found this artical while havin my free Jamaica blue coffee.
CBA have toned down the international transfer charges.
https://www.commbank.com.au/personal/international/transfer-…
CBA - International Transfer Fee Via App/Website < $1k = $6 Fee (Was $22) > $1k = $12 Fee (Was $22)
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This is what I use currently.
I used to pay this but it annoyed me greatly. Plus the exchange rate was rubbish.
Combined that meant I was paying ~$22 + horrible exchange loss. That could often be circa $50.
I now use xe.com takes about the same time, costs me considerably less.
I didn't even know xe.com do money transfer!
Same! Learn something new every day on OzB
Yea wow wtf xe.com does money transfers? I only ever knew them as giving me the most accurate rate for reference!
Best to have both a personal and business account as the rates do differ slightly between the two. Business accounts get a slightly lower rate.
what i found annoying about xe was that i had to sign up including providing drivers license or passport just to get a quote
@strawberrybug: Yup. That was annoying. Amex wanted even more information. Banking, personal and all sorts of other information
I found I get the best rates from transferwise.
The exchange rates provided by banks is very low compared to other FX transfer websites such as Instarem or Transferwise.
You have to suck into their awful exchange rate to get the discounted fee.
Westpac allows you to send money out in AUD allowing the destination bank to exchange at a better rate. CBA don't offer this?
I always use https://mozo.com.au/international-money-transfer before I transfer money to find the best one at the moment.
Prefer to use https://transferwise.com/au.
However, the $6 fee makes CBA 95c cheaper now. Guess it will come down to the ex rate.
AUD to GBP as an example
Transferwise: (1000 - 6.95) x 0.58872 = ~584
CBA: (1000 - 6) x 0.5566 = ~553It always comes down to the exchange rate.
As a customer it makes no difference whether they charge you a 3% fee or cut the exchange rate by 3%.
Advertising the latter as "free international transfers" obviously sounds a lot better, although it is not better at all.In your example you end up paying 0.7% with transferwise and 6.0% with CBA, or 8.5 times as much.
I do not really see this a deal when citibank is fee free for overseas transfers…
is that only to other citibank overseas accounts or anywhere in the world?
Banks are bleeding and are too late to the show, after years of milking it and sucking the life out of everyday Australians, they can't come out and brag about fee decreases.
WOrldRemit have the best rates and fees and your first transfer is fee free
WorldRemit appears to be a UK owned company the same as TransferWise and TransferWise still wins… just!
AUD to GBP as an example
Transferwise: (1000 - 6.95) x 0.58872 = ~584
WorldRemit: (1000) x 0.58 = ~582and that is with WR charging their fee on top of the 1000 I entered, rather than deducting it from the 1000 on TW.
Yes it's only $2 less than Transferwise but still not the "best rates" as you mention
Thanks bricabrac89.. I did this comparison a couple of months ago when I was transferring to South Africa and WR worked out cheaper with better rates. Clearly TW have stepped up their game to come out in front. Definitely useful to know.
Cheers**Edited to add that when using TW to South Africa the rate was not guaranteed which was a concern for me, while with WR I always got the rate shown at the start of the transfer.
I have to neg this too. Lowering fees and giving bad exchange rates is just deception.
InstaReM is good as well
CBA (and some other Aus banks) still offer poor rates and absurd fees for basic services, and should be avoided. As mentioned above there are many good alternatives recommended, I also recommend the Citibank Plus account with no fees on transfers anywhere, and good rates.
Still better to use Citibank Plus. No FX fees and better FX rates.