Wise vs Commonwealth Bank: Fees, Rates & Speed Compared
Wise
4.3Wise (formerly TransferWise) offers transparent, low-cost international money transfers using the real mid-market exchange rate with no hidden markups.
Commonwealth Bank
3.5Commonwealth Bank (CommBank) is one of Australia's big four banks, offering international money transfers for account holders. Convenient but significantly pricier than specialist services.
Wise and Commonwealth Bank are both popular choices for international money transfers, but they take different approaches. Wise, founded in 2011 and headquartered in London, UK, is best known for transparent, low-cost transfers. Commonwealth Bank, operating since 1911 from Sydney, Australia, focuses on large transfers and business payments. This comparison uses real transfer data collected from both providers across 6 popular corridors to show you exactly which one offers better value for your specific needs.
In this comparison
Live comparison: Wise vs Commonwealth Bank across popular corridors
The table below shows how much the recipient receives when sending through Wise vs Commonwealth Bank on 6 popular corridors. Data is refreshed every 6 hours from provider APIs and websites.
| Corridor | Wise | Commonwealth Bank | Winner |
|---|---|---|---|
| USD → INR($1,000) | ₹95,222.06 | — | N/A |
| GBP → EUR(£1,000) | €1,150.01 | — | N/A |
| USD → PHP($500) | ₱30,648.33 | — | N/A |
| USD → MXN($1,000) | MX$17,247.33 | — | N/A |
| GBP → PKR(£500) | ₨186,307.39 | — | N/A |
| USD → NGN($200) | ₦269,349.52 | — | N/A |
Amounts shown are what the recipient receives. Based on current scraped data, updated every 6 hours.
Key differences between Wise and Commonwealth Bank
Wise vs Commonwealth Bank: Feature comparison
| Feature | Wise | Commonwealth Bank |
|---|---|---|
| Overall rating | 4.3/5 (Excellent) | 3.5/5 (Good) |
| Fee structure | Variable fee from 0.41% | $6-$22 per transfer |
| Exchange rate markup | 0% (mid-market rate) | 3% - 5% above mid-market |
| Transfer speed | Instant to 2 days | 2-5 business days |
| Supported countries | 80+ | 200+ |
| Supported currencies | 50+ | 50+ |
| Max transfer | $1,000,000 | $100,000 |
| Payment methods | Bank Transfer, Debit Card, Credit Card, Apple Pay | Bank Transfer |
| Delivery methods | Bank Deposit, Wise Account | Bank Deposit |
| Regulators | FCA, FinCEN, ASIC | APRA, ASIC |
| Founded | 2011 | 1911 |
Pros and cons
Wise
Pros
- Uses real mid-market exchange rate
- Transparent fee structure shown upfront
- Multi-currency account available
- Fast transfers to many countries
- Regulated in multiple jurisdictions
Cons
- Credit card payments have higher fees
- No cash pickup option
- Transfer limits may apply for new accounts
Commonwealth Bank
Pros
- Australia's largest bank
- Easy for existing customers
- Wide branch network
Cons
- High exchange rate markup (3-5%)
- Transfer fees ($6-$22)
- Much slower than specialists
When to choose Wise vs Commonwealth Bank
Choose Wise if:
- You want the real mid-market exchange rate with no hidden markup
- You're sending large amounts (Wise supports up to $1,000,000)
- You need a multi-currency account to hold and convert balances
- You need a business account for commercial payments
Choose Commonwealth Bank if:
- You want the real mid-market exchange rate with no hidden markup
- You need wider country coverage (200+ vs 80+ countries)
- Commonwealth Bank's strengths (Bank Deposit) match your needs
Verdict: Wise or Commonwealth Bank?
Cost: Too close to call
Wise and Commonwealth Bank are closely matched on cost. Across our 6 sample corridors, neither provider consistently delivers more to the recipient. The best choice depends on your specific corridor.
Faster: Wise
Wise is generally faster, with transfers arriving in Instant to 2 days, compared to 2-5 business days for Commonwealth Bank.
Wider coverage: Commonwealth Bank
Commonwealth Bank has broader coverage with 200+ countries and 50+ currencies. Commonwealth Bank also offers Bank Deposit.
Bottom line
Overall, Wise edges ahead for most users thanks to transparent pricing with the real mid-market exchange rate. That said, Commonwealth Bank is the better pick if you need large transfers and business payments.
Frequently asked questions
Is Wise or Commonwealth Bank cheaper for international transfers?
It depends on the corridor. Our data across 6 routes shows Wise and Commonwealth Bank are closely matched on total cost. Wise charges Variable fee from 0.41% with a 0% (mid-market rate) exchange rate markup, while Commonwealth Bank charges $6-$22 per transfer with a 3% - 5% above mid-market markup. We recommend comparing rates for your specific transfer using our calculator.
Which is faster, Wise or Commonwealth Bank?
Wise typically completes transfers in Instant to 2 days, while Commonwealth Bank takes 2-5 business days. Actual speed depends on the corridor, payment method, and delivery option you choose. Bank transfers tend to be slower than card-funded transfers, and bank deposits are generally faster than cash pickups.
Are Wise and Commonwealth Bank safe to use?
Yes, both are regulated money transfer services. Wise is regulated by FCA, FinCEN, ASIC and has a 4.3/5 Trustpilot rating. Commonwealth Bank is regulated by APRA, ASIC with a 3.5/5 Trustpilot rating. Both companies are required to safeguard customer funds under their respective regulatory frameworks.
What are the transfer limits for Wise vs Commonwealth Bank?
Wise has a maximum transfer of $1,000,000 (minimum $1), while Commonwealth Bank allows up to $100,000 (minimum $1). Limits may vary by corridor, account verification level, and payment method. New accounts typically start with lower limits that increase over time.
Can I get cash pickup with Wise or Commonwealth Bank?
Wise offers Bank Deposit, Wise Account. Commonwealth Bank offers Bank Deposit. Neither provider offers cash pickup — both deliver to bank accounts only.
Should I use Wise or Commonwealth Bank to send money internationally?
For most users, Wise offers better overall value thanks to transparent pricing with the real mid-market exchange rate. However, Commonwealth Bank is the better choice if you need large transfers and business payments. The best provider for you depends on your corridor, transfer size, and whether you need features like Wise Account.