You can easily send money overseas using National Australia Bank (NAB), but did you know you can also receive international payments?
Here’s our simple guide on exactly how to receive money from overseas using the National Australia Bank. Before we get into the process of receiving currency with NAB, here’s a quick overview, turnaround times and fees for requesting international money payments through the bank.
How to Receive Money From Overseas Using The National Australia Bank
- Review your bank account and get the necessary details.
- Provide the person who is sending you money with the following information:
- Bank: National Australia Bank
- NAB BIC/SWIFT code: NATAAU3303M
- BSB (bank, state, branch) and account number — refer to your internet banking or account statements.
- Beneficiary name and address — your full name (no initials) and street address (cannot be a post office box).
- They can then use their bank or a dedicated currency provider to send you the money.
Important 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 an NAB account online or visit a local branch.
The Benefits of Receiving Money Internationally with NAB
- Very convenient if you already have an NAB bank account.
- It’s a relatively simple and straightforward process.
- Receive money from most countries around the world.
How Long It Typically Takes
Depending on the country you’re receiving money from, the currency exchange provider the sender is using and the currency that you’re exchanging from, funds will normally be deposited into your bank account within two working days.
The Costs of Receiving Money from Abroad with National Australia Bank
- Transfers to NAB in Australian or overseas currency — Deposited to NAB account — Up to $15.
- Transfers to NAB in Australian or overseas currency — Deposited to non-NAB account (NAB acting as intermediary) — Up to $30
- Transfers of overseas currency received by NAB and transferred to another bank (unconverted) — All customers — Up to $35
- Documentary payment orders and telegraphic transfers — Payable against documents other than simple receipt — 0.2% of remittance amount (minimum $30, maximum $600)
- The fee for processing an international money transfer is usually deducted from the amount paid. This fee can differ with the currency of the transfer.
- Overseas parties sending payments to NAB may charge a commission. NAB includes these commissions in their fees.
- In some cases, the sender may tell NAB charge fees to the sender. In those cases, NAB will not charge you and may charge the sending bank a higher amount.
- Sending provider or 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 sending the money to you.
- More details on NAB personal banking and international trade fees.
Cheaper Alternatives to Receiving Money Internationally with National Australia Bank
If you already bank with NAB, they 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.
Compare Cheaper Ways to Receive Money from Overseas
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 or a TransferWise Borderless Account. Both have their pros, cons, costs and benefits so we recommend you read up on your options before making a decision.
Related link: TransferWise Borderless Account Review
Related link: Foreign Currency Accounts: Explained and Compared
*All details shown above are correct as of November 2017.
Notes on International Bank Account Numbers (IBAN)
IBANs are not used in Australia. However, payers in certain countries may require you to provide one. In that case, your BSB and account number should be combined. Do not include any spaces or hyphens.
Notes on International Bank Drafts or Cheques
International bank cheques or drafts can be deposited into a NAB account. 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 high fees associated with these types of payments means that we can never recommend international bank drafts or cheques and we suggest requesting a different payment method from the sender.
Further Information on Receiving Money from Overseas with NAB
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 them to send you details of their provider so that you can see rates.
- Note that exchange rates and fees charged by banks are often higher than the sender could get with a dedicated money transfer provider.
Further NAB Information from The Currency Shop
- NAB does not check payment details.
- If payment details are incorrect it may result in an unsuccessful transfer or the wrong account receiving funds.
- Payments that are received in a foreign currency with instructions to credit an account that is maintained in Australian dollars (AUD) will be converted to Australian dollars (AUD) using NAB’s Bank to Buy rate that is applicable at the time they process the transaction.
- There are several reasons NAB may not be able to process payments on the expected date due, some examples are:
- The payment is for a significant amount and they do not have specific instructions of what action they should take where the payment they receive is in a different currency to the account the payment is to be made into.
- The payment doesn’t meet NAB’s policies or regulatory guidelines associated with Anti-Money Laundering & Counter Terrorism Financing requirements.
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. They will pay higher fees and get a worse exchange rate than using a dedicated money transfer specialist, meaning you get less 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 World First, 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.
And that’s it — everything you need to know about receiving your money from overseas using NAB. Here at The Currency Shop, we want to give you the right information to help you and the sender save money and help you make an informed choice for all your currency exchange needs.
The next time you or someone else needs to send money internationally, check how much you can save using our money transfer comparison tool. If you’ve still got questions we’re here to help, so feel free to give us a call on 1800 004 930.
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