Study Abroad Money Transfer: Commonwealth Bank of Australia Removes International Transfer Fee

Study Abroad Money Transfer: Commonwealth Bank of Australia Removes International Transfer Fee

Commonwealth Bank of Australia or CBA removed international transfer fees for its business and retail banking clients. This Australian bank waived a fee of AUD 6 for overseas funds transfer for Foreign Currency Account (FCA) and CBA Transaction Account holders. Any of these customers sending money internationally through CommBiz Platforms, CBA NetBank, or CommBank App are exempted from the transfer fee.

However, if an immigrant, business owner, or study in Australia student sends money internationally via a CBA branch, she/they/he will be charged USD 30 per transfer. Additionally, the correspondent bank also charges on overseas transfers. 

Furthermore, the correspondent bank fees and destination bank charges depend on the arrangements between CBA and these banks.

Study Abroad Money Transfer: Commonwealth Bank of Australia Removes International Transfer Fee
Credit: CommBank (CBA)

CBA International Transfer

The Commonwealth Bank of Australia offers international money transfer services to more than 300 countries in nearly 30 currencies. Any CBA retail or business banking client can make overseas transfers from the nearest branch. Furthermore, any customer can use NetBank or CommBank app for overseas transfers.

Here is a step-by-step guide to sending money internationally with CBA using CommBank App:

  • Gather the bank account details of the beneficiary
  • At this step, register for Netcode SMS
  • In this step, log in to CommBank App
  • Now, choose the Pay Someone option
  • After this, select the Overseas Transfer option 
  • In this step, select the destination country
  • Now, select the CommBank or CBA account to send the transfer
  • In the next step, check out the overseas transfer limit. To increase the limit use the CommBank app or NetBank
  • Further, check out the foreign currency exchange rate 
  • Now, enter the Bank Identification Code (BIC) or Society for Worldwide Interbank Financial Telecommunications (SWIFT) code and the International Bank Account Number (IBAN) of the recipient

Stay connected to the Fly Finance News Desk to stay up to date with international money transfer news. 

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