BER Benchmark: Commonwealth Bank AUD FX Rates & Margins
BER Benchmark monitors Commonwealth Bank exchange rates across the AUD currency corridors tracked by BER. The current average margin versus the mid-market rate is 4.7%.
This average is based on the AUD 250 transfer rates currently monitored by BER across the available Commonwealth Bank currency corridors.
Commonwealth Bank - Lowest and Highest FX Margins
BER Benchmark ranks the Commonwealth Bank currency corridors currently monitored for Australian dollar transfers by their margin versus the mid-market rate. The tables below highlight the lowest-margin and highest-margin corridors for a AUD 250 transaction.
CommBank AUD transfer fees and exchange rates
CommBank waives the transfer fee for eligible digital international transfers when AUD is converted to a foreign currency. A digital AUD-to-AUD international transfer costs A$30, while a branch or manual payment instruction also costs A$30.
CommBank says its advertised Retail Exchange Rate includes a margin. A fee-waived transfer can therefore still have a meaningful conversion cost, particularly for a larger amount.
For eligible cross-currency payments, CommBank absorbs correspondent-bank fees. The recipient's bank may still deduct its own charge.
CommBank Australia commonly asked questions
How long does a CommBank international transfer take?
CommBank says an international transfer usually takes one to three business days to process and generally takes around three business days to reach the recipient. Destination, currency, cut-off times and the recipient bank can extend delivery.
Can a CommBank payment be tracked?
Digital international transfers can be tracked using the payment's Unique End-to-End Transaction Reference. A formal investigation costs A$25, so check the available tracker first.
Is a fee-waived CommBank transfer free?
No. The transfer fee may be waived, but CommBank's Retail Exchange Rate includes a margin and a recipient bank may charge.
What is the
best Send Money conversion rate for AUD to CNY?
The best AUD to CNY exchange rate is 4.7169 from Wise. This is -1.2% compared to the mid-market rate 4.7734.
As exchange rates can vary significantly between banks and also between currency exchange providers, it's therefore important to carefully compare Australian dollar (AUD) to Chinese yuan (CNY) rates from different sources before making a conversion.
The above Commonwealth Bank - Aussie to Yuan comparison table makes it easy to compare the Total Fees (both variable and fixed) you are being charged by Commonwealth Bank and other foreign exchange providers against the latest AUD-CNY mid-rate and the possible savings of using various providers.
How do Commonwealth Bank AUD-CNY rates compare between providers?
Looking at the full AUD to CNY - Send Money comparison table the provider with the best AUD to CNY exchange rate is Wise at 4.7169, -1.2% from the latest mid-market rate 4.7734.
The next best is Western Union at 4.7018, -1.5% from the mid-rate.
Then OFX at 4.5989, which is -3.7% from the mid-rate.
It's important to note that exchange rates also fluctuate frequently due to market conditions. Additionally, banks like Commonwealth Bank often apply a margin to the exchange rate, resulting in a less favorable rate for customers compared to the mid-market rate. For more competitive rates, you might consider using a specialized currency exchange service or platforms that offer rates closer to the mid-market rate.