NAB international transfers: fees, exchange rate margin, and how it works

NAB's transfer fee: it depends on the currency, not just online vs branch

NAB's own international transfer page states the fee directly: "There is no fee for international money transfers sent by NAB Internet Banking when made in foreign currency. If you are transferring Australian dollars the fee is $30." That's a real distinction most comparison articles miss — the fee isn't simply "online is cheaper than branch," it's "sending in the destination's own currency is cheaper than sending AUD and letting the recipient's bank convert it."

In branch, NAB charges $30 regardless of which currency you send — so the fee-free option only exists through NAB Internet Banking or the NAB app, and only when you choose to send in foreign currency rather than AUD.

Incoming international transfers may attract a separate receiving fee depending on your account type — check your specific account's fee schedule or ask NAB directly, since this isn't broken out on the same page as the outgoing fee.

The exchange rate margin — where the real cost sits

The $0 or $30 transfer fee is not the full cost of an international transfer. Like every major Australian bank, NAB builds a margin into the exchange rate it quotes you, above the mid-market rate you'd see on a rate-lookup site like xe.com or Google's own converter. NAB does not publish this margin as a fixed percentage anywhere on its public fee pages — you only see the actual rate offered at the moment you set up the transfer, in Internet Banking or the app, before you confirm it.

Australia's major banks are commonly cited as running an exchange-rate margin in the vicinity of 2–5% above mid-market on international transfers, though the exact figure varies by currency pair, amount, and day — and because NAB doesn't disclose a fixed number, the only way to know your actual margin is to compare NAB's quoted rate against the mid-market rate for the same currency pair at the same moment. On a $5,000 transfer, even a 2% margin costs $100 that never shows up as a line-item fee; a wider margin costs proportionally more.

This is the number that decides whether NAB is actually cheap or expensive for your transfer — not the $0 vs $30 fee, which is a rounding error by comparison on any transfer over a few hundred dollars.

Pre-arrival account opening

NAB offers a pre-arrival account-opening programme, similar to CBA's. New migrants can open a NAB transaction account before arriving in Australia by providing passport and visa details online, which lets you transfer funds in ahead of landing and gives you a working debit card from day one.

This is why NAB (alongside CBA) is one of the two banks most commonly used by new migrants — not because its international transfer pricing is more competitive, but because the pre-arrival account solves the chicken-and-egg problem of needing an Australian account before you've arrived to open one in person.

How to send

Through NAB Internet Banking or the app, you enter the recipient's bank details, SWIFT/BIC code, amount, and currency. NAB shows you the exchange rate and the fee before you confirm — this is the point to actually check the rate against a mid-market lookup, not after the transfer has gone through.

Transfers are processed via SWIFT and typically take one to five business days, depending on the destination and any intermediary correspondent banks in the payment chain. NAB also offers international transfers through NAB Connect for business customers, with a separate fee structure ($0 for currency-conversion payments, $20 for same-currency AUD payments per NAB's business pricing).

Working out whether NAB's rate is actually competitive

Because the fee alone ($0 or $30) doesn't tell you the real cost, the only way to know if NAB is giving you a fair deal is to compare the rate it quotes against the mid-market rate at the same moment. Before you confirm a transfer in NAB Internet Banking or the app, open a mid-market rate lookup (xe.com or Google's own converter) for the same currency pair, and work out the percentage gap between NAB's quoted rate and that mid-market figure.

For example, on a $10,000 transfer, a 3% margin costs you $300 that never appears as a line-item fee — you simply receive $300 less in the destination currency than the mid-market rate would suggest. A 1% margin on the same transfer costs $100. Since NAB doesn't publish a fixed margin, this gap can move day to day and currency to currency, so it's worth checking each time you send a meaningful amount rather than assuming your last transfer's rate still applies.

If the gap looks wide, get a live quote from a specialist provider like Wise or OFX for the same amount and currency before you commit — for a large one-off transfer (a property deposit, migration savings), the difference is real money, not a rounding error.

Comparison with specialist transfer providers

For most corridors, a specialist provider's total cost — a transparent fee plus a published, usually tighter, exchange-rate margin — comes out cheaper than NAB's combination of a flat $0–30 fee and an undisclosed margin. On a $5,000 transfer, the gap between a Big Four bank and a specialist provider like Wise or OFX is commonly in the order of $80–200, and it widens as the amount grows, because the margin is charged as a percentage of the whole transfer.

NAB's genuine advantage for migrants is the pre-arrival account and having everything in one banking relationship, not the cost of sending money internationally. If you're transferring a large amount — a property deposit, migration savings — it's worth getting a live quote from NAB and comparing it against Wise, OFX or another specialist provider for the same amount before you commit, since the difference on a large transfer is real money, not a rounding error. See our /blog/wise-vs-australian-banks-international-transfer and /blog/international-money-transfer-fees-explained for the full comparison.

Receiving an international transfer into a NAB account

To receive money from overseas into a NAB account, give the sender your account name, BSB, account number and NAB's SWIFT/BIC code (NATAAU3303M). NAB doesn't publish a single incoming-transfer fee figure on the same page as its outgoing fees — whether your account is charged for receiving a foreign telegraphic transfer depends on your specific account type, so check your account's current fee schedule or ask NAB directly before assuming it's free.

If the transfer arrives in a foreign currency rather than AUD, NAB converts it at its own retail exchange rate, which carries the same undisclosed margin described above. If you're expecting a large one-off transfer — migration savings, a property sale — asking the sender to convert to AUD before sending, or routing the transfer through a specialist service that gives you local AUD account details to receive into, generally avoids NAB's conversion margin on the way in. See our /blog/receiving-money-from-overseas-australia guide for the fuller picture on receiving into any Australian bank, including what to expect if the amount is large.

How much does NAB charge for an international transfer?

NAB's own site states $0 for a NAB Internet Banking or app transfer sent in a foreign currency, or $30 if you send the equivalent amount in Australian dollars. In branch, it's $30 either way. On top of that fee, NAB applies an exchange-rate margin that it doesn't publish as a fixed percentage.

Does NAB charge less if I send foreign currency instead of AUD?

Yes — this is the actual saving, not online versus branch. NAB Internet Banking and app transfers are free when sent in a foreign currency, but $30 if sent in Australian dollars. In branch, both cost $30.

What is NAB's exchange rate margin?

NAB doesn't publish it as a fixed percentage. Australia's major banks are commonly cited in the 2–5% range above the mid-market rate, but the only reliable way to know your actual margin is to compare NAB's quoted rate against the mid-market rate for the same currency pair at the time you transfer.

Does NAB offer pre-arrival account opening for new migrants?

Yes. NAB's pre-arrival programme lets new migrants open a transaction account before arriving in Australia using passport and visa details, giving you a working debit card and the ability to transfer funds in ahead of landing. Check NAB's website for eligible visa types.

What is NAB's SWIFT/BIC code?

NAB's SWIFT/BIC code is NATAAU3303M.

How long does a NAB international transfer take?

One to five business days for most corridors, depending on the destination and how many intermediary banks the SWIFT payment passes through.

Is NAB cheaper than CBA, ANZ or Westpac for international transfers?

Broadly comparable. All four charge a flat fee (or waive it for foreign-currency online transfers, in NAB's case) plus an undisclosed exchange-rate margin. Compare the actual quoted rate and total delivered amount for your specific transfer against each bank and a specialist provider — the flat fee difference between the Big Four is minor next to the margin.

Can I use NAB to receive an international transfer?

Yes. Give the sender your BSB, account number, NAB's SWIFT/BIC code, and your name. Some account types may attract an incoming wire fee — check your account's fee schedule or ask NAB directly.