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Introduction:
Sending money overseas can be a straightforward process, but it's important to be prepared before you initiate a transfer. Commonwealth Bank, Australia's largest bank, offers a variety of options for sending money internationally. Here are 4 things to keep in mind before sending money overseas with Commonwealth Bank.
You need the recipient's details
The quickest way to send money overseas is using just your recipient’s mobile number. If you choose not to do this, you’ll need the following information before you can transfer money internationally:
- Recipient’s name, their account name and home address
- The SWIFT or Bank Identification Code (BIC) of the recipient's bank. Sometimes you'll be asked for a BIC and sometimes a SWIFT – they’re the same thing
- Recipient’s International Bank Account Number (IBAN) or bank account number. Here's a list of countries and their IBANs.
It’s a good idea to double-check any details you enter before confirming your transfer to avoid any mistakes which may mean you need to cancel it. If someone’s transferring money to your Commonwealth Bank account from overseas, here's the information you need to give them.
Check your transfer limit
Many banks and financial institutions set an International Money Transfer (IMT) limit. If you bank with Commonwealth Bank, the limit is set at $0 for security reasons. Before you make your first IMT, you need to either log on to NetBank > Settings > Online banking limits or log on to the Commonwealth Bank app > Settings > Payment limits to check your limit.
Watch the exchange rate
Exchange rates change, so it’s good to keep an eye on them so you time your transfer right. Use Commonwealth Bank's foreign exchange calculator (choose 'Send money overseas') to calculate how much it will cost you in Australian dollars. When you send your IMT, the local currency will be used for the transfer. Hence, the amount you send will depend on the prevailing foreign exchange rate on that day.
Transfer in the local currency
If you’re sending funds overseas in a currency that’s different to your debit currency, Commonwealth Bank will absorb the correspondent bank fees for you when you use NetBank, the Commonwealth Bank app, or send the funds via one of their branches.
If you’re looking to send money from your AUD account to South Pacific currencies (FJD, PGK, SBD, VUV, and XPF), the IMT fee will be waived for you. It's important to check Commonwealth Bank's IMT costs and charges before initiating a transfer.
Transfers usually take 1-3 business days. However, an international transfer can take longer depending on the bank and country you’re sending the money to. It’s also worth noting that transfers made on a weekend, a public/bank holiday, or after the currency cut-off time will be processed the following business day.
In summary, before sending money overseas with Commonwealth Bank, be sure to have your recipient's details, check your transfer limit, watch the exchange rate, and consider transferring in the local currency. By keeping these tips in mind, you can ensure a smooth and successful international money transfer.
