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 The funds are only withdrawn from the sender's account when you cash the cheque.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 global cryptocurrency editor at Finder. After previously writing about insurance and other areas, he now covers the latest developments in digital assets and blockchain and works on Finder's comprehensive range of guides to help people understand cryptocurrency.
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