NAB to offer fee-free international currency transfers

This change is said to benefit more than 30,000 NAB customers using the NAB platform to transfer international currencies to overseas accounts. 

NAB customers were previously charged $10 per transaction when making an international transfer in a foreign currency. 

For reference, not all fees are eliminated, with a $30 charge per transaction remaining when making a NAB international money transfer in Australian dollars. 

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.

“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," Mr Conway said. 

NAB notes international or overseas transfers through channels other than NAB internet banking and the NAB app, and transfers in Australian dollars, may incur transfer fees and overseas bank charges on request.

NAB's decision to cut international currency transfer fees comes as ABS data revealed the number of overseas arrivals continues to increase for both short and long-term arrivals. 

In September, the ABS revealed a total of 371,850 short-term visitors arrived in Australia - the largest number since March 2020. 

See more: How to send money overseas

Big-four international currency transfer fees

Advertisement

Need somewhere to store cash and earn interest? The table below features savings accounts with some of the highest interest rates on the market.

Time period

3 months

Deposit amount

Update resultsUpdate

Compare

Filters

Bank	Savings Account	Base Interest Rate	Max Interest Rate	Total Interest Earned	Introductory Term	Minimum Amount	Maximum Amount	Linked Account Required	Minimum Monthly Deposit	Minimum Opening Deposit	Account Keeping Fee	ATM Access	Joint Application	Tags	Features	Link	Compare
Rabobank Australia	Rabobank Australia High Interest Savings Account (< $250k)	4.40% p.a.	5.75% p.a. Intro rate for 4 months then 4.40% p.a.	$289	4 months	$0	$250,000		$0	$0	$0			Featured	Bonus rate for the first 4 months from account opening No account keeping fees No minimum balance	More details	Compare
ubank	ubank Save Account (<$100,000)	– Bonus rate of 5.50% Rate varies on savings amount.	5.50% p.a.	$276	–	$0	$100,000		$0	$0	$0			Featured *Rate varies on savings amount	Deposit $500 per month to get bonus interest 5.50% p.a. available on total savings up to $100k. 5.00% p.a. applies to savings between $100k-250K. Tiered bonus rates apply. (TMDs at ubank.com.au)	More details	Compare
Macquarie Bank	Macquarie Bank Savings Account (Amounts < $250k)	4.75% p.a.	5.35% p.a. Intro rate for 4 months then 4.75% p.a.	$269	4 months	$0	$249,999		$0	$0	$0			Featured	A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking No withdrawal notice periods or interest rate penalties Save up to 10% on eGift cards at over 50 retailers with Macquarie Marketplace	More details	Compare
ING	ING Savings Accelerator (Amounts < $50000)	2.85% p.a.	3.55% p.a. Intro rate for 4 months then 2.85% p.a.	$178	4 months	$0	$49,999		$0	$0	$0			Featured	For deposit amounts $0 - $49,999 New ING personal savings customers receive an introductory bonus 0.50% p.a. variable kick starter rate for the first 4 months on balances up to $500,000. Reverts to variable ongoing rate. T&Cs apply.	More details	Compare

Image by The World Hopper via Pexels

Ready, Set, Buy!

Learn everything you need to know about buying property – from choosing the right property and home loan, to the purchasing process, tips to save money and more!

With bonus Q&A sheet and Crossword!

Download Free

By subscribing you agree to our privacy policy