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. 

About Fly Finance News Desk

Leave a Comment

3 Best Student Bank Accounts to Open when Studying Abroad ICICI Bank Education Loan to Study Abroad Baroda Yoddha Education Loan to Study Abroad Top 5 Benefits of SBI Zero Balance Account for Students Eligibility Criteria for Aditya Birla Capital Education Loan to Study Abroad Auxilo Education Loan for Army Brats: Loan Details and Interest Rates Steps Involved In Canara Bank Education Loan Processing Time IBDI Education Loan Documents Required Checklist Education Loan Interest Rate Comparisons: Banks vs. NBFCs Indian Army Education Loan to Study Abroad: Know It All Here
×

Send Money Abroad in <15 mins

×

Request a callback

×

Get an education loan at the lowest interest rate

×

Thank you! Your call request has been submitted

Our team will connect with your shortly

aero Confused which education loan is the best for you?