Businesses are set to save with NAB removing the $10 transaction fee for business customers making international payments with a currency conversion via NAB Connect and Direct Link.
The removal of the charge, which took effect on 1 October, will benefit more than 15,000 NAB business customers making cross-border payments via NAB’s online banking platforms every month. This initiative builds on the bank’s decision to remove the international money transfer fees for individual customers in 2022.
NAB Executive Transaction Banking & Enterprise Payments, Shane Conway said NAB is focused on supporting Australian businesses in an increasingly global economy.
“Our business customers initiate thousands of international payments every week and the charges can quickly add up¹,” Mr Conway said.
“We’re removing our transaction fee to help customers move their money in other currencies without the extra cost.
“Around 75% of customers making international transfers using NAB Connect and Direct Link are small to medium businesses and with economic conditions tightening in many sectors we know every dollar counts.”
The fee change is the latest update to NAB Connect, which business customers have ranked as the #1 online banking platform for five consecutive years².
“As our customers’ needs continue to evolve, we’re driven to keep delivering market-leading digital banking solutions that are easy, secure, data-led and cost-competitive,” Mr Conway added.
¹Other fees and charges may apply when making international payments. For more information visit nab.com.au
²Source: Peter Lee Associates – Transaction Banking Survey 2023. Ranking against four major domestic banks.