Vell vs Commonwealth Bank: Is "No Fee" International Transfer Really Free?
Category: Comparisons
Tags: money transfer, Commonwealth Bank, CBA, send money overseas, AUD, international transfer
URL: vell.net/blog/send-money-to-philippines-with-cba
Commonwealth Bank is Australia's largest bank, and for most Australians, it's where their money already lives. So when CBA says they offer "no fee" international transfers, it sounds like a great deal. No fees — what's not to like?
Here's what they don't put in the headline: the exchange rate.
This post breaks down exactly what a CBA international transfer costs you versus Vell — and why "no fees" doesn't mean what you think it means.
Quick Verdict
| Vell | Commonwealth Bank | |
|---|---|---|
| Exchange rate (AUD → PHP) | 43.995 | 41.8836 |
| Transfer fee (AUD 1,000) | AUD 7.60 | None |
| PHP received on AUD 1,000 | ~43,995 PHP | ~41,884 PHP |
| Difference | +2,111 PHP more with Vell | — |
| Regulated in Australia | Yes (AUSTRAC) | Yes (APRA + AUSTRAC) |
| Travel eSIM | Yes | No |
| Best for | Australians who want real value and transparency | Existing CBA customers who prioritise convenience |
The "No Fee" Illusion
CBA advertises international transfers with no transfer fee. That's technically true — they won't charge you a flat fee at checkout. But what they do is apply their own exchange rate, which sits well below the mid-market rate.
On a AUD 1,000 → PHP transfer:
| Vell | Commonwealth Bank | |
|---|---|---|
| Exchange rate | 43.995 | 41.8836 |
| PHP received | ~43,995 PHP | ~41,884 PHP |
| Effective cost | AUD 7.60 fee, fair rate | No fee, but ~2,111 PHP less delivered |
To put that in perspective: CBA's rate difference costs you the equivalent of roughly AUD 48–50 compared to Vell on a AUD 1,000 transfer. That's not a fee — it's a margin quietly taken from your recipient's end.
Vell charges AUD 7.60 openly. CBA charges nothing openly — but takes significantly more through the rate. The difference is transparency.
What Is the Mid-Market Rate?
The mid-market rate (also called the interbank rate) is the real exchange rate — the one you see on Google or XE.com. It's the midpoint between the buy and sell price of two currencies.
Banks like CBA don't offer this rate to retail customers. They set their own, less favourable rate and pocket the difference. The further their rate sits from mid-market, the more you're effectively paying — whether you realise it or not.
Transfer Speed
| Vell | Commonwealth Bank | |
|---|---|---|
| Typical transfer time | Minutes to hours | 1–5 business days |
| 24/7 availability | Yes | Business hours dependent |
| Real-time tracking | Yes | Limited |
International bank transfers typically move through the SWIFT network, which adds intermediary steps, delays, and sometimes additional correspondent bank fees deducted along the way — fees your recipient may receive as deductions that CBA won't always warn you about.
Features Comparison
| Vell | Commonwealth Bank | |
|---|---|---|
| Mobile app | iOS + Android | iOS + Android (CommBank app) |
| Travel eSIM | Yes | No |
| Business transfers | Yes | Yes |
| Rate transparency | Full — shown before you send | Rate set by CBA, disclosed at time of transfer |
| Correspondent bank fees | None | Possible (deducted from recipient amount) |
| Corridors | 28+ currencies, 11+ regions | 30+ currencies |
Who Should Use CBA?
CBA makes sense if you:
- Send money very occasionally and convenience outweighs cost
- Already have a CBA account and want to transfer without signing up for a new service
- Are sending a very small amount where the rate difference is negligible
Who Should Use Vell?
Vell is the better choice if you:
- Send money to the Philippines, India, Pakistan, or other supported corridors regularly
- Want to know exactly what you're paying — no hidden margin in the rate
- Travel frequently and want transfers and eSIM in one app
- Care about how much actually arrives on the other end
The Bottom Line
CBA's "no fee" transfer isn't free — it's just a different way of charging you. On a AUD 1,000 transfer to the Philippines, the CBA rate delivers ~2,111 PHP less to your recipient than Vell. That's the fee, just hidden in the exchange rate instead of shown at checkout.
Vell charges AUD 7.60 upfront and gives you a fair rate. With CBA, you pay nothing upfront and lose significantly more at the other end.
Try Vell free today — sign up and send your first transfer.
Use our currency converter to check live AUD to PHP exchange rates.
Rates quoted are based on a live AUD 1,000 → PHP transfer comparison as of 22 May 2026. Exchange rates fluctuate — always check current rates before sending.