In a first for major Australian banks, NAB will no longer charge a fee for overseas transfers in a foreign currency when using NAB Internet Banking and the NAB app.
The change will benefit more than 30,000 NAB customers who use NAB Internet Banking and the NAB app each month to transfer money to an overseas account.
In addition, NAB has improved its foreign exchange rates, helping customers’ dollars go further in their chosen foreign currency.
NAB Executive Transaction Banking & Enterprise Payments, Shane Conway said Australians have deep connections to the rest of the world and NAB wants to help them move their money more easily.
“Our customers transfer funds overseas for a variety of reasons, but the biggest single reason is to support family overseas,” Mr Conway said.
“With almost half of customers making international transfers supporting family overseas, we want to help them move their money in other currencies without extra cost.”
The removal of the previous $10 fee follows a move by NAB in 2017 to implement a flat fee for overseas transfers made in a foreign currency through NAB Internet Banking and the NAB app while NAB absorbed charges from the overseas banks receiving funds.*
“At the time this addressed a longstanding frustration and now we’re pleased to have done away with this $10 fee as well,” Mr Conway said.
Through NAB Internet Banking and the NAB app, NAB customers can transfer funds to more than 230 countries in over 40 global currencies.
* We use trusted partner banks to send international payments. For NAB Internet Banking and NAB app transfers, even though we request partners do not deduct any additional fees, it may happen outside of our control. In this case, we will reimburse additional fees deducted by a partner bank.
International / overseas transfers through channels other than NAB Internet Banking and the NAB app, and transfers in AUD, may incur transfer fees and overseas bank charges on request.