CBA discontinues transfer charge

Commonwealth Bank of Australia, the largest bank in the country, has announced that it will eliminate transaction fees for its retail and business banking customers who send money abroad using its digital platforms. The decision aims to provide greater convenience and cost savings for customers engaging in international transfers.

Effective immediately, the bank will no longer charge a A$6 ($3.97) fee for international money transfers made by CBA Transaction Account and Foreign Currency Account holders through platforms such as NetBank, CommBank App, or CommBiz. This move is part of the bank’s ongoing efforts to enhance its digital banking services and offer more value to its customers.

Furthermore, in February, the Commonwealth Bank of Australia expanded its Australian dollar clearing and settlement processing for inward international payments, reducing the processing time to nearly 24 hours on every business day. This improvement ensures faster and more efficient processing of international transactions for the bank’s customers.

By eliminating the transaction fees and improving processing times, Commonwealth Bank of Australia aims to facilitate smoother cross-border financial transactions and meet the evolving needs of its retail and business banking customers. The bank continues to prioritise digital innovation and customer satisfaction, positioning itself as a leading financial institution in the country.