Sending money overseas is pretty straightforward once you're prepared. Here are 4 things to know before you send money overseas:
1. You need the recipient's details
You’ll need the following information before you can transfer money internationally:
Check the detailsyou've entered before confirming your transfer.If you've made an error, you may need to trace, modify or cancel the transfer.
If someone’s transferring money to your CommBank account from overseas,here's the information.
2. Check your transfer limit
Many banks and financial institutions set an International Money Transfer (IMT) limit. If you bank with us, we set the limit at $0 for security reasons.
Before you make your first IMT, you need to set your IMT limit by either:
- Logging on to NetBank > Settings > Online banking limits; or
- Logging on to the CommBank app > Settings > Payment limits.
3. Watch the exchange rate
Exchange rates change. Souse our foreign exchange calculator(choose 'Send money overseas') to work out how much it will cost you in Australian dollars.
Your transfer will be converted into the currency of your choice using the foreign exchangerate at the time you confirm your IMT. This will determine the amountreceived by your recipient.
4. Transfer in the local currency
If the money you’re sending overseas isn’t the same currency as your account, CommBank will waive the IMT fee and absorb the correspondent bank fees for you. This applies when you’re using NetBank, the CommBank app or sending money via one of our branches.
Discover more about CommBank IMT costs and charges.
Transfers usually take 1-3 business days.
An international transfer can take longer though, depending on the bank and country you’re sending the money to.
It’s also worth noting that transfers made on a weekend, a public/bank holiday, or after the currency cut-off time will be processed the following business day.
FAQs
When sending an international bank wire, you will need to provide the recipient's name, address, banks SWIFT BIC, and bank account number, plus the International Payments System Routing Code, for certain countries (you will be prompted for this).
What is the advice for sending money abroad? ›
Always ensure you use a reputable, trusted provider. If you know you're going to be transferring funds to multiple locations overseas on a regular basis, it may be more convenient to use just one service that can cover all of your financial requests, such as your bank.
How much money can I legally send overseas? ›
If you send an international wire transfer over $10,000¹, your bank or financial institution is required by law to report it directly to the IRS. Your bank may also ask for additional information, including the following¹: Evidence for the source of the funds.
How can I send money to another country safely? ›
You can use the bank where you have a checking or savings account to conduct your international money transfer or open an account with various companies that specialize in sending money, such as Western Union, MoneyGram, PayPal, Xoom, Wise (formerly TransferWise) or Paysend.
What are the rules for sending money abroad? ›
To send money abroad, you will need a Passport, PAN card, outward remittance form, bank statements, supporting documents for the remittance (tickets, invoices, etc.) and Form A2. Moreover, you also need to agree to the anti-money laundering and KYC guidelines.
Do wire transfers over $10,000 get reported to the IRS? ›
Under the Bank Secrecy Act (BSA) of 1970, financial institutions are required to report certain transactions to the IRS. This includes wire transfers over $10,000, which are subject to reporting under the Currency and Foreign Transactions Reporting Act (31 U.S.C.
What is the best day to transfer money internationally? ›
Mondays often experience the lowest number of trading in foreign exchange market. Therefore, you may expect the least fluctuation in price. Friday has a definite effect which is called the summary effect.
How to send money overseas without fees? ›
At OFX, you receive fee-free transfers* for sending USD internationally. We use our global network of 115 local bank accounts to make our transfers within the same country, so you won't be hit by any international transaction fees.
What bank details are needed to send money abroad? ›
You will require: Their Bank Identifier Code (BIC), SWIFT code or national bank code. Their bank account number or International Bank Account Number (IBAN). Their full name.
How much money can you transfer internationally without paying taxes? ›
How much money can you wire without being reported? Financial institutions and money transfer providers are obligated to report international transfers that exceed $10,000.
Wire transfers at a bank are ideal for securely sending large amounts domestically or internationally. Money transfer scams often include unusual requests to send money to strangers.
How do I transfer large sums of money internationally? ›
Both Western Union and PayPal are popular choices for sending large sums of money overseas.
What is the least expensive way to transfer money internationally? ›
Bank transfers are usually the cheapest option when it comes to funding your international money transfer with Wise. Bank transfers can be slower than debit or credit cards, but they usually give you the best value for your money.
How to transfer money to someone overseas? ›
You'll need the following information from your recipient:
- Their full name and street address (not a PO Box).
- The IBAN or bank account number.
- A SWIFT code or BIC (this identifies their bank) or, if not available, the full bank address.
- Any other information they have like sort codes or routing code.
What is Needed for an International Wire Transfer?
- The recipient's full name and address.
- The amount of the wire transfer.
- Name and address of the recipient's bank.
- Recipient's bank account number and account type.
- Recipient's bank routing number.
- Recipient bank's SWIFT or BIC code (when applicable)
- Reason for the transfer.
Provide bank details
Name and address of the payee's bank. Name, address, and account type of the recipient (checking, savings, etc.) Payee bank account number or IBAN (international bank account number). Recipient's BIC/SWIFT code.
What bank information is needed for international wire transfer? ›
For international wire transfers, you will need to know the recipient's account international bank account number (IBAN), BIC, or SWIFT code. SWIFT/BIC codes globally identify banks and financial institutions.
What details do I need to receive international transfer? ›
Here is the information the sender will need.
- The BSB and bank account number you want the money sent to. ...
- The full legal name on your bank account. ...
- The street address (home or business) linked to your account.
- The NAB branch address where you opened your account.
- Our BIC or SWIFT code NATAAU3303M.
You'll need the following information from your recipient:
- Their full name and street address (not a PO Box).
- The IBAN or bank account number.
- A SWIFT code or BIC (this identifies their bank) or, if not available, the full bank address.
- Any other information they have like sort codes or routing code.
