National Australia Bank International Transfers & Exchange Rates

As of 2020, NAB operates in over 900 locations worldwide and serves more than nine million customers. NAB provides a broad range of banking services for individual, business, and corporate clients. However, for the purpose of this guide, our focus will be on the bank’s money transfer services.

About National Australia Bank

National Australia Bank Limited (NAB) was established in 1982 with the National Bank of Australasia and the Commercial Banking Company of Sydney merger. It currently ranks as one of the largest banks in the world by market capitalization and is among the "big four" banks in Australia.

National Australia Bank Exchange Rates and Fees

Here’s an overview of NAB’s costs:

• Transfer Fees: NAB has an upfront cost fixed at $10 for each online transaction. But if you're transacting in Australian Dollars, it’s $30, which is also the same fee for transactions done at a NAB branch

• Additional Costs: NAB guarantees zero fees from the receiving bank since it covers the charges from international transactions

• Exchange Rate: However, one particular downside to NAB's international transfers is the exchange rates are quite expensive.

How Do NAB's Bank Transfer Fees Compare to Using a Money Transfer Provider?

NAB is a bank, and banks will always have higher costs due to the several fees linked to transfers such as handling charges and foreign exchange commission. And while NAB has reduced most of its transaction fees, it's still a relatively costly way to send money internationally due to its high exchange rates. You'd typically find a significant difference in the exchanged sum compared to other money transfer providers, especially since its exchange rate margins can run up to nearly 5% from the mid-market rate.

In contrast, some of the top money transfer companies may charge less than half of this. Some may even have as low as 0.4% off the live market rates (interbank rates). But what stands out for NAB stands is its flat upfront cost, which is helpful in ensuring that you avoid paying the receiving bank's fees, which most of its rival providers can't guarantee.

National Australia Bank Pros and Cons

Now, let's take a closer look at some of the advantages and disadvantages of NAB:

National Australia Bank Swift Codes

How to Open an Account and Transfer Money With NAB?

Opening an account with NAB takes only 5 to 7 minutes. You will need to fill out an application form and submit the requirements. Once your account is active, you can log in to NAB's internet banking page or use its mobile app to start transferring money.

Opening an Account

You can choose between the NAB Classic Banking account or the NAB iSaver account. All you have to do is fill out the application form and go through the electronic verification of your identity or visit one of the bank's branches.

Completing this process would require a copy of your valid ID, such as your passport or driver's license. NAB recommends two valid IDs to have a greater chance of completing the electronic verification without encountering any security issues.

Non-residents

If you're not a resident of the country, you may have to call the bank or specify your anticipated date of arrival into the country and the city where you'll be living in. You must also provide a copy of your Australian visa, and sometimes, you may also need to submit employment and salary details.

Transferring Money

Here are the steps to initiate your first transfer with NAB:

• Step 1: You first need to log in with your 8 to 10-digit user ID and password to NAB's internet banking page

• Step 2: From there, you will find the Transfer & Pay option, and under that, you need to select Pay Anyone

• Step 3: Select the account you will be transferring from

• Step 4: Enter the payee details

• Step 5: Enter the amount, description, and your name under the remitter name.

• Step 6: Choose whether the transaction is one-time or recurring

• Step 7: Set the transfer date

• Step 8: Select your (SMS) notification preference

• Step 9: Proceed to the next page and review all the details

• Step 10: Enter the code that will be sent to your mobile or your internet banking password, and finally, click submit.

Additional Information

For those unable or uninterested in NAB Internet Banking or NAB Connect, international transfers can also be arranged at one of the bank's branches. You just need to provide your photo identification, the full name and street address of the beneficiary, the locations where the funds will be sent, and the receiving bank's name. However, with this method, you won't be able to make transactions outside regular business hours.

NAB also has a cutoff time at 9 pm AEST/AEDT, meaning that transactions after this time will be processed on the next day.

For new NAB payees, there's a 24-hour delay, which means that when you initiate your first transaction at 1 pm on Monday, the recipient will get the funds by 1 pm on Tuesday.

Customer Service Details for Users of NAB Bank

If you need to access NAB's Telephone Banking, you can call 13 22 65 or its International line, +61 3 8641 9886. This is available 24 hours a day, 7 days per week. You'll be able to check your balance, statement information, change your password, and transfer funds and make payments.

However, if you need NAB's support team, you must contact them at 1300 651 656, or International on +61 3 8641 9886 from 8 am to 9 pm (EST) Monday to Friday, and 9 am to 6 pm (EST) on Saturday and Sunday.

Summary

Being one of the four largest banks in Australia and one of the biggest banks in the world, NAB offers a safe and secure way to transfer money locally or internationally. It's also one of the banks that cover the fees of receiving banks, which helps its customers trim down costs. However, there are a few things that pull down NAB as the top choice for international transfers. One is its high exchange rate margin and low daily transaction limits. Other than that, the bank offers a quick and painless way of transferring money.

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