Commonwealth Bank exchange rates: What you need to know
Commonwealth Bank offers a convenient way to buy a multitude of different currencies. However, foreign exchange rates represent a major pricing point and there is often little clarity around them. We researched Commonwealth Bank’s travel money exchange rates to provide you a table showcasing their currency rate spread. Hopefully we can help you save money on your holidays.
Commonwealth Bank exchange rates: Information and tips
Know the latest interbank exchange rate for your currency pairs
The interbank rate (also called mid-market rate) is the midpoint between the buy price and sell price of two currencies on the currency markets. Commonwealth Bank does not offer the interbank rate but instead adds a margin to it, which makes the foreign currency transaction more expensive for you. Before using Commonwealth Bank for your travel money needs, make sure to know the current interbank exchange rate. That way, you’ll be able to calculate FX losses on the currency conversion. You can find the latest interbank rates using our currency converter.
How to calculate exchange rate loss
Here’s what you need to do in order to determine how much Commonwealth Bank’s travel money exchange rate spread is going to cost you:
- Find the current interbank rate for your currencies using our currency converter
- Multiply your original amount by the current interbank rate
- Multiply your original amount by the exchange rate Commonwealth Bank offers
- Subtract the first amount from the second amount
- This is the amount you’ll lose through currency conversion with Commonwealth Bank
Order your currency online and in advance
Ordering your foreign currency before your trip allows you to compare with rates and fees of other providers. Ordering it online also is usually much cheaper than buying currency at the airport or on arrival to your holiday destination. Make sure to always compare exchange rates before finalising an order.
For the best exchange rates, we highly recommend TransferWise. Enjoy your first transfer for free on transfers up to £500.
Commonwealth Bank exchange rate research
The exchange rate spreads below are for ordering foreign currency online. Rates on other services might differ. Those exchange rate margins are indicative at the time of research. Use the Commonwealth Bank currency converter or visit the nearest branch to get the latest rates.
|Currency||ISO Code||Exchange Rate||Mid-Market Rate||Exchange Rate Margin / Loss|
|Great British Pound||GBP||0.53||0.55779||4.48%|
|Hong Kong Dollar||HKD||5.3338||5.63205||5.30%|
|Israeli New Shekel||ILS||2.47||2.65622||7.14%|
|New C/Tahiti Franc||XPF||70.56||76.39437||7.64%|
|New Zealand Dollar||NZD||1.0206||1.06674||4.33%|
|Solomon Island Dollar||SBD||4.94||5.79344||14.70%|
|South African Rand||ZAR||9.7869||10.42638||6.13%|
|South Korean Won||KRW||760.41||816.19788||6.84%|
|Sri Lankan Rupee||LKR||117.2||126.70798||7.50%|
|Western Samoa Tala||WST||1.6818||1.86446||9.80%|
Commonwealth Bank’s exchange rate was collected from Commonwealth Bank’s website on 13/11/2018. Interbank rates collected from x-rates.com on 13/11/2018. The information displayed on this site is subject to change at any time and we do not guarantee 100% accuracy of the information.
For the today’s rates, visit Commonwealth Bank’s website, contact Commonwealth Bank’s customer support or log into your online banking and search for their exchange rate calculator. Currencyfees.com is not liable for any financial decisions based on the above information. Currencyfees.com is supported by referral compensations by some of the companies listed in our articles.