NAB International Money Transfers Exchange Rates, Fees and Transfer Times
NAB international transfers are a quick and fairly easy way to send money from your Australian bank account to a bank account overseas. The easiest and cheapest way to do it using NAB is online. Although NAB recently lowered their flat fees for international money transfers, the exchange rates for most Australian customers are still relatively expensive.
Making an international money transfer (or telegraphic transfer) comes with a few questions. How easy is it? Are there any hidden fees or charges? How does it actually work?
While the NAB website about international money transfers is useful, our summary makes it even easier to find out all the information you'll need to know before you transfer funds overseas.
If you're looking for a safe, easy and cheaper alternative to NAB, click here to compare your options.
In this article, you'll find out more about:
NAB Exchange rates for international money transfers (IMT's)
Compare NAB exchange rates to other banks and foreign exchange services
About these NAB exchange rates
Send Money: If you need to transfer money from Australia to another bank account overseas
Receive Money: If you need to receive money into your NAB bank account from overseas
To view the rates for NAB foreign currency exchange click here
If you're not sure about what currency you’ll need for the country you're going to, check out the full list of currency codes here.
Bank charges and transfer fees
How much National Australia Bank charges for international transfers
NAB has 3 flat fees that are easy to understand:
- For transfers made online in foreign currency, NAB charges you $10
- For transfers made online in Australian Dollars (AUD), NAB charges you $30
- All transfers done at a branch have a $30 fee
For more information, go to the fee section of this page.
Extra Fees to be Aware Of:
- Intermediary bank fees — payments may be routed through one or more intermediary banks before the payment reaches your account. This could happen if the remitting bank has an arrangement with another bank in Australia or overseas. In this scenario, the intermediary banks may also charge processing fees. This will be deducted from the amount you receive.
- Receiving bank fee - NAB is one of the few banks that absorb the fees that receiving overseas banks may charge.
- 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 the money is sent to you.
How to transfer money overseas with National Australia Bank
You can transfer money overseas either using NAB internet banking, using phone banking or at a branch. No matter how you choose to send your money abroad, you will need certain information about the international bank account you are transferring the money to. This includes:
- The account name of the payee
- The account number
- The overseas bank or financial institutions SWIFT code (also know as a BIC code)
- Different countries have different requirements though. You may also need to provide more account details like a bank routing number, the branch number of the receiving bank, or an IBAN (particularly for transfers to Europe)
How to receive money from overseas into your NAB bank account
If you want to receive foreign currency into your Australian dollar account at the National Australia Bank, you need to provide your bank account details to the person or business sending the money.
They will need the following information:
- Your NAB branch name and address
- The bank account number and BSB
- Your account name
- Your residential address that is listed on the account
- NAB's SWIFT/BIC code. This is NATAAU33. If the other party requires an 11 digit SWIFT, use NATAAU33XXX
In most cases NAB will automatically convert the incoming foreign currency at a foreign exchange rate that they can determine. Unfortunately, this exchange rate might not be the best you can find. If you're looking to get the best exchange rate or even hold the foreign currency in an account before converting it, you can either compare money transfer exchange rates here, or look at a multi-currency account like the Borderless Account.
For a more comprehensive guide on how to receive funds into your Australian NAB account click here.
How long it takes for the money to arrive
In most cases it either arrives on the same day or between 1-3 business days later. NAB international services tend to process international transfers overnight on bank business days. However, the time it takes until your payee can see money in their account will vary depending on the receiving bank.
For more information, read about how long does an international money transfer take?
If you're not sure which exchange rate you need, here is a list of currencies, countries and currency codes.
|CZECH REPUBLIC||Czech Koruna||CZK|
|HONG KONG||Hong Kong Dollar||HKD|
|ISRAEL||New Israeli Sheqel||ILS|
|THE REPUBLIC OF KOREA||Won||KRW|
|NEW CALEDONIA||CFP Franc||XPF|
|NEW ZEALAND||New Zealand Dollar||NZD|
|PAPUA NEW GUINEA||Kina||PGK|
|THE PHILIPPINES||Philippine Peso||PHP|
|PUERTO RICO||US Dollar||USD|
|SOUTH AFRICA||South African Rand||ZAR|
|SRI LANKA||Sri Lanka Rupee||LKR|
|TAIWAN||New Taiwan Dollar||TWD|
|UNITED ARAB EMIRATES||UAE Dirham||AED|
|UNITED KINGDOM||Pound Sterling||GBP|
|UNITED STATES OF AMERICA||US Dollar||USD|