CommBank international money transfer alternatives

CommBank customers can use the bank's international money transfer service and standard banking features. However, Commbank is not a money transfer specialist, unlike the transfer service providers featured below. Therefore, you might get a better, cheaper, faster result by using one of them instead of CommBank.

Written by Yvonne Taylor |

Verified by David Boyd

Updated 18 Nov 2024 |

Comparing of 5 CommBank international money transfer alternatives

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On website

Wise Money Transfer

Minimum Transfer Amount

$1.00

Transfer Speed

1 - 2 days

Transfer Fee

$0.00

Highlights

Low transfer fee. Wise fees for sending a foreign currency start at a low 0.41%. CommBank charges a low flat fee, but will hit you with a foreign currency conversion fee as a percentage of the amount transferred, which is likely to make it more expensive.
Mid-market exchange rate. Wise converts your AUD to foreign currencies at the same rate that banks use when dealing with each other. CommBank adds a profit margin to the mid-market rate.
No need for a bank account. Fund your Wise transfer with a debit card, credit card, Apple Pay or Google Pay. For CommBank transfers you need to open a CommBank bank account, the only way to pay.
Multi-currency account and debit card. Hold, receive and spend money in more than 50 currencies with Wise. CommBank would require you to open a separate bank account for each foreign currency you want to use.

Pros

Low and competitive fees.
Easy to understand fee structure.
Easy to use website and mobile apps.
High transfer limit.

Cons

Limited currencies and destination countries compared with some competitors.
Can only send funds to the recipient's bank account.

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On website

torfx

Minimum Transfer Amount

$200.00

Transfer Speed

1 day

Transfer Fee

$0.00

Highlights

No transfer fee. TorFX does not charge a transfer fee. CommBank charges a flat fee for each transfer.
Competitive exchange rates. Like CommBank, TorFX does add a margin to the exchange rate, but promises to keep rates as close as possible to the mid-market rate. In some cases it will match lower rates quoted by competitors.
Dedicated account manager. TorFX will assign you a personal account manager to assist you with your transfer. CommBank does not offer this service.

Pros

No transfer fee.
Competitive exchange rates.
Wide range of currencies and destination countries.
Phone and email support are available.

Cons

Minimum transfer amount is $200.
Only accepts bank transfers.
Transactions under $2,000 can be expensive.

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On website

Send

Minimum Transfer Amount

$250.00

Transfer Speed

1 day

Transfer Fee

$0.00

Highlights

No transfer fee. Send does not charge a transfer fee. CommBank charges a flat fee for each transfer.
Personal account manger. Your dedicated account manager will help with any questions or problems. CommBank does not provide a personal account manager for international transfers.
Competitive FX margin. Although Send makes its only profit from the margin it adds to the exchange rate, it still promises a competitive rate compared to banks like CommBank.

Pros

No transfer transaction fee and no account-keeping fees.
Competitive foreign exchange margin compared to banks.
Wide range of currencies and destination countries.
Suitable for businesses as well as individuals.

Cons

Bank account is the only delivery method.
Minimum transfer amount of $250.
Limited funding methods.

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On website

OFX Money Transfer

Minimum Transfer Amount

$250.00

Transfer Speed

1 - 2 days

Transfer Fee

$15.00

Highlights

$0 transfer fee for amounts over AUD 10,000. CommBank still charges a fee for foreign currency transfer amounts over the equivalent of $10,000, and requires you to contact the bank if you wish to transfer more than $5,000.
Lock in exchange rates for up to 12 months. TorFX offers locked-in rates and also target rates to trigger your transfer when reached. CommBank only offers exchange risk management to businesses, not personal banking customers.
Competitive exchange rates. OFX says that it offers 'bank-beating' exchange rates, and uses an independent third party – FXC Intelligence – to monitor its own rates compared with the Big Four, including CommBank, and calculate the savings made by OFX customers.

Pros

Easy and quick account opening.
Wide range of supported currencies and countries.
No fees if transferring more than $10,000.
Enjoy additional features for business transfers.

Cons

Limited payment options.
$15 fee if transferring less than $10,000.

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WorldFirst

Minimum Transfer Amount

$2,000.00

Transfer Speed

1 day

Transfer Fee

$0.00

Highlights

Business money transfer specialists. Unlike CommBank, World First are business money transfer specialists. They focus on businesses (e.g. eBay sellers) importing and paying overseas suppliers.
No transfer fee. Take advantage of a $0 fee for each transfer. CommBank charges a transfer fee.
Bank-beating exchange rates. World First adds an exchange rate margin of 0.6% or less. CommBank and other banks don't disclose their margins, but they're almost certainly higher than this.

Pros

Transparent and competitive fees.
Margins of 0.60% or less.
Wide range of products and services.
Dependable customer support.

Cons

The minimum transfer amount is $2,000.
No options for cash pickups or mobile transfers.

CommBank vs money transfer specialists

The bank you use for everyday banking is not necessarily your best option when making international money transfers. Therefore, it's a good idea to compare CommBank's costs, transfer speeds, payment methods and ease of setup and processing with its competitors, who are specialists in money transfers. You'll nearly always pay less with a specialist, which is a significant consideration if you make regular transfers.

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