The fees involved will vary depending on where the money is coming from, the currencies involve, which bank the sender is using and more. These fees are typically taken out of the money en route and deducted from the amount sent.
Transfer made directly to a CBA account
Up to $11
Payment by bank cheque
Payment made to a non-customer or transferred to another bank in Australia
Bank cheque issued for amounts of $100 and over
Payment transferred to a foreign currency account at another bank
The fees charged by CBA are listed above, but those are not the only fees which may apply.
In addition to those, the sender's bank or other correspondent banks on the transfer route are likely to apply their own fees. These may include:
Sending fee. The sender's bank is likely to charge a fee for the transfer service.
Correspondent bank fees. The intermediary banks will typically take a cut of the money as it passes through them.
Exchange fees There may be fees charged or commissions taken on the currency exchanging.
Exchange fees. There may be fees charged or commissions taken on the currency exchanging.
Fees for paying the fees. Many banks will let the sender cover all the fees up front to ensure the correct amount of money arrives, but doing so will often incur an additional fee on top of the cost of the fees themselves.
All of these fees are why specialised money transfer services can be so much cheaper. They can send customer payments in bundles to spread the fees out and use different banks for different transfers to help cut costs.
What form can I receive the transfer in?
You can receive the transfer in several different forms.
Bank account deposit. This is the most common option these days. You can get the funds delivered directly to your CBA bank account. These are typically known as telegraphic transfers or wire transfers.
International bank draft. A bank draft is like an international cheque that's been paid for up front and in full by the sender. It can only be deposited into the specified bank account, making it a secure option.
Cheque. International cheques are similar to international bank drafts, except they're not paid for up front. The funds are only withdrawn from the sender's account when you cash the cheque.
Money order. A money order is similar to a bank draft, except it can be deposited and cashed in different places.
Money transfer services will typically be cheaper than bank transfers. If you want to receive more money in your account or want to save the sender some money, you can ask them to use a specialist money transfer service instead.
The table below shows some of the options available.
Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.
Andrew Munro is the cryptocurrency editor at Finder. He was initially writing about insurance, when he accidentally fell in love with digital currency and distributed ledger technology (aka “the blockchain”). Andrew has a Bachelor of Arts from the University of New South Wales, and has written guides about everything from industrial pigments to cosmetic surgery.
How likely would you be to recommend finder to a friend or colleague?
Very UnlikelyExtremely Likely
Thank you for your feedback.
Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve.
Important information about this website
finder.com.au is one of Australia's leading comparison websites. We compare from a wide set of banks, insurers and product issuers. We value our editorial independence and follow editorial guidelines.
finder.com.au has access to track details from the product issuers listed on our sites. Although we provide information on the products offered by a wide range of issuers, we don't cover every available product or service.
Please note that the information published on our site should not be construed as personal advice and does not consider your personal needs and circumstances. While our site will provide you with factual information and general advice to help you make better decisions, it isn't a substitute for professional advice. You should consider whether the products or services featured on our site are appropriate for your needs. If you're unsure about anything, seek professional advice before you apply for any product or commit to any plan.
Products marked as 'Promoted' or 'Advertisement' are prominently displayed either as a result of a commercial advertising arrangement or to highlight a particular product, provider or feature. Finder may receive remuneration from the Provider if you click on the related link, purchase or enquire about the product. Finder's decision to show a 'promoted' product is neither a recommendation that the product is appropriate for you nor an indication that the product is the best in its category. We encourage you to use the tools and information we provide to compare your options.
Where our site links to particular products or displays 'Go to site' buttons, we may receive a commission, referral fee or payment when you click on those buttons or apply for a product. You can learn more about how we make money here.
When products are grouped in a table or list, the order in which they are initially sorted may be influenced by a range of factors including price, fees and discounts; commercial partnerships; product features; and brand popularity. We provide tools so you can sort and filter these lists to highlight features that matter to you.
We try to take an open and transparent approach and provide a broad-based comparison service. However, you should be aware that while we are an independently owned service, our comparison service does not include all providers or all products available in the market.
Some product issuers may provide products or offer services through multiple brands, associated companies or different labelling arrangements. This can make it difficult for consumers to compare alternatives or identify the companies behind the products. However, we aim to provide information to enable consumers to understand these issues.
Providing or obtaining an estimated insurance quote through us does not guarantee you can get the insurance. Acceptance by insurance companies is based on things like occupation, health and lifestyle. By providing you with the ability to apply for a credit card or loan, we are not guaranteeing that your application will be approved. Your application for credit products is subject to the Provider's terms and conditions as well as their application and lending criteria.