Commonwealth Bank of Australia (CBA) is removing transaction fees for Australian retail and business banking customers transacting International Money Transfers (IMTs) using one of the bank’s digital platforms.
From 1 June 2023 the bank will waive the $6 transfer fee for IMTs for CBA Transaction Account and Foreign Currency Account holders sending money overseas via NetBank, CommBank App or CommBiz platforms. There are also no correspondent bank fees for these payments1.
CBA General Manager International Payments & Network Management, Susan Yang, said the removal of fees on IMTs transacted via CBA digital banking platforms would benefit a broad range of customers including businesses with international suppliers or overseas nationals sending money home.
“We’re focused on making it cheaper, easier and safer for our customers to send IMTs with benefits like this fee waiver for payments transacted using our digital banking platforms.
“There are also new safety and security-enhanced fraud and scam protection features with behavioural biometrics security in the delivery pipeline on our retail digital channel.
“We also plan to introduce optimised limits, which will help simplify and streamline the digital IMT experience for our customers,” Ms Yang said.
In February this year CBA launched extended Australian dollar clearing and settlement processing for inward international payments to nearly 24 hours every business day, enabling faster receipt of international funds by CBA beneficiary customers.
1Excludes Japanese Yen transactions via CommBiz
Things you need to know: The information contained in this media release is published solely for informational purposes and provides general market-related information, and is not intended to be an investment research report. It does not take into account your objectives, financial situation or needs. You should consider seeking independent financial advice before making any decision based on information contained in this media release. The information in this media release and any opinions, conclusions or recommendations are reasonably held or made, based on the information available at the time of its publication but no representation or warranty, either expressed or implied, is made or provided as to the accuracy, reliability or completeness of any statement made in this media release.