How to Use Commonwealth Bank and NetBank to Transfer Money

How to Use Commonwealth Bank and NetBank to Transfer Money

The basic goal of this article is to say everything you need to know about how to use Commonwealth Bank and NetBank to transfer money in Australia, the United States, the United Kingdom, and the rest of the countries in the world.

What’s the Commonwealth Bank?

Is it an Australian multinational bank with businesses across New Zealand, Asia, the United States, and the United Kingdom?

NetBank is a secure online place for you to manage your finances. You can get a big-picture overview and explore all the day-to-day details.

To make payment from a Commonwealth Bank or NetBank to an account of any other bank account or to receive money or payment either from overseas or to someone else in the Commonwealth Bank app or NetBank without visiting the bank can be done via online banking. You could transfer money between CommBank accounts, transfer money overseas, or transfer money to someone.

When transferring money from overseas, the Commonwealth Bank (NetBank has lowered the cost of international money transfers to a fixed rate of $6 per payment when transferring foreign currency via NetBank or the CommBank app, making it cheaper to send money overseas or anywhere in the world.

Every individual transfers money for many different reasons, In this article, we have put together how you could transfer and receive money both home and abroad via Commbank or NetBank

You can read: PNC Bank Swift Code For International Wire Transfer

How to Receive money from overseas

Commonwealth Bank has announced that foreign cheques and bills in any currency will not be accepted starting October 10, 2022, and this applies to all CommBank accounts. International direct deposits are a faster and more secure way to receive funds from overseas. Funds can be credited to your CommBank or NetBank account electronically via international money transfer (IMT) or international direct deposit.

General Information to provide for the sender

To receive money to CommBank, kindly provide the payer with the following details:

1. Bank name: Commonwealth Bank/NetBank.
2. BIC/SWIFT Code: CTBAAU2S.
3. Your 14-digit account number is 06XXXX-XXXXXXXX.
4. You can find your account number by simply logging into NetBank or the CommBank app.

Also read: Bank of America Swift Code For Wire Transfer

Simple Ways How to send money overseas

Commonwealth Bank and NetBank customers can send money overseas without stress and with ease You can also send an international money transfer (IMT) to more than 200 countries in over 30 currencies from the CommBank app, NetBank, or at your nearest branch.

Basically, you could either make use of international money transfers (IMTs). To send money to someone’s, family member’s, or friend’s international bank account, you will need to have their full details, like their name, account name and home address, account number, or International Bank Account Number (IBAN), and the SWIFT or Bank Identification Code (BIC) of their bank.

How to transfer money with CommBank app

To transfer money overseas using the CommBank app, kindly follow the instructions below:

• Log on to the CommBank app.
• Tap Pay & Transfer.
• Click Pay, Someone.
• Choose overseas transfer to pay someone in your international address book, or tap + to pay someone new.
• Enter the destination country.
• Add the recipient’s details.
• Double-check that the details you’ve entered are correct.

How to transfer money with NetBank

To transfer money overseas using NetBank, kindly follow the instructions below:

1. Log on to NetBank.
2. Select transfers and BPAY.
3. Choose the account you would like to transfer from.
4. Choose the other account to transfer to or + New Payee.
5. For a new payee, choose Create new > Transfer > Fill in the account name, BSB, and account number.
6. Enter the amount, a description (that’s optional), and confirm when—now, later, or set up a regular payment—and choose Next.
7. Click Pay to confirm the payment

How to visit CommBank/NetBank branch and Transfer

Note: You can also send money overseas at any nearest branch of CommBank or NetBank. It’s cheaper and quicker to make a transfer online or using the CommBank app, though.

What is a transfer limit?

International Money Transfer has a maximum limit of $5,000, but you can increase your daily transfer in NetBank or by going to the CommBank app > Settings > Payment Limits. Increasing your daily limits may increase your liability for unauthorized transactions.

How to Transfer money to someone {Third party}

To transfer money for your own use or to family, friends, and business associates, you can either use the CommBank app or NetBank. The service is seamless, fast, and secure and allows you to perform financial transactions on the go, such as bill payments, fund transfers, viewing statements of accounts, and many more. CommBank can make transferring money fast, simple, and secure.

How to use CommBank app To Transfer Money to A third Party

To transfer money to third parties, such as family and friends, follow the instructions below:

• Simply log on to the CommBank app.
• Tap Pay & Transfer.
• Tap Pay Someone.
• Choose the account you would like to transfer from.
• Enter the amount and a description.
• Click Pay, then confirm.

How to use NetBank to Transfer money

Note: You can use NetBank to transfer money to your business associate, family member, or friend by following the steps below:

• Simply Log on to NetBank
• Select transfers and BPAY.
• Choose the account you would like to transfer from
• Choose the other account to transfer to or + New payee
• For a New payee, choose Create new > Transfer > fill in the Account name, BSB, and Account number
• Enter the amount, a description (that’s optional), and confirm when now, later, or set up a regular payment and choose Next.
• Click Pay to confirm the payment.

How to Transfer money between CommBank Accounts

Basically, you can either transfer money between your commbank using NetBank or the CommBank app

Transfer Money with NetBank

To transfer funds between your accounts using Netbank, follow the steps below:

1. Log on to NetBank
2. Select Transfers and BPAY
3. Choose the account you would like to transfer from and to
4. Enter the amount, a description and confirm when now, later or set up a regular payment and choose Next
5. Click Pay to confirm the payment

Transfer Money with CommBank app

1. Log on to the CommBank app
   2. Tap Pay & Transfer
   3. Tap Transfer between accounts
   4. Enter the amount, a description (that’s optional) and tap done
   5. Tap Transfer, then confirm when now, later or create a recurring transfer
   6. Tap Share to email, message or print the Transfer receipt or simply choose done