Commonwealth Bank- How to receive funds from overseas and send international money

Online banking can be used to make payments from one account to another or to receive money from overseas or from someone else in the Commonwealth Bank app and NetBank without having to visit the bank. You can transfer money between CommBank accounts, send money overseas, or send money to another person.

 

When transferring foreign currency via NetBank or the CommBank app, the bank has reduced the cost of International Money Transfers to a fixed rate of $6 per payment, making it cheaper to send money overseas.

People transfer money for a variety of reasons; in this article, we’ll show you how to use commbank to send and receive money both domestically and internationally.

You can learn how to sign up for the Commonwealth Bank Mobile App and NetBank Online Banking.

How to Receive Money from a Foreign Country

Foreign cheques/bills in any currency will no longer be accepted by Commonwealth Bank as of October 10, 2022, and this applies to all CommBank accounts. International direct deposits (IDDs) are a more efficient and secure way to receive funds from abroad. International Money Transfer (IMT) or international direct deposit can be used to deposit funds into your CommBank account.

You must provide the sender with the information requested.

Please provide the following information to the payer in order to receive money from CommBank.

Commonwealth Bank is the full name of the bank.
CTBAAU2S, CTBAAU2S, CTBAAU2S, CTBAAU2S, CTBAAU2S, CTBAAU2S
3. Your 14-digit account number: 06XXXX-XXXXXXXX
Simply log into NetBank or the CommBank app to find your account number.

How to Send Money to a Foreign Country

Customers of Commonwealth Bank can easily send money overseas. From the CommBank app, NetBank, or your local branch, you can send an International Money Transfer (IMT) to over 200 countries in over 30 currencies.

You have the option of using International Money Transfers (IMTs). You’ll need their full name, account name, and home address, as well as their account number or International Bank Account Number (IBAN) and their bank’s SWIFT or Bank Identification Code (BIC) to send money to their international bank account.

App by CommBank

Please follow the steps below to send money overseas using the CommBank app.

1. Open the CommBank app and log in.
2. Select Pay & Transfer from the drop-down menu.
3. choose “Pay Someone”
4. Tap + to pay someone new or choose Overseas transfer to pay someone in your international address book.
5.Enter the country of your destination.
6. Fill in the recipient’s information 7. Double-check that the information you’ve entered is correct.

NetBank

Please click here to learn how to use NetBank to send money overseas.

1. Go to NetBank and log in.
2. Select Transfers & BPAY from the drop-down menu.
3. Select the account from which you want to transfer funds; 4. Select the other account to which you want to transfer funds; or + Add a new payee.
5. Select Create new > Transfer > Account name, BSB, and Account number for a new payee.
6. Choose Next after entering the amount, a description (which is optional), and when you want to pay – now, later, or set up a recurring payment.
7. Confirm the payment by clicking Pay.

In the branch

You can also send money abroad from your local branch. However, making a transfer online or through the CommBank app is less expensive and faster.

Transfer Capacity

The maximum limit for an international money transfer is $5,000, but you can increase your daily transfer limit in NetBank or in the CommBank app > Settings > Payment limits. Increasing your daily limits could make you more vulnerable to unauthorized transactions.

Money is transferred to a third party.

You can use the CommBank app or NetBank to send money to family, friends, or business associates. The service is seamless, fast, and secure, allowing you to conduct financial transactions such as bill payment, funds transfer, and account statement viewing on the go. CommBank can make money transfers quick, easy, and secure.

App by CommBank

1.Log on to the CommBank app to send money to third parties such as family and friends.
2.Select Pay & Transfer from the drop-down menu.
3. Select Pay Someone.
4. Select the account from which you want to transfer funds. 5. Enter the amount and a description for the transfer.
6. Confirm your payment by clicking Pay.

NetBank

Following the steps below, you can use NetBank to send money to a business associate, family member, or friend:

1.Go to NetBank and log in.
2.Select Transfers & BPAY from the drop-down menu.
3.Select the account from which you want to transfer funds; 4.Select the other account to which you want to transfer funds; or + New payee
5.Select Create new > Transfer > Account name, BSB, and Account number for a new payee.
6.Enter the amount, a description (if desired), and a confirmation date – now, later, or set up a recurring payment – then select Next.
7.To confirm the payment, click Pay.

Money can be transferred between CommBank accounts.

You can either use NetBank or the CommBank app to transfer money between your commbank accounts.

NetBank

Follow the steps below to transfer funds between your accounts using Netbank:

1.Go to NetBank and log in.
2.Select Transfers & BPAY from the drop-down menu.
3.Select the accounts you want to transfer money from and to. 4.Enter the amount, a description, and a confirmation date – now, later, or set up a recurring payment – then click Next.
5. Confirm the payment by clicking Pay.

App by CommBank

1. Open the CommBank app and log in.
2. Select Pay & Transfer from the drop-down menu.
3. Select Account Transfer from the menu.
4. Tap Done after entering the amount and a description (which is optional).
5. Tap Transfer, then confirm when you want it to happen – now, later, or set up a recurring transfer.
6. To email, message, or print the Transfer receipt, tap Share, or simply select Done.

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