The 'Buy' rate is the rate of exchange used by NAB to buy foreign currency. The buy rate varies depending on the type of currency purchased - e.g. travellers cheques, foreign currency notes or Telegraphic Transfers etc.
Example - A customer has received a gift of 100 pounds in the form of a bank cheque from a relative in the UK and wants to deposit it into a savings account. For the funds to be deposited, the bank will purchase the cheque (draft) using the "Bank to Buy draft" rate.
Example: - A customer has purchased some clothing from a company in the United States and must make payment in US Dollars. The customer decides to make payment using a US Dollar cheque. The bank will sell this customer US Dollars using the rate that applies for Travellers Cheques or Telegraphic Transfers.
Foreign currency or Australian dollars may be issued or sold in the form of an International cheque. These cheques must be presented to a bank for deposit or cashing.
These indicative exchange rates are for information purposes only and are not to be used for financial transactions. All rates and margins are subject to change without notice. Exchange rates and further information regarding exchange rates are available on request.
