NAB international money transfer alternatives

NAB's international money transfer service is a relatively standard bank offering. It gets the job done, but it lacks many of the features provided by money transfer specialists, and you could also end up paying a So before. Before you use a bank like NAB for your international money transfer, it's worth comparing the service and cost with one of the money transfer specialists listed below.

Written by Yvonne Taylor |

Verified by David Boyd

Updated 18 Nov 2024 |

Comparing of 5 NAB international money transfer alternatives

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On website

Wise Money Transfer

Minimum Transfer Amount

$1.00

Transfer Speed

1 - 2 days

Transfer Fee

$0.00

Highlights

Low transfer fee. Wise fees for sending a foreign currency start at a low 0.41%. NAB charges a flat fee of $30 if you walk into a branch to do your transfer, or if you send Australian dollars. This makes the NAB fee definitely more expensive for transfer amounts below $7,318.
Mid-market exchange rate. Wise converts your AUD to foreign currencies at the same rate that banks use when dealing with each other. NAB adds a profit margin to the mid-market rate.
No need for a bank account. Fund your Wise transfer with a debit card, credit card, Apple Pay or Google Pay. For NAB transfers, you need to open a NAB bank account, the only way to pay.
Multi-currency account and debit card. Hold, receive and spend money in more than 50 currencies with Wise. NAB would require you to open a separate bank account for each foreign currency you want to use.

Pros

Low and competitive fees.
Easy to understand fee structure.
Easy to use website and mobile apps.
High transfer limit.

Cons

Limited currencies and destination countries compared with some competitors.
Can only send funds to the recipient's bank account.

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On website

torfx

Minimum Transfer Amount

$200.00

Transfer Speed

1 day

Transfer Fee

$0.00

Highlights

No transfer fee. TorFX does not charge a transfer fee. NAB charges a flat fee for transfers made in Australian dollars or in any currency if you make the transfer at a bank branch.
Competitive exchange rates. Like NAB, TorFX does add a margin to the exchange rate but promises to keep rates as close as possible to the mid-market rate. In some cases, it will match lower rates quoted by competitors.
Dedicated account manager. TorFX will assign you a personal account manager to assist you with your transfer. NAB does not offer this service.

Pros

No transfer fee.
Competitive exchange rates.
Wide range of currencies and destination countries.
Phone and email support are available.

Cons

Minimum transfer amount is $200.
Only accepts bank transfers.
Transactions under $2,000 can be expensive.

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On website

Send

Minimum Transfer Amount

$250.00

Transfer Speed

1 day

Transfer Fee

$0.00

Highlights

No transfer fee. Send does not charge a transfer fee. NAB charges a flat fee for AUD transfers and for all transfers made in person at a branch.
Personal account manger. Your dedicated account manager will help with any questions or problems. NAB does not provide a personal account manager for international transfers.
Competitive FX margin. Although Send makes its only profit from the margin it adds to the exchange rate, it still promises a competitive rate compared to banks like NAB.

Pros

No transfer transaction fee and no account-keeping fees.
Competitive foreign exchange margin compared to banks.
Wide range of currencies and destination countries.
Suitable for businesses as well as individuals.

Cons

Bank account is the only delivery method.
Minimum transfer amount of $250.
Limited funding methods.

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On website

OFX Money Transfer

Minimum Transfer Amount

$250.00

Transfer Speed

1 - 2 days

Transfer Fee

$15.00

Highlights

$0 transfer fee for amounts over AUD 10,000. NAB charges a flat fee for all AUD transfers, regardless of the amount, and for all transfers made in person at a branch.
Lock in exchange rates for up to 12 months. TorFX offers locked-in rates and also target rates to trigger your transfer when reached. NAB only offers exchange risk management to businesses, not personal banking customers.
Competitive exchange rates. OFX says that it offers 'bank-beating' exchange rates and uses an independent third party – FXC Intelligence – to monitor its own rates compared with the Big Four, including NAB, and calculate the savings made by OFX customers.

Pros

Easy and quick account opening.
Wide range of supported currencies and countries.
No fees if transferring more than $10,000.
Enjoy additional features for business transfers.

Cons

Limited payment options.
$15 fee if transferring less than $10,000.

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WorldFirst

Minimum Transfer Amount

$2,000.00

Transfer Speed

1 day

Transfer Fee

$0.00

Highlights

Business money transfer specialists. Although NAB does offer money transfer solutions for businesses, World First are business money transfer specialists. They focus on businesses (e.g. eBay sellers) importing and paying overseas suppliers.
$0 transfer fee. Take advantage of a $0 fee for each transfer. NAB charges a flat fee for AUD transfers and for all transfers made in person at a branch.
Bank-beating exchange rates. World First adds an exchange rate margin of 0.6% or less. NAB and other banks don't disclose their margins, but they're almost certainly higher than this.

Pros

Transparent and competitive fees.
Margins of 0.60% or less.
Wide range of products and services.
Dependable customer support.

Cons

The minimum transfer amount is $2,000.
No options for cash pickups or mobile transfers.

NAB vs money transfer specialists

NAB has fewer international transfer fees than some of the other Big Four banks but still charges a flat transfer fee in certain situations. Also, its foreign exchange margin is almost certainly much higher than most money transfer specialists, meaning that your recipient receives less. Before NAB customers commit to an international transfer via NAB, they would be well advised to compare the lower costs and extra features available elsewhere.

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