What are the charges for transferring money to my account in Australia?

For amounts GBP £29,999.99 and under a transfer fee of GBP £15.00 is charged per transaction. For amounts of GBP £30,000 and over, no fee is applied. You must hold a London Transfer Account to send funds to Australia via the Commonwealth Bank's London Office

Who do I make the cheque out to when paying into my London Transfer Account?

The cheque or transfer should be made payable to the name of the account holder, not the Commonwealth Bank. For example, if the account is held in the name of Mr and Mrs Smith then the cheque or transfer should be made out to Mr and Mrs Smith.

Can I open a London Transfer Account once I have arrived in Australia?

Yes, you can apply for a London Transfer Account whether you are residing within, or outside of Australia. This means if you have not had time to open your account before you have arrived in Australia, but still have funds to send to Australia, you are able to open an account to initiate this transfer. Currently you are able to exchange GBP£ for AUD$, for other currencies please contact our London office on +44 (0)20 7710 3990, Mon - Fri, 9am -5pm GMT.

What exchange rates do you offer?

We offer exchange rates that are market led and highly competitive. Unlike Retail Banks our rates are not set at the start of the days trading, but reflect the market at the precise moment your payment is processed as we work off live rates.

What is a market exchange rate?

The market or interbank rate, is the rate at which banks are trading amongst themselves for sums in excess of one million dollars USD or equivalent currency. They are not available to private individuals.

What is a commercial exchange rate?

A commercial exchange rate is often referred to as a wholesale or corporate rate, and is generally used for larger transactions of funds. For example, commercial rates range between 1 to 3 cents below the market rate, whereas tourist rates are 10 to 15 cents below the market rate. As a specialist currency office, the Commonwealth Bank London can offer its customers a commercial exchange rate for transfer of their funds.

What is a tourist exchange rate?

A tourist exchange rate is generally offered for purchase of foreign cash and coin, and is usually offered by high-street banks. It will generally be sent once for the day, and is about 10 - 15 cents below the market rate.