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.

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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
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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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