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).
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.
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.
Frequently asked questions
How long it takes depends on a range of factors, including the currencies, the sender's bank, the sender's location and the time of the week, as transfers will often pause over the weekends.
A telegraphic transfer is a broad term used to cover bank wire transfers in general. It's a catch-all term that dates back to when money transfers were conducted over telegraph.
Andrew Munro is the global cryptocurrency editor at Finder. After previously writing about insurance and other areas, he now covers the latest developments in digital assets and blockchain and works on Finder's comprehensive range of guides to help people understand cryptocurrency.
Take a break from the big city life and spend a day in Philidephia where history abounds, cheesesteaks are plenty and relaxing by the waterfront is magical.
One in three Aussies will be strapped for cash this Christmas. But more Aussies are turning to the gig economy to boost their festive cash flow. Finder shares tips and suggestions for earning cash on the side this summer.
TorFX guarantees to match any competitor's exchange rate. Conditions apply. Send money overseas in 30+ currencies with competitive rates for transfer amounts over $2,000.
Better exchange rates for Finder customers. Send 60+ currencies at competitive rates and no fees. If you find a better eligible quote, WorldFirst will beat it.
How likely would you be to recommend finder to a friend or colleague?
0
1
2
3
4
5
6
7
8
9
10
Very UnlikelyExtremely Likely
Required
Thank you for your feedback.
Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve.
Important information about this website
finder.com.au is one of Australia's leading comparison websites. We compare from a wide set of major banks, insurers and product issuers.
finder.com.au has access to track details from the product issuers listed on our sites. Although we provide information on the products offered by a wide range of issuers, we don't cover every available product. You should consider whether the products featured on our site are appropriate for your needs and seek independent advice if you have any questions.
Products marked as 'Promoted' or "Advertisement" are prominently displayed either as a result of a commercial advertising arrangement or to highlight a particular product, provider or feature. Finder may receive remuneration from the Provider if you click on the related link, purchase or enquire about the product. Finder's decision to show a 'promoted' product is neither a recommendation that the product is appropriate for you nor an indication that the product is the best in its category. We encourage you to use the tools and information we provide to compare your options and find the best option for you.
The identification of a group of products, as 'Top' or 'Best' is a reflection of user preferences based on current website data. On a regular basis, analytics drive the creation of a list of popular products. Where these products are grouped, they appear in no particular order.
Where our site links to particular products or displays 'Go to site' buttons, we may receive a commission, referral fee or payment.
We try to take an open and transparent approach and provide a broad based comparison service. However, you should be aware that while we are an independently owned service, our comparison service does not include all providers or all products available in the market.
Some product issuers may provide products or offer services through multiple brands, associated companies or different labelling arrangements. This can make it difficult for consumers to compare alternatives or identify the companies behind the products. However, we aim to provide information to enable consumers to understand these issues.
Providing or obtaining an estimated insurance quote through us does not guarantee you can get the insurance. Acceptance by insurance companies is based on things like occupation, health and lifestyle. By providing you with the ability to apply for a credit card or loan we are not guaranteeing that your application will be approved. Your application for credit products is subject to the Provider's terms and conditions as well as their application and lending criteria.
Please read our website terms of use for more information about our services and our approach to privacy.
