NAB International Money Transfers
Summary
NAB offers bank to bank money transfers to overseas accounts with competitive fees and exchange rates.
Details
Product details
| Product Name | NAB |
| Pay By | Bank transfer, Cash, Phone banking |
| Receiving Options | Bank account |
| Customer Service | Phone, In person |
| Maximum Transfer Amount | $5,000 (daily limit) |
National Australian Bank is one of the big four banks and offers financial services from their Australian accounts to those overseas. Similar to ANZ and CBA, NAB also provides money transfer services to customers.
Generally, banks are classified as one of the more expensive options for transferring money due to weak exchange rates. Money transfer specialists add a lower markup to rates, have lower transfer fees and offer faster transfers.
Despite this, NAB is convenient if you already bank with them and you're making a small one-off transfer. We recommend exploring alternatives if you're making regular transfers over $500.
NAB exchange rates
Based on our research, NAB offers some of the best exchange rates when compared to other banks. They have a foreign currency calculator on their website, to make it easy to calculate costs before sending money. We checked exchange rates for across the top four currencies on August 10 2023.
Exchange rates markups on a $5,000 transfer:
- AUD to USD - 2.55%
- AUD to GBP - 2.55%
- AUD to Euro - 2.55%
- AUD to INR - 2.78%
In comparison, when converting AUD to USD, ANZ adds a markup of 3.63% and CBA adds a markup of 3.92%.
How much does it cost to transfer money?
Exchange rates are just one factor when it comes to currency exchange as transfer fees are sometimes added. NAB charges a flat rate fee of $30 per transaction sent in Australian dollars and transfers made in a foreign currency are fee-free.
In addition to the fee charged by NAB, you will have to check for any fees charged by the recipient banking institution. They can also charge that account for accepting the transfer and the currency exchange.
Max transfer amount and transfer time
Initially your daily transfer limit is $5,000 and you will need to contact customer support during working hours to transfer more than this amount. Typically, international money transfers with NAB take one to two business days to process.
NAB supports over 230 countries which is excellent coverage for a bank! For various reasons, there are some countries that NAB will not be able to transfer money to, or that can only be initiated at a local branch. This could be due to an uncertain economy and currency or for political reasons. These countries include, but are not limited to:
| Iran | Iraq | North Korea |
| Afghanistan | Cuba | Burma |
| Libya | Syria | Russia |
Cheaper alternatives to NAB when sending money overseas
Banks tend to have higher fees and less competitive exchange rates than specialised money transfer companies.
What types of transfers can you carry out with NAB?
With NAB, you can only transfer money from one bank account to another, allowing money to be deposited directly into a bank account. If you will be making frequent money transfers you may want to look into NAB’s Forward Exchange Contracts (FEC). These allow for you to lock in at a specified exchange rate for a period of 12 months. Of course in doing so, you run the risk of the rate improving and costing you money but you will save if the rate falls.
The registration and transfer process
You will need an existing NAB bank account to take advantage of their money transfer services. Using a branch may incur additional charges and there is no option of initiating the transaction over the phone.
In order to make the money transfer you will need the SWIFT code of the recipient bank along with the name and address of the recipient and their account information. Depending on where you are sending to, the SWIFT code may be referred to as the Bank Identifier Code (BIC) or International Bank Account Number (IBAN). Once initiated, the transfer should take two to four days before completion.
What are the pros and cons of using NAB?
Pros
- Convenient. Your entire transaction can take place online.
- Service. You have access to help around the clock if there is a problem with your money transfer.
- Accessibility. The large number of currencies they deal in makes this service possible for people from all over the world who have settled in Australia.
- Set fee. Regardless of the receiving country, the fee is always the same.
Cons
- Exchange rate. You may find that money transfer companies offer better exchange rates. Australian banks normally add a 3-5% margin onto the interbank rate.
- Fees. Some transfer service providers charge on a sliding scale, making the fee lower if you are not transferring large amounts of money.
What other products and services does NAB offer?
As mentioned, NAB offers other products for Australians who are planning to travel outside of the country. This is a closer look at these products:
- NAB travel card. The travel card allows you to control your vacation funds and track their use online. This card can be used the same as a Mastercard for purchases and cash withdrawals.
- Travel insurance. NAB offers comprehensive travel insurance that allows for children to be covered for free, plus unlimited medical coverage and personal item coverage including credit cards.
- Travel loans. You can apply for a personal loan through NAB to cover your travel expenses.
- Foreign currency cash. You can arrive at your foreign destination with their current currency. NAB is able to offer over 50 different currencies at competitive exchange rates before you get on the plane.
Frequently asked questions
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Shirley Finder
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