How to receive money from overseas with Commonwealth Bank

If you bank with Commonwealth Bank (CommBank) in Australia, you might well be interested to know how you can receive money from abroad: perhaps some friends or family from overseas are sending you some money, or maybe you’ve done work for an overseas client.

Here’s a look at how the process works with CommBank, and what you’ll need to do to receive an International Money Transfer (IMT).

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What are the fees for receiving money from overseas with Commonwealth Bank?

Take a look at the likely fees in the table below:¹

As seen on 28 June 2024

Intermediary / correspondent bank fees

You’ll mostly receive the money into your account via the SWIFT network, which handles most overseas transactions between banks. One thing that using SWIFT means is that there’s a chance that multiple banks will be involved in the transfer – not just the banks that send and receive.

The problem is that each of these ‘intermediary’ or ‘correspondent’ banks may charge a fee for their service.

Commbank states:¹

“Overseas bank charges (which may vary from country to country) could apply in addition to the charges listed above.”

You can skip all the headache by trying having your money sent via Wise. Wise’s technology enables it to receive payments locally from your sender and pay out locally to your account in the receiving country. This means that, for most transfers, money doesn’t even cross borders.⁴

CommBank international transfer receiving fees

The fee from CommBank itself for you to receive money from overseas is up to $11. CommBank notes that the precise value ‘depends on arrangements with overseas banks’ — so, depending on which bank is sending the money, it could vary.

But $11 should be the maximum if it’s an IMT into a Commonwealth Bank account.¹

SWIFT transfers fee structures

Here is some important information to know on how SWIFT transfer fees work. The person sending you money can ask their bank to choose between several different options that affect how the transfer fees are shared.

The options are sometimes referred to as OUR, SHA or BEN.

Not all banks offer all options for every transfer. But it could be worth having a conversation with your sender about this.

CommBank international transfer exchange rate

A point to keep in mind is that the exchange rate is just as important as the fixed fees. Banks can set their own exchange rates which – if less than the mid-market rate – could mean less money for you, the recipient.

To better understand how the exchange rate affects how much money you get, let’s say a friend of yours from the UK sends 500 GBP to you in 2 ways:

• Directly to your Commbank AUD account and
• through Wise to your Commbank AUD account.

This example only considers the effect of the rate on the amount you get, not the extra fees.

Exchanging 500 GBP to AUD — Wise vs CommBank

*Rates as seen on 24 June 2024

As you can see, with Wise, the recipient will get $39,77 AUD more, even without considering any extra fees going with Commbank – Just off the exchange rate alone.

Wise will always convert your money at the mid-market exchange rate.

Whatever service you use – a bank or a transfer specialist – make sure you’re getting a decent exchange rate. Compare the rate you’re offered to the mid-market rate using an online currency converter.

How long does it take to receive money from overseas?

A SWIFT international money transfer usually takes between 2-5 business days to process (just like sending IMTs from your account to others). It may however take longer depending on your sender’s country and bank.

The best way to find out when your money is likely to arrive is by asking the bank that’s sending the money as they only can trace the payment. Chances are that you still might only get an approximate date, though, but then at least you have a bit of an idea.

What are the Commbank details that I should give to the sender?

Here are the details of your Commonwealth Bank account you need to provide to receive an international transfer:¹

• Your full name and address
• Your bank’s full name: Commonwealth Bank of Australia
• CommBank’s BIC/SWIFT code: CTBAAU2S
• Your 14 digit account number — Eg 06XXXX XXXXXXXX

Commonwealth Bank contact details.

You can reach out to Commonwealth Bank using the details below.³

• Call 13 2221 from anywhere in Australia
• From overseas, call +61 2 9999 3283
• You can also get fast-track access to customer services through the CommBank App.

The WIse Account and Debit Card

The Wise Account from Wise — while not a bank account — enables you to store 40+ international currencies and get local account details for a number of different world currencies, including AUD, NZD, CAD, GBP, EUR and USD.

You can use these to easily transfer your money to Wise or get paid by others like a local. However, do note that features that are offered by traditional bank accounts such as interest, loans and in some countries, deposit protection, will not be available with the Wise account. See how Wise safeguards your money.

You’ll also avoid high international transaction fees and get access to the mid-market rate on all conversions. The best part – you can open and manage your Wise account completely online.

To make everyday spending easier you can order a Wise Debit card for your Wise Account and generate virtual cards as needed. If you have the local currency in your Wise Account the Wise card will use it. If you don’t have local currency converted, it uses smart technology to auto-convert your money at the mid-market rate, for a transparent conversion fee.

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Please see Terms of Use and product availability for your region or visit Wise Fees & Pricing for the most up to date pricing and fee information.

Note! Wise is not a bank and features available with traditional bank accounts, such as interest rates, loans or protection under the Financial Claims Scheme (for deposits up to $250,000AUD), will not be available with the Wise Account. See how Wise safeguards your money.

Sources checked on 28 June 2024