Sending money overseas is pretty straightforward once you're prepared. Here are 4 things to know before you send money overseas:
1. You need the recipient's details
You’ll need the following information before you can transfer money internationally:
- Recipient’s name and home address
- The SWIFT or Bank Identification Code (BIC) of the recipient's bank. Sometimes you'll be asked for a BIC or a SWIFT code – 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.
Check the details you've entered before confirming your transfer. If you've made an error, you may need to trace, modify or cancel the transfer.
If someone’s transferring money to your CommBank account from overseas, here's the information.
2. Check your transfer limit
Many banks and financial institutions set an International Money Transfer (IMT) limit. If you bank with us, we set the limit at $0 for security reasons.
Before you make your first IMT, you need to set your IMT limit by either:
- Logging on to NetBank > Settings > Online banking limits; or
- Logging on to the CommBank app > Settings > Payment limits.
3. Watch the exchange rate
Exchange rates change. So use our foreign exchange calculator (choose 'Send money overseas') to work out how much it will cost you in Australian dollars.
Your transfer will be converted into the currency of your choice using the foreign exchange rate at the time you confirm your IMT. This will determine the amount received by your recipient.
4. Transfer in the local currency
If the money you’re sending overseas isn’t the same currency as your account, CommBank will waive the IMT fee and absorb the correspondent bank fees for you. This applies when you’re using NetBank, the CommBank app or sending money via one of our branches.
Discover more about CommBank IMT costs and charges.
Transfers usually take 1-3 business days.
An international transfer can take longer though, 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.
