How to Receive Money From Overseas Using The National Australia Bank
Receiving overseas payments can sometimes give you a headache. By the end of this article you will have a much better idea of how to receive an international money transfer with NAB.
You can send money overseas using the National Australia Bank (NAB), but did you know you can also receive international payments with them?
Here’s our simple guide on exactly how to receive money from overseas using the National Australia Bank. We will give you an overview of the process for receiving currency with NAB, how long it takes, how much it costs and how it all works.
How to receive money from overseas using The National Australia Bank
Firstly, let's break the process down into three steps.
- Firstly, review your bank account and get the necessary details. There are a number of things you will need in order to receive money with NAB.
- Provide the person who is sending you money with the following information:
- The full bank name. National Australia Bank.
- The account number and BSB.
- Your account name.
- Your residential address that's listed on the account.
- NAB SWIFT code or BIC code.
- The bank's full beneficiary bank name. This is the National Australia Bank of Australia.
- Later in the article there is more detail about how to structure the BSB, Account Number and SWIFT or BIC code.
- Once you have provided your sender all of these details, they can then use their bank or a dedicated currency provider to send you the money.
It is important to note you need a NAB account to get started.
You need to be a customer of NAB to receive money through their services. You can apply for a NAB account online or visit a local branch.
NAB fees for receiving money from overseas
One of the most important things you need to know, is how much the process is going to set you back. Below, we've looked at how much it costs to receive money from abroad with NAB:
- Transfers to a NAB account can cost up to $15.
- Deposits to a non-NAB account with NAB acting as intermediary can cost up to $30.
- Transfers of overseas currency received by NAB and transferred to another bank can cost up to $35.
- Documentary payment orders and telegraphic transfers can cost up to 0.2% of the remittance amount. This is with a minimum of $30 and a maximum of $600.
- The fee for processing an international money transfer is usually deducted from the amount paid. This fee can differ depending on the currency of the transfer.
- Overseas parties sending payments to NAB may charge a commission. NAB themselves include these commissions in their fees.
- In some cases, the sender may tell NAB to charge fees to them instead of the recipient. In those cases, NAB will not charge you and may charge the sending bank a higher amount.
- You must also be aware of the overseas provider's sending fees and bank fees. International money transfers sent from an overseas bank or currency exchange provider may be subject to commissions, fees and other charges. These are typically deducted before the money is sent to you, but it's still important to be aware.
How long it typically takes
This depends on the country you’re receiving money from, the currency exchange provider the sender is using, and the currency you’re exchanging from. Normally, funds will be deposited into your bank account within two working days.
Cheaper alternatives to receiving money internationally with National Australia Bank
If you already bank with NAB, then using them to receive money from overseas is the easiest option – but it may not be the cheapest.
To work out if you can save any money by using a money transfer company instead of NAB, compare the exchange rates and fees at NAB to your other options below.
Compare cheaper ways to receive money from overseas
The benefits of receiving money internationally with NAB
- Very convenient if you already have a NAB bank account.
- It’s a relatively simple and straightforward process.
- You can receive money from most countries around the world.
What if you don't want to convert the money into Australian dollars?
You may want to keep the money in a foreign currency instead of converting into Australian Dollars straight away. In this case, you can either use a foreign currency account with NAB or a Wise Borderless Account (formerly known as TransferWise). Both have their pros, cons, costs and benefits so we recommend you read up on your options before making a decision.
Related link: Wise Borderless Account review (formerly known as TransferWise)
Related link: Foreign currency accounts: explained and compared
Additional information for receiving money with NAB
There are a lot of numbers and information you hear about when it comes to international money transfers. Below, are some extra details you might need to receive money and the things you don't.
NAB IBAN number
IBAN is an account format used by European banks. Australian banks do not use this format and an IBAN is not required to send money to a NAB bank account in Australia. Other parties with an IBAN field on their overseas payment form can simply leave this field blank.
NAB routing number
If the other party requests a National Clearing Code, Routing Number, BSB Number or Sort Code, you should use the first six digits (bank and branch codes) of your account number. This should be from the account you wish to receive the payment into. For example, if the account number is 01-0123-0123456-00 use 010123.
NAB international SWIFT code
When making a transfer to NAB from overseas you will most likely need NAB's Swift Code. A swift code is can also be known as a NAB's BIC Code (Bank Identifying Code) or Bank Code.
NAB's SWIFT codes (bank identifier code or BIC) for all Australian states are:
- NSW/ACT: NATAAU3302S
- VIC/TAS: NATAAU3303M
- QLD: NATAAU3304B
- SA/NT: NATAAU3305A
- WA: NATAAU3306P
NAB address for international transfers
When it comes to filling in the address of your bank, you will simply need to use the address of your local branch. Or the branch that you most frequently visit. If you do all of your banking online, you can simply search for the closest one on Google. When asked what the beneficiary bank is, fill in the details with "National Australia Bank".
NAB account number details
The way you provide your account number will depend on the type of account you are receiving the funds to. This means the NAB account number format and length depend on whether it is a domestic account (a normal, everyday Australian Dollar account) or a foreign currency account you are holding with NAB.
Notes on international bank drafts or cheques
International bank cheques or drafts can be deposited into a NAB account. It can be a lengthy process. If it is in a foreign currency it will take longer to process as it will need to be returned to the country of origin for clearing. Additionally, the fees associated with these types of payments are very high. This means that we would never suggest using international bank drafts or cheques. It would be better to request a different payment method from your sender.
Currency exchange rates
- The rates the sender gets for transferring currency to you will depend on the bank, money transfer provider or other service they are using.
- Ask your sender to tell you the details of their provider so you can check their rates.
- Note that exchange rates and fees charged by banks are often higher than your sender could get with a dedicated money transfer provider. If they are using their own bank, you could always suggest looking into a specialist money transfer provider instead.
NAB does not check payment details.
If payment details are incorrect it may result in an unsuccessful transfer or the wrong account receiving funds. It is pivotal that you provide the correct details to the person making the payment. This will save time for both parties and ensure you receive your payment without any issues.
Before your sender uses a bank to send your money overseas
If you want to get the most value out of your currency exchange, consider asking the sender to use a dedicated currency exchange or money transfer service. Sending you money using their bank can be expensive. Your sender will pay higher fees and get a worse exchange rate than using a dedicated money transfer specialist, meaning you get less money as a result.
These specialist currency providers are fast and easy to use, offer excellent exchange rates and have low or non-existent fees, so your money goes further.
If your sender uses a dedicated money transfer service like WorldFirst, Wise (formerly known as TransferWise), OFX, HiFX or another dedicated currency exchange provider, they could save you hundreds of dollars on a transaction. To see how much they could save, get them to take a look at our free online comparison tool.
Related video: cheaper alternatives to using NAB
And that’s it! That is everything you need to know about receiving your money from overseas using NAB.
The next time you or someone else needs to send money internationally, check how much you can save using our money transfer comparison tool.