Sending Money To Nepal: Commonwealth Bank Australia Guide

If you're looking to send money to Nepal from the Commonwealth Bank of Australia, you're in luck! The process is relatively straightforward and can be completed in just a few steps. First, you'll need to log in to your NetBank account and navigate to the International Money Transfers page. From there, you'll input the recipient's bank and contact details, including the account name, number, and SWIFT code. You can then choose your preferred payment method and complete the transfer. Transfers from the Commonwealth Bank of Australia to Nepal typically take around three business days to process, but there are faster options available through remittance companies like WorldRemit, Remitly, and Xoom by PayPal. These companies offer quick and reliable transfers, often completed within minutes, and provide convenient tracking features. So, whether you're sending money through the Commonwealth Bank or a remittance service, you have options for getting your funds to Nepal securely and efficiently.

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Using the Commonwealth Bank of Australia app

To send money to Nepal, log in to the CommBank app, tap on "Pay someone", and then "Overseas transfer". Choose your account, select Nepal as the destination country, and choose the currency. You will need the full name, home address, account number, and SWIFT or Bank Identification Code (BIC) of the recipient's bank.

The CommBank app will waive the transfer fee when you send money overseas. Additionally, the bank will cover any correspondent bank fees for these transfers.

It typically takes three business days for the transfer to be completed, but this may take longer, 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 next business day.

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Transfer fees and correspondent bank fees

When sending money from Commonwealth Bank Australia to Nepal, there are a few things to keep in mind regarding transfer fees and correspondent bank fees. Firstly, Commonwealth Bank uses correspondent banks to process International Money Transfers (IMTs), and there are usually charges associated with this service. These correspondent banks may deduct fees from the amount you send, and these fees are typically in the currency of the payment, not in Australian dollars (AUD).

Commonwealth Bank offers a waiver on transfer fees when you send money overseas using their NetBank platform or the CommBank app, excluding AUD to AUD transfers. Additionally, they will absorb any correspondent bank fees for these transfers, as long as it is a cross-currency IMT, meaning the originating account currency is different from the payment currency. For example, using an AUD account to send a payment in USD. However, they will not cover any fees charged by the payee's bank for these types of transfers.

For same-currency IMTs, you may have the option to pay an additional upfront fee to cover correspondent bank fees. This option is available for select currencies when using a Foreign Currency Account. If you choose not to pay this upfront fee, the correspondent bank fees may be deducted from your original transfer amount, resulting in the beneficiary bank receiving less than the intended sum.

It's important to note that the exchange rate can significantly impact the amount received. Each intermediary or correspondent bank involved in the transfer may choose its own exchange rate, which could be lower than the mid-market rate, resulting in a smaller amount for the recipient. Therefore, it's advisable to consider both the fees and the exchange rate when sending money internationally to ensure your recipient gets the intended amount.

Transfer limits and transfer amounts

When transferring money from Commonwealth Bank Australia to Nepal, there are a few things to keep in mind regarding transfer limits and amounts. Firstly, Commonwealth Bank Australia offers various transfer services, including the CommBank app, NetBank, or nearby branches, allowing you to send money in more than 30 currencies to over 200 countries/regions.

The maximum daily transfer limit for the CommBank app and NetBank is AU$5,000. If you need to transfer an amount exceeding this limit, you can visit a branch or contact Commonwealth Bank directly for assistance. Additionally, there is a handling fee of AU$30 per transfer when visiting a branch and a fee of AU$6 per transaction for transfers made via the CommBank app or NetBank (when converting funds from an AUD account to a foreign currency).

It's important to note that transfer limits and amounts can vary depending on the recipient's country and bank. Transfers to Nepal typically take 1-2 business days for bank deposits, but it may take longer depending on the specific bank and other factors. To save on fees, you can check the payment status before initiating a trace. Additionally, correspondent bank fees will be covered by Commonwealth Bank when sending a cross-currency IMT, as long as the originating account currency differs from the payment currency.

When using Western Union to send money to Nepal, transfer limits depend on the chosen method and payment type, typically allowing up to $5,000 per transfer. Transfers through Western Union are generally completed within minutes for cash pickups and 1-2 business days for bank deposits. Fees may vary based on the transfer amount, payment method, and currency exchange rates.

Transfer times and delays

Commonwealth Bank of Australia

According to the Commonwealth Bank of Australia (CommBank), it typically takes three business days for an international money transfer to reach the recipient. However, transfers made on weekends, public or bank holidays, or after the currency cut-off time will be processed the following business day, potentially extending the transfer time. CommBank also offers a payment tracker to monitor the status of your international money transfer.

Western Union

Western Union, on the other hand, claims that transfers are usually completed within minutes for cash pickups and one to two business days for bank deposits. They also offer a tracking feature, allowing you to follow your money's progress in real time using a Money Transfer Control Number (MTCN).

It is important to note that transfer times may be influenced by factors such as the recipient's country and bank, as well as currency exchange rates and fees. When choosing a money transmitter, it is recommended to compare transfer fees and exchange rates, as these can vary and impact the overall transfer time and amount received.

Alternative remittance companies

If you are looking for alternative remittance companies to transfer money from Australia to Nepal, there are a few options available. Here are some detailed instructions for each:

Western Union

Western Union offers a quick, simple, and reliable way to send money from Australia to Nepal. You can use their mobile app or visit one of their agent locations to initiate the transfer. On the app, you can set up a payment in minutes and track it in real time using a tracking number (MTCN). You can pay online through your bank account, with a credit or debit card, or with cash in-store. With over 3,600 agent locations in Australia and 12,000 agent locations in Nepal, it is a convenient option for sending and receiving money.

WorldRemit, Remitly, and Xoom by Paypal

These remittance companies are also mentioned as options for sending money from Australia to Nepal. While specific details for each company are not readily available, they are likely to offer similar features to Western Union, such as online transfers, competitive exchange rates, and reasonable fees.

Bank Transfer

If you have a Nepali bank account, you can directly transfer money from your Australian bank account. This process can be done through your online banking platform or mobile app, and you will need the recipient's bank account details, including the account name, account number, and SWIFT code. The transfer may take up to three business days to reach the recipient's account, and there may be associated fees and exchange rate costs.

It is important to note that transfer times and fees may vary depending on the specific remittance company or bank you choose. Be sure to review the details of each service before initiating a transfer to ensure you are getting the best value for your needs.

Frequently asked questions