Glossary

ATM (Automatic Telling Machine) ATMs can be used to withdraw money using an ATM card that is connected to your bank account. Your ATM card will be security-protected by a PIN (Personal Identification Number) that you will need to enter into the ATM when prompted.

BACS (Bankers Automated Clearing System) Funds transferred via the standard bank clearing system will take 3-4 working days to arrive as cleared funds into your London Transfer Account. Internet transfers are usually sent via this system, so please allow 3-4 working days for funds to reach your account.

Business Day A day in which all of the trading centres used by the Commonwealth Bank London are open for business (London, Sydney & New York). Most businesses globally will be open in their relevant time-zones from: Monday – Friday, 9am – 5pm (excluding public holidays).

CHAPS (Clearing House Automated Payments System) An electronic Inter-bank transfer through the CHAPS system, which usually arrives as cleared funds on the same day as it is sent by your bank. Please Note: Your bank will normally charge a fee to transfer funds from your banking institution to your London Transfer Account.

Delivery Date The day on which the full payment must be made for a Forward Contract by the client for funds to be released on the agreed settlement date.

EFTPOS Electronic Funds Transfer Point of Sale. Very similar to the UK’s Chip and Pin system for accessing funds through your debit card.

Exchange Rate The expression of the value of one currency in terms of another. For example, in the exchange rate GBP/AUD2.5300, one Great British Pound is equal to 2 Australian Dollars and 53 Australian cents (GBP1.0000 = AUD2.5300).

Extension An extension is where the existing settlement date is adjusted from the existing settlement date to a settlement date further into the future. For example, the settlement date for a Forward transaction is adjusted from 20 May to 20 June in a given year. For the above variations the agreed exchange rate will be adjusted to reflect the new settlement date. The adjusted exchange rate takes into account the factors set out in “Forward transactions” and a funding cost/benefit analysis. Where the adjusted exchange rate has been agreed with you, the Bank will send you a confirmation letter setting out the new details of your FX transaction. This must be signed and returned to the Bank.

Our Belonging to the Commonwealth Bank of Australia ABN 48 123 123 124, registered in England No. BR250.

Pensioner A retired person or independent retiree who is at least 55 years of age, or in receipt of an eligible pension or allowance from the Commonwealth Department of Family and Community Services or Department of Veterans’ Affairs.

Pre-Delivery Is where the existing settlement date is adjusted to an earlier settlement date. For example, the forward settlement date is brought forward to 5 May from 20 May in a given year.

Settlement Date A business day on which the purchased currency will be deposited to the requested account.

Termination A foreign exchange transaction can be terminated before the settlement date: by agreement between you and the Commonwealth Bank; or as set out in the foreign exchange contract documentation. You will be liable for any loss, costs, fees, charges and expenses, including without limitation any break costs and interest, suffered or incurred by the Commonwealth Bank in consequence of the termination.

You and your The account holder.

We, us and the Bank Commonwealth Bank of Australia ABN 48 123 123 124, registered in England No. BR250.