These are the NAB products to compare if you’re going overseas
NAB is one of Australia’s Big Four banks and a full service financial institution. The bank has a suite of products aimed at travellers which includes a prepaid travel card, traveller’s cheques, travel insurance and travel loans as well as foreign cash services. You can read about how to pick up NAB’s Traveller Card for your next holiday as well as compare NAB’s holiday insurance and loans on this page.
A short history of NAB
National Australia Bank has more than 12 million customers and 1,800 stores and branches globally. NAB Group also has the following brands: MLC, Bank of New Zealand, Yorkshire Bank, Clydesdale Bank and Great Western Bank.
NAB is one of the world's largest banks, with a history dating back to a time before Australia was a federation. Two banks, the Commercial Banking Company of Sydney established in 1834 and the National bank of Australasia, established in 1858, merged in 1982 to form the NAB we know today. They offer the full range of banking services including bank accounts, loans, insurance, investments and more.
The NAB Traveller Card
The NAB Traveller Card is a prepaid Mastercard product, you can use this card to withdraw cash from ATMs and make purchases over the counter wherever Mastercard is accepted. You can hold up to 10 different currencies on the card at the one time including Australian dollars. Load and spend in one of these currencies and you won’t pay the additional fee for currency conversion.
|Australian dollars||Canadian dollars||Hong Kong dollars||US dollars||New Zealand dollars|
|Pounds||Japanese yen||Thai baht||Euros||Singapore dollars|
The card can be ordered online or picked up in-branch.
What happens if the local currency is not loaded on my card?
If the NAB Traveller card does not let you load the currency of your destination or you do not have any funds loaded in that currency, your existing currencies will be converted in order of priority. Your card will convert loaded currencies in this order (fixed by the bank): AU$, US$, GB£, EU€, CA$, NZ$, JP¥, SG$, HK$, and THß.
- Exchange rate. NAB applies the ‘currency to currency’ exchange rate when you exchange funds from one currency to another. You will get slightly less when you exchange funds on a travel card compared to using a Visa or Mastercard credit or debit card. However, you’re going to avoid the currency conversion fee using a travel card.
- Reloading. By default, when you load money onto the card, funds are credited as Australian dollars, you’re responsible for exchanging the funds to one of the above listed foreign currencies using NAB’s online banking platform or over the phone. The exchange rate is locked in when you transfer money between different currencies.
- Fees. Compared to other travel cards the NAB Traveller Card is low on fees. NAB doesn’t charge an international ATM fee when you use this travel money card to withdraw cash from an overseas ATM, there are no initial load fees or reload fees either. Note the international ATM operator may charge a fee when you make a withdrawal, NAB charges a fee for using an ATM in Australia and an inactivity fee applies if you have money left on the card and you haven’t used it for at least 12 months.
What are the pros and cons of the NAB Traveller Card?
- No international ATM fees. This is a feature of just a few travel cards. You can avoid a withdrawal fee of a couple of dollars by using the card to get cash from an ATM.
- Large range of currencies. The Traveller Card has a large range of popular currencies to choose from.
- High maximum balances. This card can hold up to $45,000 on it at any time, and has a high daily transaction limit.
- High monthly inactivity fee. This card charges a monthly inactivity fee of $4, which is towards the high end of the scale.
- Missing some exotic currencies. The Traveller Card doesn't allow you to hold Vietnamese Dong or Emirati Dirhams, which some cards now allow.
NAB doesn’t provide traveller’s cheques. While traveller’s cheques can be a secure way to take money overseas, they’re difficult to cash these days, so you’ll find that fewer providers offer them.
Where are you travelling to? Read our location guides to find the best travel money for your destination.
Pickup cash before you get on the plane and sell any leftover overseas banknotes when you get back home, NAB buys and sells cash in more than 50 different currencies. All major currencies are available as well as exotics, for example: Brunei dollars, Barbados dollars, French Pacific francs, Israeli shekels and Omani rials. NAB don’t sell Indian rupees or Western Samoan talas.
You can order foreign cash online or in-store. NAB charges a flat fee of $10 for in-store orders, online foreign cash orders are commission free. Pay for an online order using BPAY, allow up to 5 business days for the payment to clear. You can order up to the foreign currency equivalent of $5,000 Australian dollars over 24 hours or $20,000 AUD in a 21-day period.
NAB provides international travel insurance, domestic insurance and multi-trip annual insurance. International travel insurance gives financial cover in the event of medical emergencies, loss and damage to personal effects and disruption to your travel plans.
Complimentary travel insurance with credit cards
You may also be eligible to receive complimentary international travel insurance through your NAB credit card. Products such as the NAB Premium Visa credit card provide complimentary international travel insurance for up to 6 months when you purchase more than $500 of your prepaid travel expenses (such as your overseas return airfare) using your card.
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What other travel products does NAB offer?
NAB provides personal loans you can use to fund your holiday. These lines of credit can be approved in just a few hours. NAB Travel Loans offer flexible terms and repayment options, you can borrow $5,000 to $55,000 and pay back the loan over 1 to 7 years.
NAB Travel Money frequently asked questions
How do I send money overseas with NAB?
Can I use the NAB Traveller Card on a cruise ship?
Unfortunately most cruise companies do not accept prepaid cards, so you'll need a different card, such as a credit or debit card, for this.
What are the NAB Traveller Card limits?
|Minimum load/reload||AU $50 or currency equivalent|
|Maximum in branch load/reload||AU $45,000 or currency equivalent|
|Maximum daily BPAY reload||AU $25,000 or currency equivalent|
|Maximum annual balance||AU $45,000 or currency equivalent|
|Maximum daily ATM withdrawal limit||AU $3,000 or currency equivalent|
|Maximum daily transaction total for POS, internet or phone transactions||AU $7,000 or currency equivalent|
What will I pay if I use my NAB credit card or debit card overseas?
The NAB Traveller Card is the only product available from NAB you can use to avoid the currency conversion fee. Using your NAB debit card or credit card to make purchases and withdrawals in a foreign currency attracts an additional fee of about 3%.