CommBank USD transfer fees and exchange rates
Eligible Australian CommBank customers can hold USD in a separate Foreign Currency Account linked to an eligible AUD account. CommBank waives the digital transfer fee when an international payment is debited from a Foreign Currency Account.
For a same-currency USD payment, selected transfers may offer an upfront option covering correspondent-bank costs. A recipient bank can still charge, and conversion into or out of USD uses a customer exchange rate that should be compared.
This service is provided through Australian CommBank banking, not a local US retail account.
CommBank and USD commonly asked questions
Can a retail customer open a local CommBank account in the US?
CBA's New York branch supports wholesale and institutional clients and does not provide over-the-counter banking facilities for visiting Australians. USD support on BER refers to eligible Australian CommBank foreign-currency services.
Can an Australian CommBank customer hold USD?
Eligible customers can open a separate USD Foreign Currency Account, but it must be linked to an eligible CommBank AUD account.
How long does a payment take?
CommBank says international transfers usually take one to three business days to process. The destination, cut-off time, intermediaries and recipient bank can make delivery longer.
What is the Commonwealth Bank Send Money conversion rate for USD to AUD?
The Commonwealth Bank USD to AUD exchange rate is 1.3692. This is -4.1% compared to the latest USD-AUD mid-market rate 1.4277.
As exchange rates can vary significantly between banks and also between currency exchange providers, it's therefore important to carefully compare US dollar (USD) to Australian dollar (AUD) rates from different sources before making a conversion.
The above Commonwealth Bank - Dollar to Aussie 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 USD-AUD mid-rate and the possible savings of using various providers.
How do Commonwealth Bank USD-AUD rates compare between providers?
Looking at the full USD to AUD - Send Money comparison table the provider with the best USD to AUD exchange rate is OFX at 1.4205, -0.5% from the latest mid-market rate 1.4277.
The next best is XE at 1.4191, -0.6% from the mid-rate.
Then Wise at 1.4134, which is -1% from the mid-rate.
The Western Union rate is 1.4062 which is -1.5% from the mid-rate.
Among the banks the Chase Bank rate is 1.3278 at -7% the Wells Fargo Bank rate is 1.3235 at -7.3% and the Citibank rate is 1.3892 at -2.7% compared to the mid-rate 1.4277.
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.