International Transfers Inward

International Telegraphic Transfers – Inward (received by NAB)

In general, the quickest and most convenient way for someone to send funds to you from overseas is by way of an International Telegraphic Transfer.

If you're receiving a large amount of money, we recommend you request an International Telegraphic Transfer for security and speed.

You will need to provide the sender with your account details (BSB and account number) and NAB's SWIFT code (NATAAU3303M).

• What information do I need to give to a person that wants to send me money from overseas?
• What is a SWIFT message?
• The person wanting to send me money from overseas is asking for my IBAN number. What is this?
• If NAB receives a payment from overseas for my account, when will you process it?
• What exchange rate will I receive and when will the conversion to AUD take place?
• If I am sent a payment in foreign currency, can I keep this payment in foreign currency or will it be converted to Australian dollars and credited to my account?
• Will I be charged any fees or charges for receiving an international transfer?
• What currencies does NAB accept payments in? Who are NAB's correspondents for receiving payments in a foreign currency?
• What do I do if I have a problem or dispute relating to an inward international telegraphic transfer?

What information do I need to give to a person that wants to send me money from overseas?

You will need to tell the person sending the payment (called the 'remitter') the following information:

• NAB's SWIFT address code, which is NATAAU3303M.
• Your BSB and account number. Please check these carefully - in accordance with Australian industry standards, payments made to an account number may be paid to that account whether or not the name of the account matches.
• Your account name and address. Your address is usually required by banks to satisfy their Anti-Money Laundering & Counter Terrorism Financing regulatory requirements.

If you require any further information, contact NAB's International Payment Service Desk on 1300 657 065 or ask at any branch of NAB.

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What is a SWIFT message?

SWIFT messages are a brief structured form of communication used by financial institutions to transmit payment instructions between each other, Payments for customer accounts should be sent by the sending bank (also called the 'remitting bank') as a SWIFT Message Type (MT) 103 – Single Customer Credit Transfer.

Where a payment is not sent using this SWIFT Message Type, delays may occur. We accept no liability for any loss of any kind whatsoever (including any consequential loss and expense) that result from an incorrect SWIFT Message Type being used.

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The person wanting to send me money from overseas is asking for my IBAN number. What is this?

An IBAN is an International Bank Account Number. IBANs are standard adopted across all European Union banks. Some other countries such as Turkey may also use an IBAN.

An IBAN starts with a two letter country code and contains between fifteen and thirty four letters and numbers. In Australia, accounts do not have an IBAN – we use a BSB (bank, state, branch) identifier and an account number.

For payments coming to Australia, see question What information do I need to give to a person wanting to send me money from overseas?

If you require any further information, contact NAB's International Payment Service Desk on 1300 657 065 or ask at any branch of NAB.

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If NAB receives a payment from overseas for my account, when will you process it?

We process payments on business days. There are certain cut off times that apply. If the payment is received before the cut off time, we generally process the payment on the business day we receive it. However, if a value date is specified by the instructing/sending bank, we will process it on that date if it is later than the date we receive the payment.

Please note that regardless of the currency of a payment, delays can occur due to public holidays or other disruptions to the general banking system. This is especially true of New York in the United States of America.

There are other reasons we may not be able to process your payment on the expected date due, some examples are:

• the payment is for a significant amount and we do not have specific instructions of what action we should take where the payment we have received is in a different currency to the account the payment is to be made into.
• the payment doesn't meet NAB's policies and/or regulatory guidelines associated with Anti-Money Laundering & Counter Terrorism Financing requirements.
• funds not being available from the sending bank to NAB

Where NAB is unable to process a payment on the expected date, we may not necessarily advise you of the delay.

NAB may refuse to accept an inward international telegraphic transfer. Although NAB may not notify you of this, we will advise the sending bank.

If you require any further information, contact NAB's International Payment Service Desk on 1300 657 065 or ask at any branch of NAB.

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What exchange rate will I receive and when will the conversion to AUD take place?

Payments that are received in a foreign currency with instructions to credit an account that is maintained in Australian dollars (AUD) will be converted to Australian dollars (AUD) using NAB's Bank to Buy T/T rate that is applicable at the time we process the transaction.

If we receive a payment of a significant amount in a different currency to that of the intended account, NAB may seek clarification from either the sender (also known as the 'remitter') or from you as the account holder (also known as the 'beneficiary') as to how and when the payment is to be converted. In these instances, NAB will not be responsible for any delay and accepts no liability for any loss of any kind whatsoever (including any consequential loss and expense) as a result.

If you are intending to receive an international funds transfer that is of a significant amount, you should ensure that NAB has your current contact details so we can contact you if we need to. This will help minimise any possible delay in processing your transaction.

To ensure that your contact details are up to date, contact your banker or NAB on 13 22 65.

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If I am sent a payment in foreign currency, can I keep this payment in foreign currency or will it be converted to Australian dollars and credited to my account?

It depends whether the account that the payment is sent to is in the same currency as the payment. If the account and the payment are in the same currency, there will be no need to make a conversion.

If the payment and the account are in different currencies, the payment may be automatically converted or, if the payment is for a significant amount and we do not have specific instructions of what action we should take there may be delays while we try to contact you.

More information on foreign currency accounts

More information on foreign currency term deposits.

More information is available from our web site or by calling NAB's International Payment Service Desk on 1300 657 065

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Will I be charged any fees or charges for receiving an international transfer?

Fees usually apply to international transfers inward (received), whether they are received in Australian dollars or in any other currency. This fee is usually deducted from the amount paid. Fees vary from transaction to transaction as they depend on the currency of the payment and level of commission NAB may have to pay to the overseas bank.

This means that where NAB has charged or has waived a fee for a particular transaction, the charge may be different and / or may not be waived in respect of future transactions.

For fees for international transfers inward (received), please see either:

• Guide to fees & charges – Personal banking fees
• Guide to fees & charges – International trade services

If you require any further information, contact NAB's International Payment Service Desk on 1300 657 065 or ask at any branch of NAB.

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What currencies does NAB accept payments in? Who are NAB's correspondents for receiving payments in a foreign currency?

NAB is able to accept account to account payments in most currencies.

Please see the table below for a list of NAB's correspondent banks for major trading currencies. This list may change from time to time without notice. If you would like further information or to confirm the most up to date information, please contact NAB's International Payment Service Desk on 1300 657 065.

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What do I do if I have a problem or dispute relating to an inward international telegraphic transfer?

For information about resolving problems or disputes regarding an inward international telegraphic transfer, contact NAB's dedicated International Payment Service Desk on 1300 657 065 or ask at any branch of NAB. If you subsequently feel that an issue has not been resolved to your satisfaction, you may be able to raise your concerns with the Banking Ombudsman if you are an individual or a small business customer covered by the Banking and Financial Services Ombudsman scheme.

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