In this article we take a look at Commonwealth Bank and examine how CBA foreign exchange rates & international money transfer services compare to other providers available to you.
If you are a CBA customer and looking to send money overseas through an International Money Transfer (IMT) or get some travel money, read on to:
The live tables below will give you an indication of how Commonwealth Bank Foreign Transfer exchange rates compare to an specialist FX provider.
At the time of writing (16/04/18), the exchange rate margin that CBA was showing for Foreign Transfers was 5.26%. The margin indicates the amount above the mid-rate (i.e. the rate at which the banks interchange with each other). The cheapest alternative for Foreign Transfers (OFX) at the time of writing was showing a margin of 1.52%, meaning if you had changed $10,000 for EUR with OFX, you would have received EUR236 more than if you had made the exchange with CBA.
So, what about the other Commonwealth bank exchange rates services? Are they so much better that it makes the higher cost of transfer worth while? The key benefit that CBA offers to existing customers, is the knowledge that you are transferring with a familiar brand. They already have all your details so there will be no need to complete any additional forms or undergo any further customer verification or security checks. With that in mind, if you are making a one-off international money transfer, where the amount to be exchanged is sufficiently low for the difference in cost to be acceptable to you, then going with Commonwealth bank exchange rates services could be the way to go for you.
If, however, you will be making regular international money transfers, then securing the lowest exchange rate, will be more critical. The FX specialists that we list on our site are registered and regulated organisations with a strong history of servicing the Foreign transfer and Travel money market.
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:
Below is an example of a Commonwealth Bank exchange rate table.
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.
The euro is the sole currency of 19 EU member states: Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia, and Spain. Note some exceptions in Europe are the nordic states such as Denmark, Sweden and Norway that have their own version of kroner.
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:
Remember that you will also need to add on any fees that the bank charges as the conversion amount is usually exclusive of this.
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.
This table shows Commonwealth Bank exchange rates for foreign transfers and travel money. The percentages with the rates show how much margin the bank is charging compared to the market mid-rate. The table is updated hourly, for the latest comparison goto our comparison calculators for CBA Foreign Transfers and CBA Travel Money.
|CBA , 1AUD=||Foreign Transfers||Travel Money|
|AED - UAE dirham||2.6751 (5.76%)||2.6595 (6.38%)|
|BRL - Brazilian real||3.7693 (8.17%)|
|CAD - Canadian dollar||0.9282 (5.7%)||0.9277 (5.76%)|
|CHF - Swiss franc||0.6497 (5.68%)||0.6494 (5.73%)|
|CLP - Chilean peso||517.8 (9.31%)|
|CNY - Chinese yuan||4.6956 (6.31%)|
|CZK - Czech Republic koruna||15.79 (5.7%)||15.44 (8.1%)|
|DKK - Danish krone||4.4901 (5.68%)||4.4877 (5.74%)|
|EUR - Euro||0.6036 (5.65%)||0.6065 (5.14%)|
|FJD - Fijian dollar||1.4917 (5.6%)||1.4421 (9.23%)|
|GBP - British pound sterling||0.5367 (5.63%)||0.5392 (5.14%)|
|HKD - Hong Kong dollar||5.6517 (5.67%)||5.6487 (5.73%)|
|HRK - Croatian kuna||4.4557 (8.11%)|
|HUF - Hungarian forint||217.35 (5.72%)||212.64 (8.06%)|
|IDR - Indonesian rupiah||10063.27 (8.34%)||9845.2 (10.74%)|
|ILS - Israeli New Sheqel||2.3757 (5.99%)||2.3242 (8.34%)|
|INR - Indian rupee||53.53 (5.27%)|
|JPY - Japanese yen||75.73 (5.63%)||76.09 (5.13%)|
|KRW - South Korean won||786.55 (8.14%)||769.51 (10.54%)|
|KWD - Kuwaiti dinar||0.2191 (6.62%)||0.2143 (9.01%)|
|LBP - Lebanese pound||1095.17 (7.14%)|
|LKR - Sri Lankan rupee||132.66 (12.08%)||129.79 (14.56%)|
|MUR - Mauritian rupee||28.63 (6.29%)||28.01 (8.64%)|
|MXN - Mexican peso||14 (8.93%)|
|MYR - Malaysian ringgit||2.9231 (6.37%)|
|NOK - Norwegian krone||6.2453 (5.69%)||6.242 (5.75%)|
|NPR - Nepalese rupee||67.62 (33.07%)|
|NZD - New Zealand dollar||1.0326 (4.62%)||1.0244 (5.46%)|
|OMR - Omani rial||0.2806 (5.7%)||0.2745 (8.05%)|
|PGK - Papua New Guinean kina||2.5221 (7.73%)|
|PHP - Philippine peso||34.57 (7.06%)||33.82 (9.43%)|
|PLN - Polish zloty||2.7369 (5.7%)||2.6776 (8.04%)|
|QAR - Qatari rial||2.6094 (7.48%)|
|SAR - Saudi riyal||2.7322 (5.75%)||2.673 (8.1%)|
|SBD - Solomon Islands dollar||5.7133 (7.54%)||5.4066 (13.64%)|
|SEK - Swedish krona||6.116 (5.93%)||6.1128 (5.98%)|
|SGD - Singapore dollar||0.9696 (5.68%)||0.9691 (5.74%)|
|THB - Thai baht||21.92 (5.79%)||21.79 (6.42%)|
|TOP - Tongan paanga||1.5406 (13.96%)|
|TRY - Turkish lira||5.4273 (6%)||5.3097 (8.35%)|
|TWD - New Taiwan dollar||19.95 (8.12%)|
|USD - U.S. dollar||0.729 (5.67%)||0.7363 (4.62%)|
|VND - Vietnamese Dong||16541.05 (7.8%)||16138.89 (10.49%)|
|VUV - Vanuatu vatu||75.82 (9.4%)||71.75 (15.61%)|
|WST - Samoan tala||1.7143 (13.18%)|
|XPF - CFP franc||74.27 (2.45%)||70.28 (8.27%)|
|ZAR - South African rand||11.09 (5.77%)||11.02 (6.44%)|
Sat Jan 16, 2021 20:05 AEDT
The Main Points: