Commonwealth Bank of Australia waives transaction fee for overseas money transfers

The waived fees exclude Japanese yen transactions in its CommBiz platform.

The Commonwealth Bank of Australia is removing transaction fees for international money transfers, the company announced in a statement published on its website.

Starting June, the bank is waiving a A$6 fee for international money transfers for its CBA Transaction ACcount and Foreign Currency Account holders sending money through the NetBank, ComBank App, or CommBiz platforms.

The waived fees exclude Japanese yen transactions carried out via its CommBiz platform.

CBA expects the move to benefit a broad range of customers including businesses with international suppliers and overseas nationals sending money home.

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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,” said Susan Yang, CBA general manager international payments & network management.

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“We also plan to introduce optimised limits, which will help simplify and streamline the digital IMT experience for our customers,” Yang added.