How to Transfer Money Overseas Using NAB
By the end of this article you will have a much better idea of how to make an international money transfer with NAB.
If you’re planning to transfer money 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.
In this article we'll arm you with everything you need to make an international money transfer with NAB. From how to do it and how much it costs, we'll also suggest some cheaper ways to do it. You can learn and save! Let's get straight into it.
How to transfer money overseas with NAB - Basics
To start, let's have a look at an overview of what you need to send money overseas with NAB.
Step 1: Have an NAB account
You need to be a customer of NAB to use their services. You can apply for an NAB bank account online or visit a local branch.
Step 2: Register to send money overseas
You will need to be registered for SMS security and have “Pay Anyone” access.
How to send money overseas with NAB - Detailed
- Review your bank account and finances to understand how much you need to send.
- Work out what currency you are going to be transferring money into.
- Get the full name, address, and account number of the person or business you’re sending money to. This cannot be a PO Box.
- Fill in the full bank name, address, and SWIFT BIC (Bank Identifier Code) or Branch Number (some countries accept this) of the recipient’s bank.
- Get the IBAN (for payments to Europe and selected other countries) or Routing Number (for payments to the US).
- Get the routing number or sort code and account number of the recipient.
- Destination countries sometimes have extra information requirements for transferring funds. This information varies depending on the country you have to transfer funds to.
2 Ways to make a overseas transfer with NAB
There are several ways to make a transfer through NAB. We've listed the options below.
Online: online banking service
- Log into NAB’s online banking portal here.
- Choose to send money internationally.
- Input all of the relevant details for the recipient and their bank.
- Fund your transfer.
- The money leaves your account shortly after you submit your transfer, generally within one business day.
- The recipient should get the money in one to three business days.
- NAB will return your funds if the transfer is unsuccessful.
In a branch
- Visit your local NAB branch.
- Give the customer service agent your details and security information.
- Give all the relevant details for the recipient and their bank.
- Fund your transfer.
- You’re done!
NAB fees for transferring money overseas
Here are some of the main fees you need to be aware of:
- 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 of payment — $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 August 2020.
To avoid these fees and better exchange rates look at our comparison table to save you lots of money.
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 2 – 3 working days.
Advantages 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.
Additional information for transferring money with NAB
There are a lot of numbers and information you hear about when it comes to international money transfers. Below there are extra details you might need for your international money transfer and the things you don't.
NAB IBAN number
IBAN is an account format used by European banks. If you are transferring money to a European bank, you will need the IBAN of that bank.
NAB routing number
You may need 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 the recipient wishes to receive the payment into. For example, if the account number is 01-0123-0123456-00 use 010123.
NAB international SWIFT code
You shouldn't need NAB's SWIFT code for transferring money overseas. You would need it if you were receiving money from overseas, to your NAB account.
NAB address for international transfers
You shouldn't need NAB's address to send money overseas. You will need the address of the bank you're paying internationally. If you do find you need NAB's address, use that of your local branch.
NAB account number details
You shouldn't need to quote your NAB details to transfer money from the account. You will need all the bank details from the person you are paying.
Notes on International Bank Drafts or Cheques
International bank cheques or drafts can be deposited into an 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 is better to use a different payment method.
Currencies supported by NAB
Here’s the current list of currencies that NAB supports.
British Pounds Sterling
Hong Kong Dollars
New Zealand Dollars
United States Dollars
Sri Lanka Rupees
Papua New Guinean Kina
|Saudi Arabian Riyals
Solomon Island Dollars
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.
NAB also let you prebook a transfer at some point in the future (a forward contract) with NAB. Or you can setup regular international payments if needed.
Related topics: Exchange rates from NAB explained and compared
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National Australia Bank 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. 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.
Cheaper alternatives to transferring money internationally with National Australia Bank
If you already bank with NAB, then using them to transfer money from overseas is the easiest option. Just remember it may not be the cheapest.
We can help you work out if you can save any money by using a money transfer company other than NAB. Compare the exchange rates and fees at NAB with your other options below.
Related video: Cheaper alternatives to NAB
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 WorldFirst, 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! That is everything you need to know about transferring your money overseas using NAB. Here at The Currency Shop, we want to give you the right information to help you save money and 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.