National Australia Bank is cited as one of the ‘big four’ banks on the continent; along with WestPac, Commonwealth, and ANZ. As a result, NAB is commonly used by customers looking to send Australian Dollars to or from overseas. They might do this to send money to loved ones, to keep as savings, to pay for a mortgage, or to take care of business – the possibilities are endless.
However, before sending money to or from Australia, it’s beneficial to shop around for the best deal possible on an overseas transfer. This article on money transfers with NAB may help with exactly that.
A recent report from the Australian Competition and Consumer Commission found that transferring money and exchanging currencies through any of the big four banks was “consistently more expensive” in comparison to other suppliers. The report also states that these prestigious banks were “never the cheapest option”.
So how does NAB stack up compared to other money transfer companies for converting €1,000 to AUD?
Their online calculator estimates that €1,000 will buy $1,546.31 AUD (figures correct as of 16:35, 7 November 2019).
However, they also state that fees aren’t included, and the figures displayed are referred to as “indicative rates”.
They have a fee of $10 AUD for international money transfers made via NAB Internet Banking, when foreign currency is being sent. For transfers where AUD is being sent, this fee jumps substantially to $30 AUD – possibly to compensate for the lack of mark-up on foreign exchange.
Our fair exchange rate of 1 EUR to 1.5983 AUD is inclusive of our $4 AUD fee, meaning when you send €1,000, the recipient will get $1,594.30 (17:01, 7 November 2019). Our small fixed fee and fair exchange rate means you save $58 AUD in comparison to National Australia Bank.
By sending money to or from Australia with CurrencyFair, the savings you make by eliminating those hefty international banking fees and exorbitant exchange rates stay right in your pocket.