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

Bank Fees
NAB Fee-free
Westpac For online banking transfer in a foreign currency, Westpac customers are charged $10 per transaction. 
Commonwealth Bank For online banking transfers via the CommBank app or NetBank in a foreign currency, CommBank customers are charged $6.00 per transaction. 
ANZ For an online banking transfer in a foreign currency, ANZ customers are charged 3% of the value of the total international transaction.


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

Update resultsUpdate
BankSavings AccountBase Interest Rate Max Interest Rate Total Interest Earned Introductory Term Minimum Amount Maximum Amount Minimum Monthly Deposit Minimum Opening Deposit ATM Access Joint Application TagsFeaturesLinkCompare
4.40% p.a.
5.75% p.a.
Intro rate for 4 months
then 4.40% p.a.
4 months
  • Bonus rate for the first 4 months from account opening
  • No account keeping fees
  • No minimum balance
1.20% p.a.
Bonus rate of 4.20%
Conditions apply.
5.40% p.a.
  • Earn up to 5.40% pa by depositing $1,000 in the previous month
  • No account fees
  • Easy access to your money
4.75% p.a.
5.35% p.a.
Intro rate for 4 months
then 4.75% p.a.
4 months
  • 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
0.10% p.a.
Bonus rate of 5.00%
Conditions apply.
5.10% p.a.
Featured No monthly fees
  • Download the App to open your account
  • Get better visibility of your spending within App!
  • Deposit $200 per month to activate bonus interest
Important Information and Comparison Rate Warning

All products with a link to a product provider’s website have a commercial marketing relationship between us and these providers. These products may appear prominently and first within the search tables regardless of their attributes and may include products marked as promoted, featured or sponsored. The link to a product provider’s website will allow you to get more information or apply for the product. By de-selecting “Show online partners only” additional non-commercialised products may be displayed and re-sorted at the top of the table. For more information on how we’ve selected these “Sponsored”, “Featured” and “Promoted” products, the products we compare, how we make money, and other important information about our service, please click here. Rates correct as of . View disclaimer.

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