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Commonwealth Bank – Customer Feedback

Categories: Partner Reviews

CommBank Australia

The exchange rates provided by CBA on their Australian website are for foreign exchange transactions up to AUD50,000 and are intended only as a guide.

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22 Reviews for “Commonwealth Bank – Customer Feedback”

  1. which bank says:

    Terrible rates, nuff said

  2. Not happy says:

    I concur. Extremely terrible rates

  3. Pffft says:

    Now an $8 service fee. On top of terrible rates.

  4. sandee says:

    I don’t agree with the some of the below comments, well at least not for Indian Rupee. I use CBA to send money home to India and the rate is much better than the other banks…generally with a margin of just over 1% which is pretty good.

    1. TED NUGENT says:

      YEAH, TERRIBLE RATES

  5. Macca51 says:

    Terrible rates especially reconverting foreign currency (US dollars) back to Aust dollars. Current official exchange rate is apprx $1.03, CBA buy back at $1.0819, over 5 cents in every dollar and that is after selling at apprx $0.99. They are making about 7% if you buy from and sell back to CBA. Utterly outrageous@!!!

  6. Joe says:

    Looking at your comments I agree but Do you really think that any bank cares?

  7. Mischa says:

    I used to transfer money to ukraine through this function because of the convenience but no longer. I cop the 7% fee plus 50.00 commission from other transfer banks like Deutsche.

  8. scott says:

    some of the worst exchange rates of any of the available options.

  9. Thomas James says:

    This bank just doesn’t care anymore about its reputation – all it is after is profit – I say if you belong to this bank – close your account today!!!!!!

  10. Jim says:

    Given the convenience on online banking, CBA is okay if transferring small amounts overseas as a lot of FX’s won’t do small transfers.

  11. Stuart says:

    Concerned that the CBA doesn’t offer good customers better rates as their exchange rate is lower and they hit with commission as well double dipping.

  12. drew says:

    CBA have the best Vietnamese Dong VND rates of all the banks, I know cos I have a internet cafe business in Hanoi’s old quarter, so changing cash and sending money back and forth very often.

  13. wayne says:

    Terrible xchange rates and constantly hit with exorbitant fees when using any of their products/cards overseas

  14. Mike Watson says:

    Very Unhappy. The focus is as usual on profit, do it yourself and pay a transfer fee as well as enjoying a poor exchange rate.
    Transferring money to NZ – NZ$1200 cost me AUD $1212.86 at a rate of 0.9894 + AUD $22.00 transfer fee. The Ausforex rate was 1.0384. That’s who I will be using in future.
    Not sure how this rating system works? is the first button good or bad?

  15. FB says:

    CBA Is no worse than all the other retail banks who are equally woeful on margin. Considering there is no cash involved for travel cards for example, 6%+ on all of them is dreadful. Oz Forex (Macquarie) @ 3% kicks their backside and best of all the rates are intra-day, on-demand. Been watching CAD for last 10 days off the Xmas bottom and consistently getting up to 3 big figures better with Oz over the retails e.g. 0.936251 in the last hour versus 0.9074, that’s $30 per $1000 and its better off in your pocket!

  16. Maz says:

    CBA state their exchange rate on website is a “guide only” but it’s way off the mark and is false advertising. Disgraceful.

    1. BER Team says:

      Hi we have now setup a BER page where customers of Banks and Financial institution can report accuracy of exchange rates

  17. Carlos says:

    Exchange rates from the CBA is what its call highway robbery !!
    It is disgraceful an appealing that the CBA can get away with those exchange rates !!
    I will exit this institution as soon as I get back from my holiday trip to Europe in June.

  18. Grumpy girl NZ says:

    I love the way that Com bank screws everything and everyone associated with it. The passive aggressive phone tress – the surprise shockers, the intrusive Netbank bullshit.

    I’m trying to relocate back to NZ – I transferred $500 + $22 AUD up front fee from Com bank to my NZ bank account. I got $500.32 in my NZ bank account. WTF com bank? So the $22 was a fee, and the intra bank flat fee from ANZ – for the foreign exchange was $30 fee that was taken out of the inital AUD $500, so I was moving $470 – and the $500.32 was the result. NZ bank didn’t charge anything or created any dramas it was just a deposit.

    Com bank like to think they are “customer service” orientated. They give you stupid millennials that have no customer service skills and a computer screen as their banking service. They are the worst bank I’ve ever had the misfortune of dealing with. Go anywhere but Com bank.

  19. jferranda says:

    I just come back from Europe with a balance of some $4000 which are in Euros. When I wanted to transfer the travel card money to my account the bank wanted to give me only 1.375516 AU for every Euro. That is highway robbery. They are double dipping big time. Our politicians should investigate this scam as that is what I feel it is.
    They are robbing us blind and they do it all legally with the help from the political masters in Canberra.
    Yes Mr. MP Turnball what are you going to do? Give us a load of excuses and sweep it under the carpet, that is what you seem to be great at.

  20. barry says:

    Absolutely disgraceful bank, the worst of a very bad bunch of thieves.

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