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How to receive an international transfer with NAB
Find everything you need to know to receive an international bank transfer with NAB.
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This guide explains what you will need to give the sender in order to receive a money transfer through National Australia Bank (NAB) and some of the aspects to consider in a transfer.
Where can I find the information I need to receive a transfer to my NAB account?
To receive a transfer from overseas with NAB, your sender will need to know the following details:
- Bank name: National Australia Bank (NAB)
- BIC/SWIFT code: NATAAU3303M
- BSB and account number: You can find your BSB and account number on your bank statements
- Your name and address: Your full name and address (cannot be a post office box).
What fees are involved for the receiver?
Unlike some other methods of receiving money, getting an international bank transfer is not free and banks will charge a range of fees. This will be taken from the amount sent.
| Transfer type | Fee |
|---|---|
| To your NAB account | Up to $15 |
| To a non-NAB account with NAB as an intermediary | Up to $30 |
| Overseas currency received by NAB and transferred to another bank | Up to $35 |
| Documentary payment orders and complex receiving instructions | The higher of either $30 or 0.2% of the total transfer amount, to a maximum of $600. |
NAB's fees explained
The fees for receiving money are just one of the fees that may apply to an international transfer. Other fees could include:
- Sending fee. The sender will typically pay a fee for initiating the transfer.
- Correspondent bank fee. When the money passes through other banks en route to you, those banks will take a cut of the money in exchange for processing it. You can see how much NAB charges for transfers to non-NAB accounts for a sense of how much these correspondent fees can be.
- Currency exchange costs. Currency exchange will typically be done at less-than mid-market rates and can take a significant cut of the total transfer.
- Miscellaneous fees. Miscellaneous fees may also apply, such as an additional fee for the sender if they want to pay all the fees up front rather than have correspondent banks take a cut of the transfer en route.
What form can I receive the transfer in?
There are several different ways of receiving a transfer. Each has its own pros and cons.
- Direct to your bank account. You can receive funds directly to your bank account. This is often one of the more cost-effective options.
- Bank draft. This is like a cheque that can only be deposited into your NAB bank account. It's paid for up-front by the sender at the time they send it so it won't "bounce".
- Cheque. When made out to you, this is like a bank draft, except the sender pays at the time the cheque is cashed.
- Money order. This is a more flexible bank draft. It's paid up front and can be cashed later in a range of locations such as post offices.
If you want to pick up cash, see which money transfer services can help you out here.
How NAB international money transfers work
Are there cheaper alternatives to NAB?
Banks are typically some of the most expensive options for international money transfers, but you can find cheaper options. Our table below lets you compare the services you can use to send money overseas. By inputting how much you want to transfer and to what currency, you'll be shown live exchange rates, fees and more.
Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.
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