National Australia Bank: Foreign Currency Exchange, International Wire Transfer & ATM Fees explained

Are you travelling or sending money abroad? Learn about NAB’s fees for International Wire Transfers, Currency Exchange and using your credit or debit card abroad (incl. ATM fees). We’ll show you how to save money, make smarter decisions and pay less for currency exchange.

NAB international wire transfer - all you need to know

National Australia Bank (NAB) allows you to make international wire transfers to bank accounts around the world. Their website is informative and easy to use, and provides the ability to transfer funds to over 100 countries in over 40 currencies.

There’s no minimum transfer amount and they clearly display exchange rates and fees for transfers, unlike some other international banks. Unfortunately, their fees are still quite high compared to the lower fees and better exchange rates that you’ll get from a specialist currency exchange provider.

You can transfer up to $5,000 a day via an international wire transfer from NAB and you can increase that limit to $40,000 through a simple approval process. NAB do insist that you have SMS security enabled on your account before you can make international wire transfers. NAB also allows you to schedule regular transfers or transfers for some point in the future.

All dollar amounts discussed in this review are in Australian dollars, unless stated otherwise.

What are NAB’s  international wire fees and exchange rates?

NAB provides straightforward, transparent fees and exchange rates for international wire transfers.

NAB fixed fees for sending money internationally

NAB charges flat fees as follows:

• Sending money internationally in a foreign currency, via NAB internet banking: $10
• Sending money internationally in Australian dollars, via NAB internet banking: $30
• Sending money from a branch of NAB: $30

It’s also important to note that NAB will often absorb the fees charged by intermediary and receiving banks for processing the international wire transfer, rather than passing them on to the person sending or receiving the money.

NAB exchange rates for sending money internationally

NAB makes it easy to understand the exchange rate you’ll get when sending money via their services.

As an example:

• The exchange rate they offer for sending Australian dollars to euros is $1 AUD to 0.6069 euros.
• The base, interbank exchange rate of Australian dollars to euros is $1 AUD to 0.6337 euros.
• This means the exchange rate offered by NAB is around 4.2 percent worse than the base rate.

Sending money with a specialist currency exchange provider often means the exchange rate will be within one percent of the base rate, saving you a significant amount compared to NAB.

Here’s how much it would cost to send $1,000 AUD to euros with NAB, versus a provider like TransferWise.

• With NAB, you’ll pay a $10 fee, and the beneficiary will get 600.83 euros after fees
• With TransferWise, you’ll pay an $8 fee, and the beneficiary will get 629.69 euros after fees
• You’ll pay just over 4.5 percent more, approximately $46, if you send via NAB versus TransferWise

This is why it is generally not recommended to wire money internationally with NAB if you’re looking for the cheapest way to send money abroad, but to compare all providers with Monito and find cheaper alternatives. You can find more information on our guide on finding the best ways to send money overseas from Australia.

Find out more with our complete guide on how banks and money transfer operators make money with hidden fees.

How long does a NAB international wire take to arrive at the recipient bank?

If you manage to transfer the money by NAB's currency cut off time, which varies by country, you can normally expect the beneficiary to receive their funds within one to three business days.

If you’re in a hurry, try finding the fastest way to send money abroad by comparing all international money transfer services with Monito.

How to make a NAB international wire transfer?

Here’ show to send money to an international beneficiary using NAB.

• Firstly, you need to be a customer with NAB. If you’re not a customer already, you can open an account
• Next, you’ll need to active NAB internet banking, so you can send money online and setup SMS security, as they won’t let you send money internationally without it
• You will also need to register with their Pay Anyone service, you can do this online
• You can send money within NAB internet banking, through the NAB app on a smartphone or by going into your local NAB branch
• All account holders have money transfer limits on how much they can send, and you can get this increased with NAB upon request
• Confirm the account you would like to pay from
• Enter the country you’re transferring money to and the currency you’d like to use
• You will need to start a transfer and enter the details of the beneficiary. This typically includes:
• Their full name and street address (not a PO Box)
• The IBAN or bank account number
• A SWIFT code or BIC (this identifies their bank) and the full bank address
• Any other information they have like sort codes or routing code
• Any special instructions or notes
• When you want to send the money
• You’ll then be asked to confirm the details of the transfer, fees and exchange rates
• Once you click submit, the international wire transfer will start

NAB will return funds if the transfer is unsuccessful and you can view the status of your international transfer in real time through internet banking.

What is NAB’s SWIFT Code?

If someone needs to send you money from abroad, they’ll need a SWIFT Code for NAB. The SWIFT code for NAB is: NATAAU3303M

What NAB details should someone use when sending me money from abroad?

• Bank: National Australia Bank
• BIC/SWIFT code: NATAAU3303M
• BSB (bank, state, branch) and account number: Refer to internet banking or account statements
• Beneficiary name and address: Your full name (no initials) and street address (cannot be a post office box)

What is NAB’s IBAN?

NAB does not have an IBAN, as they do not participate in the International Bank Account Number system.

What Monito Likes About NAB

• If you’re a NAB customer, you can send money internationally simply from internet banking, their mobile app or at a branch
• They provide clear and transparent fees and rates on their website
• It’s easy to find information on international transfers

What Monito Dislikes About NAB

• The fees are slightly higher than you will pay than with specialist currency exchange providers
• The exchange rates are considerably worse than you will get with specialist currency exchange
• This means you’ll pay around five percent more making a transfer through NAB than if you used a specialist money transfer company
• You can only send money to a bank account
• It can take a few days for the money to reach the beneficiary

NAB SMS Security

NAB provides an SMS security system to protect customer accounts and international wire transfers. You will need to enable SMS security if you want to send money internationally.

Here’s their explanation of how it works, “We’ll send you a unique authorisation code to your mobile phone when you use an SMS Security feature through NAB Internet Banking or NAB app. Simply enter the code and you're done! This way, your online accounts stay secure even if your NAB ID and password fall into the wrong hands. And if someone attempts an unauthorised payment from your account, we'll alert you via SMS. If this happens, just call our security specialists on 1300 651 656 and we'll take care of it – now that's peace of mind.”

You can setup SMS security through online banking or NAB’s mobile app.

NAB currency exchange service

NAB allows account holders  to exchange Australian dollars into other currencies when you’re travelling abroad. Their exchange rates for buying and selling currency for foreign travel are not quite as good as their regular exchange rates.

You can order money online and pick it up in a branch — fund your transfer via BPAY, debit or credit card. They provide exchange into around 50 currencies and if they don’t have the money available immediately can normally order it in within 24 hours.

Fees and exchange rates for foreign currency

At the time of review, NAB did not charge a fee for ordering foreign currency online and having it delivered to a branch for pickup. They do charge a $10 fee if you make a currency exchange in branch, without ordering online first.

In terms of exchange rates, here’s what NAB charges to sell currency to travel abroad, compared to the base exchange rate.

100 Australian dollars to:

• Euros — base: 63.36, NAB sell: 60.18, 5 percent worse
• U.S. dollars — base: 71.33, NAB sell: 68.63, 4 percent worse
• British pounds— base: 54.95, NAB sell: 52.43, 4.5 percent worse

You can find better deals, and pay less, by comparing international money transfer providers.

Using your NAB credit card abroad

In general, the foreign fees applied for using your NAB credit card abroad will depend on your credit card. You can compare the options on NAB’s website or learn about innovative multi-currency cards here. They typically charge an industry-standard three percent fee for foreign transaction fees, although their Platinum Visa card does not charge a foreign transaction fee.

What are the fees for using NAB credit or debit cards at an ATM abroad?

There are fees for withdrawing money from an ATM while abroad:

• ATM Cash withdrawal: $5 per withdrawal
• Balance enquiry: $1 per enquiry
• Foreign currency transaction fee: three percent of Australian dollar transaction amount for cash withdrawals made in currencies other than Australian dollars

What you need to know when withdrawing money/paying abroad?

The ATM or Point of Sale device will often ask you if you want to use your card’s currency (USD if you’re banking with NAB) or the local currency (let’s say Euros if you’re in Paris).

💡 Tip
You always want to pay in the local currency! If you pay in your home currency (USD), you’re getting a dynamic currency conversion (DCC) which is often a very bad rate (we’ve seen 5-18% currency exchange margin).

What are the fees for paying in foreign currencies online or at a shop with NAB credit or debit cards?

Paying with a NAB debit card abroad will typically incur a 3% foreign transaction fee. The VISA or Mastercard exchange rate will apply to your transaction.