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

Last Updated on October 18, 2023 by admin

To initiate payment from an account to any other bank account or receive money either from overseas or to someone else in the Commonwealth Bank app and NetBank without visiting the bank can be done via online banking. you could Transfer between CommBank accounts,Transfer money overseas or Transfer money to someone.

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

People transfer money for many different reasons, in this article we have put together how you could transfer and receive money both home and abroad via commbank

You can read: How to register for Commonwealth Bank Mobile app and online banking NetBank

How to Receive money from overseas

Commonwealth Bank announced that Foreign cheques/Bills in any currency will no longer be accepted starting from 10 October 2022, and this applies to all CommBank accounts. The international direct deposits) are a faster and more secure way to receive funds from overseas.funds can be credited to your CommBank account electronically via International Money Transfer (IMT) or international direct deposit.

Table of Contents

Information you provide to the sender

To receive money to CommBank kindly provide the payer the following details

1. Full bank name: Commonwealth Bank
2. BIC/SWIFT Code: CTBAAU2S
3. Your 14-digit account number: 06XXXX- XXXXXXXX
You can find your account number by simply logging into NetBank or the CommBank app.

Alo read: How to apply for Commonwealth Bank personal loan and requirement

How Send money overseas

Commonwealth Bank customers can easily send money overseas with ease You can send an International Money Transfer (IMT) to more than 200 countries, in over 30 currencies from the CommBank app, NetBank or at your nearest branch.

You could either make use of International Money Transfers (IMTs). To send money to someone’s international bank account you will need to have their full name, account name and home address, account number or International Bank Account Number (IBAN) and the SWIFT or Bank Identification Code (BIC) of their bank.

CommBank app

To Transfer money overseas using CommBank app kindly

1. Log on to the CommBank app
2. Tap Pay & Transfer
3. click Pay Someone
4. Choose Overseas transfer to pay someone in your international address book or tap + to pay someone new
5.Enter the destination country
6. Add recipient’s detail
7. Double-check the details you’ve entered are correct

NetBank

To Transfer money overseas using NetBank kindly

1. Log on to NetBank
2. Select Transfers & BPAY
3. Choose the account you would like to transfer from
4. Choose the other account to transfer to or + New payee
5. For New payee choose Create new > Transfer > fill in Account name, BSB, Account number
6. Enter the amount, a description (that’s optional) and confirm when – now, later or set up a regular payment and choose Next
7. Click Pay to confirm the payment

In branch

You can also send money overseas at your nearest branch. It’s cheaper and quicker to make a transfer online or using the CommBank app though.

Transfer Limit

International Money Transfer has a maximum limit of $5,000 but you can increase your daily transfer limit in NetBank or by going to the CommBank app > Settings > Payment limits. Increasing your daily limits may increase your liability for unauthorized transactions.

How to Transfer money to someone {Third party}

To transfer money to family or friends or business associates you can either make use of CommBank app or NetBank . The service is seamless, fast and secure which allows you to perform financial transactions on the go such as bills payment, funds transfer, view statement of account and many more.. CommBank can make transferring money fast, simple and secure.

CommBank app

1.To transfer money to third parties such as family and friends simply Log on to the CommBank app
2.Tap Pay & Transfer
3. Tap Pay Someone
4. Choose the account you would like to transfer from
5. Enter the amount, a description
6. Click Pay then confirm

NetBank

You can also make use of NetBank to transfer money to your business associate , family or friend by following the steps below:

1.Log on to NetBank
2.Select Transfers & BPAY
3.Choose the account you would like to transfer from
4.Choose the other account to transfer to or + New payee
5.For New payee choose Create new > Transfer > fill in Account name, BSB, Account number
6.Enter the amount, a description (that’s optional) and confirm when – now, later or set up a regular payment and choose Next
7.Click Pay to confirm the payment

How to Transfer money between CommBank accounts

You could either transfer money between your commbank using NetBank and CommBank app

NetBank

To transfer fund between your account uing Netbank follow the steps below:

1.Log on to NetBank
2.Select Transfers & BPAY
3.Choose the account you would like to transfer from and to
4. Enter the amount, a description and confirm when – now, later or set up a regular payment and choose Next
5. Click Pay to confirm the payment

CommBank app

1. Log on to the CommBank app
2. Tap Pay & Transfer
3. Tap Transfer between accounts
4. Enter the amount, a description (that’s optional) and tap Done
5. Tap Transfer then confirm when – now, later or create a recurring transfer
6. Tap Share to email, message or print the Transfer receipt or simply choose Done

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Meet Ogbeide Frank, popularly known as perere, a blogger who loves writing about finance and Tech. He studied Business administration at the Ambrose Alli University Ekpoma and Mobile Communication at Orange College Malaysia .Frank have worked as a banker and consultant in variety of Nigeria agencies

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