Surge in Aussies sending money overseas, NZ top destination



A surge in international transfers was seen in December as Australians sent money to all corners of the globe through the festive season.

The new data reveals a 20% jump in international transfers made by NAB customers in December compared to the monthly average, as well as a 12% rise on the same month in 2021. It was also the first festive season in which NAB offered customers fee-free foreign currency transfers.

The top destination for funds was New Zealand, just ahead of the United Kingdom, with the United States rounding out the top three. However, the US dollar was the most popular currency, highlighting its position as the ‘world’s currency’.

NAB Executive Transaction Banking & Enterprise Payments, Shane Conway, said high, and rising, transaction volumes pointed to Australia’s deep connections to the rest of the world.

“Nearly one-third of Australia’s population is born overseas so it’s no surprise the main reason our customers send money overseas is to support family members,” Mr Conway said.

“Through December we regularly see a lift in the number of transactions as the giving spirit is alive and well. This trend was even more apparent in 2022 at a time when cost of living pressures are more pressing globally than they have been in many years.

“New Zealand and the United Kingdom were clearly the top destinations in December, which makes sense given both high migrant populations and the significance of Christmas in these two regions.”

Last year, in a first for a major Australian bank, NAB announced it would no longer charge a fee for overseas transfers in a foreign currency when using NAB Internet Banking and the NAB app.

NAB has also improved its foreign exchange rates, helping customers’ dollars go further in foreign currency.

“Almost half of the international transfers made by our customers are made to support family overseas, and we want to help them move their money in other currencies simply and without extra cost,” Mr Conway said.

“We responded to customer feedback by removing the fees and it’s great to see activity pick up.”

NAB customers can transfer funds to more than 230 countries in over 40 currencies through NAB Internet Banking and the NAB app.

* We use trusted partner banks to send international payments. For NAB Internet Banking and NAB app transfers, even though we request partners to 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 transfers through channels other than NAB Internet Banking and the NAB app, and transfers in AUD, may incur transfer fees and overseas bank charges.  

Customers, banking & finance


Media Enquiries

For all media enquiries, please contact the NAB Media Line on 03 7035 5015

Download media content

December 2022 growth

PNG 58 KB Download

Top destination

PNG 53 KB Download

Top currencies

PNG 54 KB Download

Related Articles

  • Media Release

NAB partners with Plenti for secured auto/EVs and renewables lending

NAB has agreed to enter a strategic partnership with fintech lender Plenti Group Limited.

  • 28.11.2023
  • Time to read 1 min read
  • Superannuation

Super Funds continue to increase allocation to international assets: NAB report

Australian Superannuation Funds are edging closer to 50% allocation to international assets as they seek diversification and attractive risk-adjusted returns, according to the NAB Super Insights Report 2023.

  • 27.11.2023
  • Time to read 2 min read
  • Personal finance

Stream less, spend less – younger Aussies hit pause on subscriptions

Gen Zs and younger Australians are saving more than $76 each month by cutting back on streaming services as well as other subscriptions, totalling more than $900 each year in savings.

  • 16.11.2023
  • Time to read 2 min read

Quick links

Business Research and Insights

For more business news and analysis, visit NAB’s Business Research and Insights .

NAB Security Podcast

For more insights about cyber security and fraud, and practical tips on how to stay safe, listen in to NAB’s Security Podcast series.

NAB tech blog

For more insights about technology and the digital developments enabling change for customers, visit the NAB tech blog on Medium.