The change will benefit more than 30,000 NAB customers who use NAB Internet Banking and the NAB app each month to transfer money to an overseas account.
NAB customers can transfer funds to more than 230 countries in over 40 global currencies. (Credit: National Australia Bank Limited)
In a first for major Australian banks, NAB will no longer charge a fee for overseas transfers in a foreign currency when using NAB Internet Banking and the NAB app.
The change will benefit more than 30,000 NAB customers who use NAB Internet Banking and the NAB app each month to transfer money to an overseas account.
In addition, NAB has improved its foreign exchange rates, helping customers’ dollars go further in their chosen foreign currency.
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.
“Our customers transfer funds overseas for a variety of reasons, but the biggest single reason is to support family overseas,” Mr Conway said.
The removal of the previous $10 fee follows a move by NAB in 2017 to implement a flat fee for overseas transfers made in a foreign currency through NAB Internet Banking and the NAB app while NAB absorbed charges from the overseas banks receiving funds.*
“At the time this addressed a longstanding frustration and now we’re pleased to have done away with this $10 fee as well,” Mr Conway said.
Through NAB Internet Banking and the NAB app, NAB customers can transfer funds to more than 230 countries in over 40 global currencies.
Source: Company Press Release