommBank's estimate. However, they also note that transfer times are not guaranteed and can vary depending on the recipient's country and bank.
To ensure timely processing, it is recommended to provide accurate recipient information, including their full name, home address, account number or International Bank Account Number (IBAN), and the SWIFT or Bank Identification Code (BIC) of their bank.
It is also worth noting that multiple intermediary banks may be involved in the transfer process, and each of these banks may charge a fee for their services, potentially impacting the overall transfer time.
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Currency exchange rates
When sending money from India to a Commonwealth Bank account in Australia, you can utilise CommBank's IMT service to ensure a secure and efficient transfer. To initiate the transfer, 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 the Commonwealth Bank.
It is essential to be mindful of the exchange rates offered by CommBank for converting Indian Rupees (INR) to Australian Dollars (AUD). These rates fluctuate and are subject to change. On the CommBank website, you can find the latest exchange rates for buying, selling, sending, or receiving foreign currency. The rates are expressed as 1 AUD and are updated regularly.
By using NetBank or the CommBank app for your transfer, you can lock in the exchange rate at the time of the transaction. This allows you to benefit from a guaranteed rate, protecting you from potential adverse rate movements. Additionally, by utilising these platforms for your transfer, CommBank will waive the transfer fee and absorb any correspondent bank fees.
To calculate the exact amount your recipient will receive, you can use CommBank's FX calculator. This tool enables you to factor in the current exchange rate and any applicable fees to determine the final amount. Remember to always double-check the details of your transaction before confirming the transfer.
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Frequently asked questions
You can send money to Commonwealth Bank Australia from India by using the International Money Transfer (IMT) service. You can do this online via NetBank, with the CommBank app, or in any branch.
To transfer money to someone in Commonwealth Bank Australia, you will need the following details of the recipient:
- Full name
- Home address
- Account number or International Bank Account Number (IBAN)
- SWIFT or Bank Identification Code (BIC) of their bank
The fee from CommBank for receiving money from overseas is up to $11. The precise value depends on arrangements with overseas banks. The exchange rate is also an important factor in determining the final amount received.
It generally takes three business days for the transfer to reach the recipient in Commonwealth Bank Australia. However, it may take longer depending on the recipient’s bank and country, and any intermediary banks involved in the transfer process.
Yes, you can track the status of your international money transfer to Commonwealth Bank Australia using the payment tracker feature in NetBank or the CommBank app. You will need your Unique End-to-Tracking Code (UETR) to log in and check the payment status.
