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CommBank foreign currency account: Review & comparison

Last update: August 5, 2024

Contents

CommBank offers a foreign currency account for businesses to make secure global payments. But can it protect your profit margins? Let’s take a look.

Key takeaways

You can send funds in 30 currencies and hold funds in 18+ currencies with CommBank
The account can only be opened in-person at CommBank branches, not through its website
There’s the potential to earn interest on selected currencies but debit interest rates apply when the account’s overdrawn
Sending payments can incur a transaction fee of up to $30, while you might be charged up to $11 for receiving payments

For businesses that often make and receive international payments, CommBank offers foreign currency accounts with 18 supported currencies [1]. While there’s no monthly fee, you’ll need an existing CommBank account to apply for a foreign currency account.

This detailed review outlines the key features and fees of the CommBank account. We also compare CommBank with our alternative, the World Account, available to businesses in Australia, the UK, Singapore and other countries.

What is the CommBank foreign currency account?

The CommBank business foreign currency account allows customers to make and receive payments worldwide and hold balances in other currencies.

CommBank, or Commonwealth Bank, is a multinational bank in Australia that provides customers and businesses with various financial services, including banking and insurance. Apart from Australia, it also has branches in New Zealand, Europe, Asia and the US.

Key features of CommBank’s multi-currency account

You can send, receive, and hold funds in 18+ currencies, including USD, GBP, CAD, HKD, JPY, and NZD [1]. Payments can be made directly from your international balances without converting them into Australian dollars.

The multi-currency account can be accessed online with CommBank’s mobile app or website.

There’s also the potential to earn interest on selected currencies, including NZD and ZAR. However, the interest rate depends on the amount of funds in your account.

CommBank charges debit interest rates if the account is overdrawn [2]. The exact credit and debit interest rates vary according to the currencies.

Pros and cons of a CommBank foreign currency account

Pros	Cons
Supports major currencies Free transfers between CommBank accounts [1] Earn interest on selected currencies [1] (some currencies have low or negative interest rates) No account set-up or monthly fees	Fees apply for sending and receiving payments You need to visit a branch to open a business foreign currency account [3] Businesses need to have a CommBank AUD transaction account to open a new foreign currency account A credit deposit fee is applicable in some currencies [1]

CommBank fees and rates: The breakdown

	CommBank foreign currency account fees* [4]
Monthly fee	Free
Setting up a multi-currency account	Free, but you need to have a CommBank AUD transaction account already
Receiving funds	Up to $11 per transaction
Holding funds in multiple currencies	CommBank charges a credit deposit fee on some currencies
Sending payments to other CommBank accounts	No transaction fees A currency conversion fee applies in the case of a cross-currency transfer
Sending payments to other accounts	Issued by branch: $30 Issued online with funds debited and credited in AUD: $30 Issued online with funds debited from AUD account and converted to foreign currency: Free
Changing payment instructions or cancelling the transaction	$25
Withdrawing foreign currency notes	1% of the total transaction amount
Additional overseas bank fees for same-currency transfers	CommBank charges additional fees on some same-currency transfers to cover charges from correspondent banks EUR: AUD 33 GBP: AUD 17 NZD: AUD 17 USD: AUD 37

*Fees as checked in May 2024

There are a few things to note about CommBank’s fees:

Indirect monthly maintenance fees

You must have a CommBank AUD transaction account to open a multi-currency account. Although there are no monthly fees for setting up a multi-currency account, the AUD account may come with its own monthly fees. [1]

Extra intermediary fees for sending payments

CommBank states that it pays fees to correspondent banks where foreign exchange is involved (when the sending currency is different from the currency being received). The payee’s bank may also charge processing fees. All of these fees must be paid by the CommBank account holder making the transaction [4].

Who can open a CommBank business foreign currency account?

To open a business foreign currency account with CommBank, you need to meet the following criteria [3]:

You must be 18 years old or above
You must have an approved CommBank AUD transaction account
Domestic businesses need to provide their ABN or ACN
Foreign companies in Australia must be registered with ASIC

The eligibility criteria for foreign companies not registered with ASIC are subject to CommBank review on a case-by-case basis.

How to apply for a CommBank foreign currency account

You can only open a business foreign currency account by visiting a CommBank branch – there’s no option to do it online [3].

Since you need an existing CommBank account to open a foreign currency account, the bank already has most of the required information and documents when you apply. You’ll only need to fill out a form and provide some extra supporting documents.

CommBank alternative: WorldFirst

WorldFirst allows global businesses to make easy, fast and secure international payments in over 100 currencies across 210+ countries and regions, with more currencies being added regularly.

You can set up multi-currency accounts for free in 20+ currencies, including GBP, USD, CAD, EUR, AUD, NZD, and CNH, and pay zero monthly fees.

With a World Account, you can:

Get paid like a local: Set up local currency accounts with bank account details, no overseas address needed

Make supplier payments worldwide: Pay suppliers, staff and invoices in 100+ currencies with competitive exchange rates.

Protect your profit margins: Lock in exchange rates for up to 24 months to manage currency risks and protect your cash flow against sudden currency fluctuations

Make instant payments: Payments in the same currency are free and instant between World Accounts

Seamlessly integrate with marketplaces: Collect payments from 130+ marketplaces and payment gateways, including Amazon, eBay, AliExpress, and Stripe

If you’re still unsure about WorldFirst vs CommBank, check out our comparison of fees.

	CommBank foreign currency account fees [4]	WorldFirst fees
Monthly fee	Free	Free
Opening a multi-currency account	Free, but you need to have a CommBank AUD transaction account	Free
Receiving funds	Up to AUD 11 per transaction	Free
Holding funds in multiple currencies	CommBank charges a credit deposit fee on some currencies	Free
Sending payments to other CommBank/WorldFirst accounts	Free Currency conversion fees still apply in case of cross-currency transfer	Free and instantCurrency conversion fees still apply in case of cross-currency transfers
Sending payments to non Commbank/WorldFirst accounts	Issued by branch: $30 Issued online with funds debited and credited in AUD: $30 Issued online with funds debited from AUD account and converted to foreign currency: Free A currency conversion fee also applies over the transaction fee.	[Fixed transaction fee] + up to 0.6% currency conversion fee(0.8% for 1688 payments)

Sources:

https://www.commbank.com.au/business/international/international-payments/foreign-currency-accounts.html#currencies
https://www.commbank.com.au/content/dam/commbank/business/pds/CBA3633.pdf
https://www.commbank.com.au/content/dam/tmd/Foreign-Currency-Account–Business-Foreign-Currency-Account/foreigncurrencyaccountbusinessforeigncurrencyaccount-tmd.pdf
https://www.commbank.com.au/content/dam/commbank/personal/apply-online/download-printed-forms/ADB1784.pdf

Disclaimer: The information contained is general only and largely our views. Before acting on the information you should consider whether it is appropriate for you, in light of your objectives, financial situation or needs. Although information has been obtained from and is based upon multiple sources the author believes to be reliable, we do not guarantee its accuracy and it may be incomplete or condensed. All opinions, estimates, mentioned products/services and referenced material constitute the author’s own judgement as of the date of the briefing and are subject to change without notice. WorldFirst shall not be responsible for any losses or damages arising from your reliance of such information.

Rick Hill has worked in payments and financial services for the past nine years. He began his career at a large institutional bank and has since worked across startups and scaleups. Over the past four years, his experience with e-commerce retailers has led him to believe that WorldFirst will be crucial in helping brands expand globally by demystifying the complexities of entering new markets.

Rick Hill

Author

Head of Sales ANZ at WorldFirst

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CommBank foreign currency account: Review & comparison

What is the CommBank foreign currency account?

Key features of CommBank’s multi-currency account

Pros and cons of a CommBank foreign currency account

CommBank fees and rates: The breakdown

Who can open a CommBank business foreign currency account?

How to apply for a CommBank foreign currency account

CommBank alternative: WorldFirst

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The simpler way to pay and get paid

Multi-currency accounts, competitive FX, and global transfers — Everything you need to pay and get paid internationally

Who We Are >

Named a Top Global Fintech Company by CNBC & Statista, we’ve supported 1.5M+ businesses since 2004.

CommBank foreign currency account: Review & comparison

What is the CommBank foreign currency account?

Key features of CommBank’s multi-currency account

Pros and cons of a CommBank foreign currency account

CommBank fees and rates: The breakdown

Who can open a CommBank business foreign currency account?

How to apply for a CommBank foreign currency account

CommBank alternative: WorldFirst

Continue reading

Westpac business bank account review

The best foreign currency accounts in Australia

CommBank business bank account review: Features, fees & more

Mastercard foreign transaction fees explained

Revolut Business account review: Features, fees & more

How to import products from China to Australia

The simpler way to pay and get paid

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