CommBank international transfers: fees, exchange rates, and how it works

Fee structure

CBA charges a flat fee of AUD 6 for outgoing international transfers initiated via the CommBank app or NetBank (CommBank). This is among the lowest flat fees of the Big Four Australian banks for online transfers. Transfers initiated in-branch may attract a higher fee.

However, the flat fee is only part of the cost. CBA applies an exchange rate margin on the currency conversion — the difference between the mid-market rate and the rate CBA offers you. This margin is typically 2–5% depending on the currency and amount, though CBA does not publish the exact margin. On a AUD 5,000 transfer, a 3% margin represents AUD 150 in implicit costs — far exceeding the AUD 6 flat fee.

Incoming international transfers to a CBA account may attract an incoming fee. Some account types absorb this fee; others do not. Check your specific account terms.

Intermediary (correspondent) bank fees may also be deducted in transit for SWIFT transfers. CBA offers the option to pay all fees upfront (OUR instruction) or to split them (SHA), which affects whether the recipient receives the full amount.

How to send an international transfer

Through the CommBank app or NetBank, you can initiate an international transfer by providing the recipient's name and bank account details, the recipient bank's SWIFT/BIC code, the amount and currency, and the purpose of the transfer. CBA displays the exchange rate and fees before confirmation. Transfers are typically processed within one to five business days depending on the corridor and the number of intermediary banks involved.

In-branch transfers are also available but may involve higher fees and require an appointment or queue time.

Pre-arrival account opening

CBA's pre-arrival account opening service is particularly relevant for new migrants. You can open a CBA transaction account before arriving in Australia by completing an online application, providing passport and visa details, and nominating an Australian address where your debit card will be sent (CommBank).

The account allows you to transfer funds to Australia before arriving and have a working debit card ready when you land. This service is free and does not require you to be in Australia to open the account.

However, using CBA to receive the transfer (from your overseas bank) means your overseas bank's exchange rate and fees apply on the sending end, and CBA may apply a receiving fee on the Australian end. For the initial transfer, using a specialist provider to convert and send funds to your new CBA account can reduce costs.

How CBA compares to specialist providers

On a AUD 5,000 transfer to GBP, CBA's total cost (AUD 6 fee plus approximately 3% exchange rate margin) is approximately AUD 156. Wise's total cost (approximately 0.43% fee on the mid-market rate) is approximately AUD 22. OFX's cost (no fee, approximately 0.5–1% margin) is approximately AUD 25–50.

The difference is significant at every amount level and scales with the transfer size. For a AUD 50,000 transfer, the gap between CBA and a specialist provider can exceed AUD 1,000.

CBA's advantage is convenience — if you already bank with CBA, initiating a transfer through the app you already use avoids setting up a new account with a separate provider. Whether that convenience is worth AUD 100+ per transfer depends on how often you transfer and the amounts involved.

What is CBA's exchange rate for international transfers?

CBA applies its own exchange rate, which includes a margin above the mid-market rate. The margin varies by currency but is typically 2–5%. You can see the rate offered before confirming the transfer through the CommBank app or NetBank.

How long does a CBA international transfer take?

One to five business days, depending on the corridor and intermediary banks. Transfers to major banking centres (UK, US, NZ) tend to be faster.

Can I receive international transfers into my CBA account?

Yes. You need to provide the sender with your BSB and account number, CBA's SWIFT code (CTBAAU2S), and your full name as it appears on the account. Some account types may attract an incoming wire fee.

Is CBA's pre-arrival account available to all visa types?

CBA's pre-arrival account is available to migrants arriving on eligible visas. Check CBA's website for the current list of eligible visa subclasses.

Should I use CBA or Wise for international transfers?

For cost, Wise is almost always cheaper. For convenience (if you are already a CBA customer), CBA saves the step of setting up a separate account. Many migrants use CBA as their everyday bank and Wise for international transfers.