CBA is absorbing correspondent bank fees for international money transfers, saving business and retail customers collectively millions of dollars each year.
Businesses will have greater certainty on International Money Transfers (IMTs), with Commonwealth Bank announcing it is absorbing correspondent bank fees for foreign exchange (FX) transfers* for its business customers.
Encouraging greater international trade and activity, today’s announcement is particularly important for trade and supplier payments when an exact transfer amount is required. By CBA absorbing correspondent fees on cross-currency IMTs, businesses will benefit from reduced costs and complexity, alongside improved FX risk management and fee transparency.
CBA Executive General Manager, Payments, Ethan Teas, said: “IMTs support the needs of our customers and communities, so we are constantly looking for ways to improve. Customers have told us they want simpler payments and, in particular, that it is important they have greater certainty around what will be received. This change gives our business customers this certainty, removes complexity, and reduces their costs to send IMTs, so the business can better manage risk and increase their profitability.
“We have a market-leading digital platform and locally based teams of FX specialists across Australia that can help businesses manage uncertainty and eliminate some of the variables involved in IMTs and FX. We work to understand each and every business, to help them quantify their risk, create more certainty with cash flows and focus on the business goals they want to achieve.”
