Transfer funds overseas with NAB Internet Banking (+ video)
Article updated 29 April 2013
Whether you’re sending money to a relative or doing business overseas, take the hassle out of international money transfers with NAB Internet Banking.
Sending money overseas is easy
You can send funds to over 100 countries around the world using NAB Internet Banking. All you need is the full name and street address of the intended recipient, their full account details and the SWIFT code of the recipient bank.
The SWIFT code is also known as the Bank Identifier Code (BIC). If you’re sending money to the UK or Europe you may need that country’s International Bank Account Number (IBAN).
Where you know the recipient’s IBAN, you can confirm its validity and populate the correct SWIFT code by hitting the ‘Generate’ button on the transfer form.
If you don’t know the SWIFT code and aren’t using an IBAN, you can always find it on the SWIFT online directory.
Why use Internet Banking for international transfers?
Save and protect your money
Transferring funds through NAB Internet Banking is faster, easier and cheaper than doing it in a NAB branch. You can still send money straight from your everyday account.
The transferred funds are protected by the innovative security measures of NAB Defence and the SWIFT network. SWIFT is a secure network of international financial institutions, so you know your money will reach its destination smoothly and quickly.
Lock in your real time exchange rate
During business hours real time rates let you know the exact amount of foreign currency that you’ll send for your Australian dollars, giving you certainty down to the last cent, penny, or yen. By locking in your exchange rate you are protected from any currency fluctuations and will avoid surprise conversions from other banks.
Sending in the currency of the recipient can also make for a faster transfer, as you avoid delays from banks that don’t accept Australian Dollars (particularly in Africa and South America) or dealing queues for larger value transactions.
Keep in mind that although you can lock in currency rates for your transfer, other banks may charge fees on the transaction.
There are two options when completing the International Money Transfer form
Firstly you can select whether any other banks fees should come out of your account that you are sending from.
You can nominate that the fees should come out of the funds you are transferring across.
These other fees are usually not advised to nab and can result in your transfer amount being less than the amount you intended to reach the recipient.
Either way any nab fees will come from within the account you are sending.
If the transfer is made before Internet Banking cut off times it may be settled on the same day.
What you need
- Your NAB Internet Banking login details:
- NAB ID (which is on the back of your credit card or debit card)
- Your NAB Internet Banking password
- Pay Anyone and SMS Security activated.
- Full name and street address of the intended recipient, their full account details and the SWIFT code of their bank
What to do
In NAB Internet Banking, open the Funds Transfer menu and select New International Transfer. You should be able to guide yourself through the process or the short video above tells you what to do.
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