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.
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.
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