Commbank large amount transfers. How do they work

Transferring money from a CommBank account is typically straightforward and simple for small amounts. Whether to pay a bill, repay a friend for your share of dinner or similar, in a matter of moments the transfer can be sorted.

But what happens if you need to send a particularly large transfer in Australia or overseas? In this guide, we’ll take a look at the rules, fees and key watchpoints for sending large transfers with CommBank. From $5000 to $50,000 or more we’ve got the details for what is involved.

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Table of contents

What is considered a large transfer at CommBank? Can you send large transfers with CommBank? Transfer limits with CommBank? What if I need to send more than these limits? How to make a large amount transfer with CommBank? CommBank App NetBank How long do large transfers take with CommBank? What if your payment is on hold Is CommBank safe for large transfers? Are there any legal limitations on how much I can transfer? Keep in mind Contacting CommBank Send money the Wise way

What is considered a large transfer at CommBank?

While CommBank does not expressly state what they consider to be a large transfer, they do have some basic limits in place that indicate what these may be.

For bank-to-bank transfers within Australia made using CommBank’s NetBank facility this sits at AUD$20,000 and for overseas AUD$5,000.¹ This implies that for amounts over these limits, further assistance and approvals will be required.

Can you send large transfers with CommBank?

Yes, CommBank permits you to send large transfers both within Australia and overseas, however, there are limitations for this. We will look at these in more detail below.

Transfer limits with CommBank?

As noted above, the standard transfer limits with CommBank are AUD$20,000 daily within Australia and AUD$5000 for overseas. There are no transfers limits if moving money between your own CommBank accounts.²

These online transfers limits can be increased by calling CommBank customer care to a maximum of:

• AUD$100,000 for domestic transfers and
• AUD$50,000 for overseas transfers

CommBank does not specify whether an upper limit applies for in-branch transfers. However, they do state that the minimum they will assist with in-branch for overseas transfers is AUD$5,000.²

What if I need to send more than these limits?

While not advertised online, larger transfers either domestically or internationally may potentially be able to be arranged. We recommend contacting CommBank directly or attending in person to find out more. Additional information or adherence to further security measures may be required to enable these.

Where the maximum limits outlined cannot be increased, you may need to plan around these and perform multiple transfers over several days instead. To avoid any risks of these being marked as suspicious or duplicate transactions, it is advisable to also speak with CommBank regarding this in advance of starting this process.

CommBank large transfer fees

Generally CommBank do not levy fees for transfers either domestic or international if done via a NetBank account or the CommBank App.³

However, there are some instances where charges may apply on international transfers, these are outlined in the below table.³

Transfer Type/Request	Fee
International transfer in-branch	AUD$30 per transfer
Issued via NetBank or the CommBank app. Funds debited and credited in AUD currency (no foreign currency conversion).	AUD$30 per transfer
Cancellation of transfer and request for return of funds	AUD$25 per request plus any overseas bank costs
Amendment to payment instructions	AUD$25 per request plus any overseas bank costs

As seen on 21 October 2024

It should be noted that additional correspondent bank or intermediary fees may also apply to any international transfers.

How to make a large amount transfer with CommBank?

CommBank advises that the easiest way to make a large amount transfer is to use either the CommBank App or by logging into NetBank online.¹

For instance, to make an international transfer¹:

CommBank App

1. Log on to the CommBank app
2. Select Pay followed by Pay Someone
3. Choose Overseas transfer. You can either pay an existing contact or a new one
4. Enter the destination country
5. Add recipient’s details (full name, address, account number, IBAN/SWIFT/BIC code)
6. Double-check the details you’ve entered are correct and tap Next to finalise

NetBank

1. Log on to NetBank
2. Select Transfers & BPAY
3. Choose International money transfer
4. Enter the destination country
5. Add recipient’s details (full name, address, account number, IBAN/SWIFT/BIC code)
6. Click Next to finalise

NB: Remember, if you need to transfer over the standard limits set online, you will need to speak with CommBank to adjust these before initiating the transfer online.

If transferring in person via your local CommBank branch , you will also need to bring all the recipient details with you to process the transaction.

How long do large transfers take with CommBank?

How long your transfer will take with Commbank is not usually tied to how much money you are transferring. Instead the destination you are transferring it to and when the transfer is made will influence this.⁴

• For domestic PayID transfers or those made to a saved account (even with another bank) transfers may be instant or be processed within a few minutes
• For first time domestic transfers to a new payee, payments may take up to 24 hours
• For international money transfers, it can take between 1 to 3 days but may take longer depending on the recipient country and bank

For any payments made on a weekend or public holiday, these will be processed the following business day, so delay should be expected during these times.⁴

What if your payment is on hold

Occasionally, CommBank may put a hold on your transfer request or you’ll see the payment as pending. This is done as a security measure and allows CommBank to check for any fraudulent activity or check with you if they believe the payment looks suspicious.⁵

CommBank advises this is completely normal and that payments should only be on hold for up to 24 hours before being processed.⁵

Is CommBank safe for large transfers?

CommBank, as one of Australia’s Big Four banks is considered to be very safe for anyone seeking to make a large transfer.

As you would expect with such a large banking institution, Commbank utilises advanced security and fraud detection and monitors all accounts 24/7 for your safety.

As an added layer of security, a time-sensitive password known as a NetCode sent via SMS or push notification may also be utilised by CommBank. This is used to complete certain transactions and ensure you are aware and in control of what is happening with your account.⁶

Are there any legal limitations on how much I can transfer?

No, while CommBank may levy some daily limits on how much you can transfer, AUSTRAC has no such restrictions.

Australia’s financing regulator and specialist financial intelligence unit, AUSTRAC also requires no reporting if funds are moved via a bank or remittance service provider.⁷

Keep in mind

Read to transfer a large sum at home or overseas? Here are some final things to be mindful of:

• If transferring overseas, be sure to check the exchange rate being used and how this will affect the amount you are sending or fees involved
• For international transactions correspondent bank transfer fees may also apply to your transaction
• While CommBank supports international transfers to more than 200 countries in over 30 currencies this means some destinations are still excluded.⁸ As such, we recommend checking where you can send funds directly with CommBank before deciding if this is the right choice for your needs.
• For security purposes, it is wise to lower any raised limits once your large transfer has been completed

Contacting CommBank

To speak with CommBank regarding large transfers whether in Australia or overseas, you can do so via:

• 13 22 21 between 8 am to 8 pm AEST
• +61 2 9999 3283 from overseas

A 24/7 chatbot service is also provided, however, this can only provide general information and cannot approve increased transfer limits where required.

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Sources:

1. CommBank - Transferring Money
2. CommBank - Transfer Limits
3. CommBank -Transfer Fees
4. CommBank - Transfer Times
5. CommBank - Pending Payments
6. CommBank - Safety & Security
7. AUSTRAC - Moving Money
8. CommBank - Overseas Transfers

Sources checked on: 21 October 2024