Commonwealth Bank Ltd review
Updated September 28, 2026 · VaultCue Editorial Team · Facts checked September 26, 2026
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Our verdict
Commonwealth Bank is a bank-led everyday account for Australian residents who want branch access and phone support, not a free app. Its AUD 4 monthly charge is the main trade-off to weigh, while 30 currencies, a AUD 0 ATM fee and support over chat, phone and help centre soften the running cost.
Key facts
- Best for
- A mainstream Australian everyday account for people who want branch and phone support
- Monthly fee
- A$4↗
- Currency conversion fee
- 3.5%↗
- Currencies
- 30↗
- Free ATM withdrawals
- A$0↗
- Transfer fee
- AUD 0 (waived) for digital cross-currency transfers; AUD 30 per transfer in branch or AUD to AUD↗
- Legal entity
- Commonwealth Bank of Australia↗
- Headquarters
- Australia↗
- Founded
- 1911↗
- Support channels
- Chat, Phone, Help-centre↗
- Audience
- Expats, Travelers, Teens
- Features
- Free ATM withdrawals, Joint account
- Official website
- commbank.com.au
Money transfer
Facts checked September 26, 2026, 6 sources
Pros and cons
Pros
- A AUD 4 monthly fee, against a €0 fee at bunq and €3.99 at Pixpay FR
- Reach of 30 currencies, well above the 9 typical everyday account
- Free ATM withdrawals, with a AUD 0 ATM fee
- Support by chat, phone and help centre
Cons
- A currency conversion charge of 3.5% on the everyday account, against a 0.22% median in this group
- A AUD 4 monthly fee where €0 at bunq and €0 at bunq Spain Bank Account charge nothing
- Its expats, travelers and teen audience list centres on expats, travellers and teens, not on every everyday banking need
Who it suits
- Australian residents who want a joint account, one of the free atm and joint account it offers
- People who prefer phone help, since support covers chat, phone and help centre
- Travellers and expats who hold or send 30 currencies
Who should look elsewhere
- Anyone wanting a free monthly fee, where bunq and bunq Spain Bank Account charge €0 and €0
- Frequent currency converters put off by a 3.5% conversion charge
- People wanting a different account shape, where Pixpay FR charges €3.99
How it compares on our data
On monthly fee this brand ranks 421 of 500 brands, so the AUD 4 charge sits at the expensive end rather than near the €0. Its currency conversion fee of 3.5% places it 291 of 312. Against the everyday-account group the gap shows: the 0.22% median sits well below its charge, while its 30 currencies beat the 9 group median.
The company behind it
The account is run by Commonwealth Bank of Australia, headquartered in Australia and founded in 1911. It holds an Australian financial services licence and Australian credit licence, with licence number 234945. Customers reach the bank through chat, phone and help centre, which covers phone, chat and a help centre rather than email alone.
How Commonwealth Bank Ltd compares
9.1 vs 8.7
9.1 vs 8.6
9.1 vs 8.0
9.1 vs 8.9
9.1 vs 9.1
9.1 vs 9.2
9.1 vs 8.7Its €0 monthly fee also beats this bank's AUD 4, though it comes without a 3.5% conversion charge at this bank.
9.1 vs 8.7
9.1 vs 8.7Pixpay FR charges €3.99 a month, closer to this bank's AUD 4 than to the free options.
9.1 vs 9.0
9.1 vs 8.7
9.1 vs 9.5
9.1 vs 9.4
9.1 vs 9.3
9.1 vs 9.2
9.1 vs 9.2
9.1 vs 9.2
9.1 vs 9.2
9.1 vs 9.2
9.1 vs 9.2
9.1 vs 9.1
9.1 vs 9.0
9.1 vs 9.0
9.1 vs 8.9
9.1 vs 8.9- 9.1 vs 8.9
9.1 vs 8.7
9.1 vs 8.5
9.1 vs 8.5
9.1 vs 8.5
9.1 vs 8.4
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9.1 vs 8.2
9.1 vs 8.1- 9.1 vs 8.1
9.1 vs 8.0
9.1 vs 8.0
9.1 vs 8.0
9.1 vs 9.1
Where Commonwealth Bank Ltd is available
- Available
- Australia
- Licence in Australia
- Australia (AFSL and Australian credit licence; regulator not named on the page) (234945), checked September 26, 2026
Countries from the brand (Source, checked September 26, 2026)
Frequently asked questions
What does the account cost each month?+
The everyday account carries a monthly fee of AUD 4. That sits well above the €0 median across the site, where many everyday accounts charge nothing. For readers who only hold and spend in a single currency, that charge is the first thing to weigh.
How much does it cost to convert currency?+
Converting currency on the everyday account costs 3.5%. That is above the 0.22% median for everyday accounts, and it ranks 291 of 312 brands. Anyone trading often in foreign currency pays that on each conversion.
Are there free ATM withdrawals?+
ATM withdrawals are part of the features this account offers, and the ATM fee stands at AUD 0. Cash taken out locally in Australia therefore costs nothing beyond the monthly fee. That suits readers who still withdraw in person rather than paying by card.
Is my money protected and who regulates the bank?+
Deposits sit with Commonwealth Bank of Australia, which holds an Australian financial services licence and an Australian credit licence under licence number 234945. Customers can reach the bank by phone, chat or through its help centre, the channels listed in chat, phone and help centre.
Can the account be held jointly?+
Yes, a joint account appears in the free atm and joint account listed for this account. That makes it shareable by a pair, such as a couple or a parent and an adult child, on the same everyday account. It sits with the free ATM access rather than replacing it.
How many currencies can I hold or send?+
The international money transfer service covers 30 currencies. That is far above the 9 median for everyday accounts and the 5 site median. It suits the expats and travellers named in its expats, travelers and teen audience.
What does an international transfer cost and how fast is it?+
The digital transfer fee is AUD 0, while branch transfers or those in Australian dollars cost a fixed charge per transfer. Delivery takes 1 business day for the money to arrive. Payouts go to a bank account, the only method listed in bank.
How do I get help if something goes wrong?+
Support runs through chat, phone and help centre, so phone, chat and a help centre are all open to customers. Phone and the help centre are the channels most readers on this bank use, with chat as the quicker option. Branch support is not part of that list.
Sources
- commbank.com.au checked September 26, 2026
Backs: Support channels, Licences
“Message us, ask our virtual assistant or call to connect to the right help. ... FAQs Search support and our most frequently asked questions.”
- commbank.com.au/about-us/our-company.html checked September 26, 2026
Backs: Founded, Headquarters
“Commonwealth Bank was founded under the Commonwealth Bank Act in 1911 and commenced operations in 1912”
- commbank.com.au/banking/everyday-account-smart-access.html checked September 26, 2026
Backs: Free ATM withdrawals, Audience, Features, Legal entity
“Fee-free cash withdrawals when using a CommBank ATM - Australia's largest bank owned ATM network.”
- commbank.com.au/banking/everyday-account-smart-access/rat... checked September 26, 2026
Backs: Currency conversion fee, Monthly fee
“International transaction fee: Maestro (EFTPOS) purchase or Debit Mastercard purchase that involves currency conversion. 3.5% of the transaction value”
- commbank.com.au/international.html checked September 26, 2026
Backs: Payout methods
“the transfer is made through the international banking system into your recipient's bank account”
- commbank.com.au/personal/international/international-mone... checked September 26, 2026
Backs: Currencies, Delivery time, Transfer fee, Fee to send 1,000
“You can send an (IMT) to more than 200 countries, in over 30 currencies from the CommBank app, NetBank or at your nearest branch.”
Compiled from 6 source pages, checked September 26, 2026. We did not open an account.
Not confirmed yet: Licence type, Deposit protection.
Related by the facts
Commonwealth Bank Ltd
A mainstream Australian everyday account for people who want branch and phone support