If you’re planning to exchange currency overseas, you have plenty of choice. One option is to use your regular bank, and as one of the most popular in the country, National Australia Bank (NAB) provides a complete money transfer service.


Send Money Through NAB to a Foreign Bank AccountHow to Send Money Through NAB to a Foreign Bank Account

Have a NAB Bank Account

You need to be a customer of NAB to use their services. You can apply for a NAB bank account online or visit a local branch.


Register to Send Money Overseas

You will need to be registered for SMS Security and “Pay Anyone” access.


Cheaper Alternatives to Transferring Money Internationally with National Australia Bank

If you already bank with NAB, they using them to transfer 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 Transfer Money Overseas

Provider Exchange
Total (AUD) Rates last updated October 23 2018
TransferwiseRead Review 0.7059 $65.25 1-2 Days $14,231.56Lowest Cost Option Go to site Read Review
So, sending USD 10,000 to United States at an exchange rate of 0.7059 will cost you $14,231.56 which includes a fee of $65.25

About TransferWise

Transparency and an easy online experience are the 2 things that set TransferWise apart from the banks and other money transfer companies. If you prefer to bank online, you'll like TransferWise. Setting up an account and making a transfer is very easy. They are also very clear on the exchange rate and fees you'll pay before you make a transfer. Click here for the full review


  • Clear and transparent exchange rates fees
  • The online experience is first class
  • Like the banks, they are regulated by ASIC and registered with AFSL
  • Constantly bringing out new innovative products


  • There are currently a number of global currencies they do not currently support
  • Limited support based in Australia
  • Percentage based fee can add up on very large transfers

TorFXRead Review 0.7024 $0.00 2-3 Days $14,237.50$5.94 more expensive Go to site Read Review
So, sending USD 10,000 to United States at an exchange rate of 0.7024 will cost you $14,237.50 with no fees.

About TorFX

TorFX are particularly good taking care of customers over the phone but using their website isn't the easiest to use. They don't charge a flat fee which is great but it's important to consider their exchange rates. While, they don't offer fantastic rates for small amounts under $2000 , TorFX offer exceptionally good exchange rates for larger transfers to the UK, New Zealand, South Africa and Europe.


  • No transfer fees
  • Highly competitive exchange rates
  • Secure transfers with authorised
  • Assigned account manager
  • 24 / 7 Assistance
  • Available range of transfer options


  • Limited exotic currencies available
  • Exchange rates on small transfers aren't great
  • Website experience could be better

XERead Review 0.7021 $0.00 2-3 Days $14,243.23$11.67 more expensive Go to site Read Review
So, sending USD 10,000 to United States at an exchange rate of 0.7021 will cost you $14,243.23 with no fees.

About XE

XE is a well known and trusted name in the money transfer industry. With over twenty years experience, they now help 33,000 people and 2,000 businesses make transfers each year. Over 60 currencies can be transferred with XE and they pride themselves on the free tools and transparent rates they offer. Click here to read the full review


  • Well known and trusted brand.
  • Very informative website. Extensive information on currency and money transfers.
  • XE App is available on both iOS and Android. It allows you to see the interbank rate for over 100 currencies.
  • XE themselves charge no fees for international money transfers.
  • Offers support for both individuals and businesses when it comes to international money transfers.


  • Cannot pay via cash or cheque. Must pay via bank transfer, BPay is also accepted in Australia.
  • Maximum transfer amount is $500,000USD.
  • While XE compares more than 100 currencies, there are only 60 that are available for money transfers.

WorldFirstRead Review 0.7017 $0.00 2-3 Days $14,251.82$20.26 more expensive Go to site Read Review
So, sending USD 10,000 to United States at an exchange rate of 0.7017 will cost you $14,251.82 with no fees.

About World First

World First was founded in 2004 in the UK and has grown rapidly with offices now in the U.S., Canada and throughout Asia. They consistently receive strong customer reviews and in a recent study, 98% of their clients said they would use them again.World First have a strong online offering, particular for businesses selling online. They do provide local support as well with offices in Sydney. Click here to read the full review


  • Low fees and great exchange rates
  • Safe and secure transfers
  • Regulated by ASIC and registered with AFSL
  • Great for personal and business payments


  • Does not accept BPAY, credit card, cheque or cash
  • Limited currencies available

HIFXRead Review 0.7017 $0.00 2-3 Days $14,251.82$20.26 more expensive Go to site Read Review
So, sending USD 10,000 to United States at an exchange rate of 0.7017 will cost you $14,251.82 with no fees.

About HiFX

HiFX are one of the biggest money transfer companies in the world. Their parent company Euronet is listed on the NASDAQ and recently acquired Xe.com. They are particularly useful for individuals doing regular transfers overseas. HiFX provide competitive exchange rates no matter how much is being transacted. Their $50 minimum transaction size and flat fee makes them a great option for any international payment. Locally, HiFX have Australian offices in Sydney, Melbourne and are expanding to the remaining capital cities. Click here to read the full review


  • Fantastic bank - beating exchange rates
  • Low fees for transactions less than $10, 000
  • No fees for transactions of $10, 000 or more
  • High security transfers regulated by ASIC and FMA
  • Fast and easy for personal or business accounts


  • Only electronic bank transfers accepted
  • Limited exotic currencies
WorldRemitRead Review 0.7005 $3.99 1-2 Days $14,280.12$48.56 more expensive Go to site Read Review
So, sending USD 10,000 to United States at an exchange rate of 0.7005 will cost you $14,280.12 which includes a fee of $3.99

About WorldRemit

WorldRemit are particularly good for transfers under $10,000 to destinations across Asia, Africa and South America. Sending money online is significantly easier than using companies like Western Union or Moneygram and their exchange rates and fees are clear and transparent. With 2 million users, WorldRemit has a focus on improving access to remittances for the billions people worldwide who don’t have access to banking. Because of this, WorldRemit has a number of ways to both make and receive transfers. They concentrate on servicing individual needs as opposed to businesses. Click here for the full review


  • They have a great network in Asia and Africa and number of receiving options like cash-pick up or bank transfer.
  • They are clear about their exchange rates and fees
  • No minimum amount


  • Maximum transfer sizes for every transfer
  • No support for business customers
  • They are not licensed to provide financial advice.
OFXRead Review 0.6964 $0.00 1-3 Days $14,359.56$128.00 more expensive Go to site Read Review
So, sending USD 10,000 to United States at an exchange rate of 0.6964 will cost you $14,359.56 with no fees.

About OFX

OFX (formally known as Ozforex) is the largest Australian owned money transfer company. It launched in 1998 and grew rapidly until finally listing on the Australian Stock Exchange in 2013. OFX excels in 2 areas – Online experience and customer service. The company was born online and continues to develop easy, intuitive products. While OFX customers do most of their transactions online, they are backed up with exceptional customer service.


  • Better exchange rates compared to banks
  • Highly safe and secure transfers
  • 1 - 2 days delivery times for most countries
  • Quick response time
  • Fantastic customer service


  • Credit cards, cheques and cash are not accepted
  • Transfers to Thailand can take up to 4 days
  • Fees for transfers smaller transfers

ANZRead Review 0.6833 $0.00 1-2 Days $14,634.86$403.30 more expensive Go to site Read Review
So, sending USD 10,000 to United States at an exchange rate of 0.6833 will cost you $14,634.86 with no fees.
ANZ International Money Transfer is a secure and fast way to transfer money overseas.


  • Fast transfers
  • Safe and secure
  • No fee for transfers under $10 000 via Internet banking


  • $12 fee for transfers under $10 000 via Internet banking
  • Poor exchange rates
  • 24 hour hotline not available

Commonwealth BankRead Review 0.6691 $12.00 1-2 Days $14,957.45$725.89 more expensive Go to site Read Review
So, sending USD 10,000 to United States at an exchange rate of 0.6691 will cost you $14,957.45 which includes a fee of $12.00
Commonwealth Bank provides secure and easy transfers to over 200 countries and more than 30 currencies.


  • Fast transfers+ Easy transfers
  • Security guarantee covers any losses from unauthorised transactions


  • $6 fee for transfers under $1000 via Internet banking
  • $12 fee for transfers under $1000 via Internet banking
  • Poor exchange rates


Understand How Much Money You’re Sending and Who You’re Sending It To

  1. Review your bank account and finances to understand how much you need to send.
  2. Work out what currency you are going to be transferring money into.
  3. Get the full name, address, and account number of the person or business you’re sending money to. This cannot be a PO Box.
  4. Get the full bank name, address, and SWIFT BIC (Bank Identifier Code) or Branch Number (some countries accept this) of the recipient’s bank.
  5. Get the IBAN (for payments to Europe and selected other countries) or Routing Number (for payments to the US).
  6. Get the routing number / sort code and account number of the recipient.
  7. Destination countries sometimes have extra information requirements for transferring funds. This information varies depending on the country you have chosen to transfer funds to.


Decide How You Want to Make the Transfer

There are several ways to make a transfer through NAB


Online — Via their Online Banking Service

  1. Log into NAB’s online banking portal here.
  2. Choose to send money internationally — find full details here.
  3. Input all of the relevant details for the recipient and their bank.
  4. Fund your transfer.
  5. The money leaves your account shortly after you submit your transfer, generally within one business day.
  6. The recipient should get the money in one to three business days.
  7. NAB will return your funds if the transfer is unsuccessful.


In a Branch

  1. Visit your local NAB branch.
  2. Give the customer service agent your details and security information.
  3. Give all the relevant details for the recipient and their bank.
  4. Fund your transfer.
  5. You’re done!

How Long It Takes

Depending on the country you’re sending money to, and the currency that you’re exchanging into, funds are normally deposited into the recipient’s bank account within 1 – 3 working days.


How Much NAB charges to Send Money Abroad

Internet banking — $10 for sending foreign currency, $30 for sending payments abroad in Australian Dollars.

In branch — $30.

Over the phone — $30.

Refund, reissue, or cancellation — $30.

Receiving bank fees — International money transfers sent to or from an overseas bank may be subject to commissions, fees, and other charges applied by that bank. These are typically deducted by the overseas bank from the funds paid to the recipient. In some cases, NAB will cover these fees.


*All details shown above are correct as of October 2017.


Advantages when knowing how to transfer money overseas with nabAdvantages of Sending Money Internationally with NAB

  • Very convenient if you already have a NAB bank account.
  • It’s a simple and straightforward process.
  • You can make transfers online.
  • Send money to over 100 countries around the world.
  • Send money in over 50 currencies.


Disadvantages of Transferring Money Abroad with NAB

  • Higher fixed fees than a dedicated currency exchange provider.
  • Worse exchange rates than a specialist money transfer company.


Further Information on Sending Money Internationally with NAB

International Currencies Supported by NAB

Here’s the current list of currencies that NAB supports.

  • Canadian Dollars
  • Euros
  • British Pounds Sterling
  • Hong Kong Dollars
  • Japanese Yen
  • New Zealand Dollars
  • United States Dollars
  • UAE Dirhams
  • Bangladeshi Taka
  • Bahrain Dinars
  • Swiss Francs
  • Chinese Yuan
  • Czechoslov Koruna
  • Danish Kroner
  • Fiji Dollars
  • Hungarian Forint
  • Indonesian Rupiah
  • Israeli Shekel
  • Indian Rupees
  • Jordanian Dinar
  • Kenyan Shilling
  • Kuwaiti Dinars
  • Sri Lanka Rupees
  • Mexican Peso
  • Norwegian Krone
  • Omani Rial
  • Papua New Guinean Kina
  • Philippine Pesos
  • Pakistani Rupee
  • Polish Zloty
  • Saudi Arabian Riyals
  • Solomon Island Dollars
  • Swedish Krona
  • Singapore Dollars
  • Thai Bahts
  • Tonga Paanga
  • Vanuatu Vatu
  • Western Samoa Tala
  • French Pacific Francs
  • South African Rand


View Currency Exchange Rates for NAB

Daily rates for transferring funds internationally through NAB are available through their currency converter.

The currency exchange rate you will get does vary from moment to moment.

You will get the up-to-date, dynamic rate when you are booking your transfer through online banking or over the phone.


Further NAB Information from The Currency Shop

You can make as many international money transfer transactions as you want, so long as the total value of your transactions falls within your daily “Pay Anyone” limit.

The default daily limit for an International funds transfer through NAB Internet Banking is $5,000. You can call NAB on 1300 651 656 to have this limit raised.

You can prebook a transfer at some point in the future (a forward contract) with NAB.

You can setup regular international payments if needed.

NAB exchange rates explained and compared.

NAB travel money.

NAB travel card review.


NAB Disclaimers

NAB does not check payment details.

If payment details are incorrect it may result in an unsuccessful transfer or the wrong account receiving funds.


Before You Use NAB to Send Your Money Overseas

Sending money abroad using your bank can be expensive. You will pay higher fees and get a worse exchange rate than you can using a dedicated money transfer specialist.


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.


Using World First, TransferWise, OFX, or another dedicated currency exchange provider will save you money. To see how much you could save, take a look at our free online comparison tool.


And that’s it — everything you need to know about sending your money overseas using NAB. Here at The Currency Shop, we want to give you the right information to save you money and help you make an informed choice for all your currency exchange needs.


The next time you need to send money internationally, check how you can save money 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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Helping You Save Money on Currency

Buying travel money or transferring money overseas can be expensive and confusing. So how do you make the best choice and get the most out of your money?

An easy way is to use a comparison table for either international money transfers or currency exchange. These tables list and compare the banks with other large foreign exchange companies.

We’ve also put together tons of helpful videosguides and reviews that will help you make the right decision. You can work out a cheaper way of converting currency while still keeping your money safe.