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. |
First published on November 2022
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