Cheaper International Money Transfers for CBA Business Customers
(15 April 2022 – Australia) CBA is absorbing correspondent bank fees for international money transfers, saving business and retail customers collectively millions of dollars.
Businesses will gain access greater certainty on International Money Transfers (IMTs), with CommBank announcing it is absorbing correspondent bank fees for foreign exchange (FX) transfers for its business customers. Encouraging greater international trade and activity, the announcement is particularly important for trade and supplier payments when an exact transfer amount is required. By CBA absorbing correspondent fees on cross-currency IMTs, enterprises will benefit from reduced costs and complexity, alongside improved FX risk management and fee transparency.
CBA’s FX platform gives customers fast and 24/7 access to overseas transactions from NetBank, CommBiz or the CommBank app, so they can send money around the world in moments. It’s also secure, with powerful digital security to provide the assurance that customer’s funds are safe.
CBA will absorb correspondent bank fees for customers sending cross-currency IMTs via CommBiz, excluding Japanese Yen (JPY) and same currency AUD transfers in NetBank or the CommBank app. The IMT fee waiver applies to transfers from an Australian account in the following Pacific currencies including the Fijian Dollar (FJD), Papua New Guinean Kina (PGK), Solomon Islands Dollar (SBD), Vanuatu Vatu (VUV) and CFP Franc (XPF).
“IMTs support the needs of our customers and communities, so we are constantly looking for ways to improve. Customers have told us they want simpler payments and, in particular, that it is important they have greater certainty around what will be received. This change gives our business customers this certainty, removes complexity, and reduces their costs to send IMTs, so the business can better manage risk and increase their profitability” commented CBA Executive General Manager, Payments, Ethan Teas.
“We have a market-leading digital platform and locally based teams of FX specialists across Australia that can help businesses manage uncertainty and eliminate some of the variables involved in IMTs and FX. We work to understand each and every business, to help them quantify their risk, create more certainty with cash flows and focus on the business goals they want to achieve” Teas added.
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