Best Exchange Rates

Commonwealth Bank Exchange Rates

Categories: Banks, Reviews

In this article we take a look at CBA’s foreign exchange services and focus on how their exchange rates compare to other options available to you.  If you are a CBA customer and looking to send money overseas through an International Money Transfer (IMT) or get travel money, read on to:

How does Commonwealth Bank Foreign Exchange Compare?

The Commonwealth Bank of Australia offers exchange rates services, but are they any good and how do they compare with other services that are available to travellers?

The Main Points:

  • CBA provides extensive foreign exchange services
  • Products available both in-branch and online via their online banking platform NetBank
  • CBA exchange rates for foreign transfers are generally poor compared to using an FX specialist.
  • CommBank exchange rates for travel money are comparable to those of the other Australian banks but you will, more likely than not, get less for your dollar than if you ordered your foreign currency and travel money online through providers such as Travelex.
  • Average to poor exchange rates need to be weighed up against convenience of using a familiar internet banking platform.

Exchange rates are something that can worry a traveller planning their overseas trip as although credit card facilities, ATMs, are commonly available overseas, it is always wise to carry some petty cash with you for those unforeseen occasions when it’s not. Even if you aren’t keen on knowing it all in detail, a little awareness of the exchange rates could go a long way in helping you choose the best option – cash, use a travel card or make an international money transfer to pay for an org.anised tour or accommodation cost.

Commbank Exchange Rates Explained – Foreign Transfers, Holiday Money & Travel Cards

If you already bank with CBA, you’ve probably already taken a look at the currency related products and services they have to offer such as – Travel Money (cash), Travel Cards, and International Money Transfers (IMT).  Below we explain these different options to help you choose which particular product/service would best suit your needs. Firstly, it’s important to understand that the exchange rate will depend on a few factors, namely:

  • The currency you need
  • Transaction type – whether you wish to buy or sell the currency
  • The product you’re after – Travel Money, a Travel Card or International money transfer

Below is an example of a CBA exchange rate table.

CBA FX screenshot
Example CBA Exchange Rate Table (8:19am (Australian EST) on 15/12/2017)

Which Exchange Rate applies to you?

The exchange rate that applies to you is determined by the product you opt for. For example, let’s assume you are travelling to the UK and therefore want to buy some British pounds (GBP) in preparation for your trip. Looking at the example Exchange Rate table above, you would refer to the Get Foreign Cash or load Travel Money Card column, which shows the exchange rate you will get from CBA if you ordered online (i.e. buy GBP) as 0.5544 for 1AUD. However, if you had just returned from the UK and were looking to change your GBP back to AUD (i.e. Sell your GBP), you would refer to the Change Foreign Cash or Unload Travel Money Card exchange rate, which offers a different exchange rate of 0.6203 in exchange for 1AUD.  Make certain you are using the right column for Buying and Selling, as the currency rates do vary for each.

Calculating your foreign exchange conversion amounts

Once you’ve selected your product with the right currency, you can work our your exchange rate from the table. Make sure you use the most current table for the latest rates as the above is only a snapshot in time. The general rule of thumb for calculating is:

  • convert AUD into foreign currency by multiplying by the rate
  • convert foreign currency into AUD by dividing by the rate

Remember that you will also need to add on any fees that the bank charges as the conversion amount is usually exclusive of this.

Compare CBA foreign exchange rates with other FX specialists

Finally, it’s worth shopping around for the best exchange rate especially if you are travelling for an extended period or exchanging over AUD1000.  There are a multitude of specialist FX organisations that often offer significant savings on your currency exchange.

Use our exchange rate check tools that make it easy to compare CBA exchange rates to FX specialists.

Foreign Transfers

Travel Money

Travel Cards

Quickly calculate how much you could save on your next foreign transfer or travel money purchase.

Average rating out of 5 stars

21 Reviews for “Commonwealth Bank Exchange Rates”

  1. barry says:

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

    1
  2. 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.

    1
  3. 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.

    0
  4. 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
    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

      0
  5. 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!

    0
  6. 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?

    0
  7. wayne says:

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

    1
  8. 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.

    5
  9. 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.

    2
  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.

    0
  11. 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!!!!!!

    1
  12. scott says:

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

    0
  13. 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.

    0
  14. Joe says:

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

    0
  15. 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@!!!

    1
  16. 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.

    5
    1. TED NUGENT says:

      YEAH, TERRIBLE RATES

      1
  17. Pffft says:

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

    1
  18. Not happy says:

    I concur. Extremely terrible rates

    0
  19. which bank says:

    Terrible rates, nuff said

    1

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