National Australia Bank (NAB) offers several simple-to-use products for its banking members, including; receiving and transferring money overseas, live exchange rate information and beaurex de change for travel money.
How to use NAB for international money transfer
A money transfer can be made online or by visiting a NAB branch. The for detailed instructions on the NAB international money transfer process, follow this link. To make international payments you'll need to be registered for NAB SMS security and "pay anyone" access. For further questions, the NAB support centre can be contacted. NAB business banking customers can also use the internet banking portal to manage payments, purchase international telegraphic transfers and/or international cheque applications.
National Australia Bank is able to send money to over 100 countries around the world from your everyday accounts and if you send money online, it is faster and cheaper than going into a branch. You money will be protected by state of the art NAB Defence to ensure your funds arrive safely at its destination.
NAB Defence
To ensure your money reaches the right international destination, NAB Defence monitors and sends alerts for suspect fraudulent activity on all your accounts.
KEY INFORMATION
Transfer Limits
The transfer limit for international money transfers processed online will be equal to your ‘pay anyone’ limit. This is usually $5,000 but can extend up to $20,000 when you are registered for SMS security. For larger transfers, you can request to increase your limit or visit a local branch.
Transfer Time
The time for a transfer to process will be influenced by the currency pairs exchanged and the amount of money being transferred. For example, transferring a larger amount of money to a less commonly used currency may take longer. In general, NAB will process transfers within 1-3 business days. International transfers made on weekends or public holidays will be processed on the next business day. To ensure transfers are processed and sent on the value date, you will need to complete the transaction before the currency/country cut off times. These are listed on the NAB website.
Transfer Fees
NAB charge a standard fee of $22 for an international transfer processed through online banking. For periodic payments, you may be able to receive lower charges.
MORE INFORMATION ABOUT NAB
How a transfer can be made:
To make an international money transfer with NAB you will need to be a banking customer of NAB. You will also need to be registered for SMS security and pay anyone. You will need information on the beneficiary, including banking details, IBAN (for payments to UK/Europe) and physical address. Once you have completed the transfer, you can view its status by logging in to NAB, opening the ‘Funds Transfer’ menu and selecting ‘Payment list’. If a transaction is processed correctly you will receive a processing acknowledgement from NAB.
PROS
- Safe and secure processing
- Over 100 currencies available
- Charge a flat fee
CONS
- High fees
- Must be a banking member of NAB
- Limited daily limit unless manually altered.
