Business Foreign Exchange

Dealing with overseas suppliers and customers is a fact of life for many small businesses. Business Foreign Exchange enables you to make payments to your suppliers in a range of currencies, and to convert foreign currency receipts from your customers quickly and easily.

With the Business Foreign Exchange service you can:

• Access competitive exchange rates on-line for selected major currencies with minimal Business Foreign Exchange fees. 
• You can talk to a Foreign Exchange Dealer if you wish to transact in additional currencies (some currency exclusions may apply).
• Enter into forward contracts to achieve some certainty about the foreign exchange rates that you will receive (subject to you meeting the relevant qualification criteria).
• Make payments over the Internet from Monday - Friday between 7.00am and 9.00pm (Sydney time), subject to currency cut off times applicable for various currencies and countries for 'same day value' trades.
• Talk to a Foreign Exchange Dealer to transact foreign exchange. 
• Talk to a Foreign Exchange Specialist about your specific needs.
• Contact our Business Foreign Exchange Help Desk from 8.00am to 6.00pm (Sydney time) Monday to Friday or 8.00am to 5.00pm (Sydney time) on Wednesday. 
• Access real time pricing for your international payments. 
• Transfer funds quickly and easily to suppliers.
• Set up standard settlement instructions so that you can send payments to suppliers that you regularly deal with.
• Receive online confirmation of your transactions.
• Access accurate records of your recent foreign exchange transactions for easy account keeping and reconciliation.
• Utilise our convenient range of settlement options. 

This service is easy to use, simple to install and offers the added protection of 128-bit encryption and a unique Login ID, Security Token and Password.

Currencies available for online trading

Additional currencies are available if you call one of our Foreign Exchange Dealers on 1300 735 134. 

Real Time Pricing - the exchange rate you are quoted on screen is live, and if you accept that rate it will be the price at which your payment is processed.

Standard Settlement Instructions - we enable you to set up a range of templates with relevant details for your suppliers. You can then select from your range of templates each time that you wish to make a payment.

Settlement Options

Direct Debit Request
You can pay Australian dollars to the Bank by debiting a qualifying account held with an Australian bank or financial institution through a Direct Debit Request. Please refer to your bank or financial institution to ensure that your account may participate.

Electronic Funds Transfer (EFT)

You can pay for any foreign exchange transaction using Business Foreign Exchange by completing Electronic Funds Transfer (EFT) settlement instructions and providing the relevant account details. Electronic Funds Transfer (EFT) settlement instructions can be used to make a payment in any eligible currency from any bank.

BPay®

You can pay Australian dollars to the bank using BPay®. We will  provide you with standard settlement instructions when you choose to use BPay®.

Payment from an account held with the Commonwealth Bank of Australia

You can settle your foreign exchange deals easily and conveniently against accounts held in Australian dollars and other currencies that you hold with the Commonwealth Bank of Australia.

Please note that some settlement options (BPay® and Electronic Funds Transfer) will require that you initiate the payment to the Bank while a Direct Debit Request, once established and authorised against a trade, is automatically actioned by the Bank.

Settlement of foreign exchange transactions using BPay® or Direct Debit Request will only occur when the Bank unconditionally holds cleared funds for the foreign exchange transaction. For Direct Debit Request, BPay®, and most Electronic Funds Transfer (EFT) payments this will mean that you will remit your funds to the Bank in advance of the settlement date of the foreign exchange transaction.

®Registered to BPAY Pty Ltd. ABN 69 079 137 518.

Important information about advice
As this advice has been prepared without considering your objectives, financial situation or needs, you should, before acting on the advice, consider its appropriateness to your circumstances. View our Financial Services Guide (PDF 59kb).

View the Product Disclosure Statement (PDS) for Business Foreign Exchange (PDF 690kb) issued by the Commonwealth Bank of Australia, and consider it before making any decision about the product.