A guide to Fees and Charges
Effective 1 August 2009
Contents
Product disclosure statement
To the extent that this document contains information on fees and charges relating to the following NAB products:
- NAB Foreign Currency Account - Onshore
- National Online Corporate
This document forms part of the Product Disclosure Statement (PDS) for each of these products, along with:
- the document titled ‘Product Disclosure Statement including Terms and Conditions’ for the relevant product; and
- for NAB Foreign Currency Account, the document titled ‘Indicator Rates - For Foreign Currency Account’; and
- for National Online Corporate, the document titled ‘National Online Corporate - Pricing’
These documents together make up the PDS for the relevant product. If you have not already received copies of each of these documents for your product, please let NAB know.
Any advice in this document has been prepared without taking into account your objectives, financial situation or needs. Before acting on any advice in this document, NAB recommends that you consider whether it is appropriate for your circumstances.
NAB recommends you consider the Product Disclosure Statement or other disclosure documents, available from NAB, before making any decisions regarding any of the products listed on the previous page. These products are issued by NAB.
Introduction
NAB prides itself on providing efficient, quality service. As part of these high standards, we aim to provide transparency in our charging. In other words, we like our business customers to know exactly what services are available to them and how much they should expect to pay for them.
This brochure covers the range of international business services available from NAB and the fees which may apply.
Fees listed in this brochure are current as at 1 August 2009 and may change at any time. To ensure you have the most up to date fees or if you would like any further information on fees and charges for international trade services, talk to your Business Banking Manager, or call 13 10 12, Monday to Friday, 8am to 8pm EST.
Other charges you will pay
Some transactions incur government taxes and charges and/or fees and charges imposed by overseas banks. These taxes, fees and charges are not set out in this brochure, and may change at any time. Where they apply, they will be passed on to you.
Goods and Services Tax (GST)
The GST clause applies to fees and charges that are not expressed as ‘GST inclusive’ in this brochure. However, in the event of a change to the GST rate, NAB reserves the right to apply the GST clause to all fees in this brochure.
GST Clause
If NAB is liable to pay goods and services or any similar tax (GST) on a supply made in connection with a service referred to in this brochure, then the Customer agrees to pay NAB (on demand) an additional amount equal to the consideration payable for the supply, multiplied by the prevailing GST rate.
Definition of GST
‘GST’ a goods and services tax or any similar tax imposed in Australia.
Definition of Banking Day
‘Banking Day’ a day other than a Saturday or Sunday, or a day gazetted as a public holiday in every state and territory of Australia.
Other definitions
D/A = Documents against Acceptance
D/P = Documents against Payment
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Imports
| Documentary Collections -Inward D/P (Sight) or D/A (Term) |
| Documents received for collection |
0.25% of collection amount (minimum $80) (maximum $750) plus handling and communication charges of $25 |
Other Services
(inclusive of handling and communication charges): |
| Airway Bill Release – Goods consigned to NAB |
$95 per service |
| Refusal to accept/pay against documents as presented |
| Extension of term bills on instructions of remitting party |
| Where documents are received with instructions to be released free of payment and item is finalised in NAB’s records |
| Previously accepted bills received for collection and payment |
| Endorsement or Avalisation Fee Release of documents against Trust Receipt and NAB accepts responsibility for eventual payment |
1.5% p.a. of Bill of Exchange amount or Trust Receipt amount (minimum $80) from the date of Endorsement/ Avalisation/ Trust Receipt to date of payment |
| Letters of Credit Outward (Establishment) - Import/local/stand-by |
| Issued/Established |
$100 plus handling and communication charges of $15 |
| Issued/Established using National Online Corporate |
$50 plus handling and communication charges of $15 |
Other Services
(inclusive of handling and communication charges): |
| Stand-by Letter of Credit |
Fee available on application |
| Amendment |
$90 |
| Amendment using National Online Corporate |
$45 |
| Where any undrawn balance remaining at expiry is greater than the equivalent of AUD 5000 |
0.25% of amount remaining (minimum $80) |
| Cancellation of or any Decrease in credit amount |
0.25% of the cancellation/ decrease amount (minimum $80) plus amendment fee |
| Letter of Credit Outward (Drawing) - Import/local/stand-by |
| Drawings - Documents received |
0.375% of drawing amount (minimum $80) plus handling and communication charges of $25 |
| Drawing - Documents received using National Online Corporate |
0.325% of drawing amount (minimum $80) plus handling and communication charges of $25 |
Other Services
(inclusive of handling and communication charges): |
| Refusal to accept/pay against documents as presented |
$95 |
| Note: Fees and Charges normally charged to your Supplier |
| Acceptance of term drafts |
1.5% p.a. (minimum $80) |
Handling of Discrepancies
Reimbursement bank commission |
USD65 or equivalent in other currency |
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Exports
| Documentary Collections - Outward D/P (Sight) or D/A (Term) |
| Despatched for collection |
0.25% of collection amount (minimum $80) (maximum $600) plus handling and communication charges of $25 (GST inclusive) |
| Purchased for collection |
0.25% of collection amount (minimum $80) (maximum $600) plus $50 Trade Finance Fee plus handling and communication charges of $25 |
| Direct Collections (using National Online Corporate) |
$60 (GST inclusive) |
| Direct Collections Purchased (using National Online Corporate) |
$60 plus $50 Trade Finance Fee |
Other Services
(inclusive of handling and communication charges): |
| Collections presented with instructions to release against simple receipt or free of payment |
$60 for each set of documents (GST inclusive) |
| Refusal to accept/pay against documents as presented |
$95 |
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| Letters of Credit Inward - Export/local/stand-by |
| Advising new credits or amendments |
|
| • Presented via NAB |
Free |
| • Not presented via NAB |
$100 (new credits)
$50 (amendments) |
| Drawings – Documents despatched |
0.25% of drawing amount (minimum $80) (maximum $600) plus handling and communication charges of $25 |
Other Services
(inclusive of handling and communication charges): |
Without Recourse
Confirmation |
Fees are available on application |
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Transferable Credits |
Fees are available on application (a minimum assessment fee of $100 applies, but this will be waived if transaction proceeds) |
| Assignment of proceeds (per assignment) |
$150 (clean)
$250 (documentary) |
| Document/Discrepancy Correction |
$40 per set of documents |
Acceptance of term drafts drawn on NAB
(not applicable if drawing is done Without Recourse or Confirmation) |
1.5% p.a. of draft amount (minimum $80) from date of acceptance to date of payment |
| Refusal to accept/pay against documents as presented |
$95 |
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International Payments
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| Inward Payments (remittances received) |
| International drafts/cheques received |
| Sent for collection in Australian or overseas currency |
|
| • for customers |
$40 (GST inclusive) |
| • for non-customers |
$60 (GST inclusive) |
| Purchased in Australian Dollars, payable outside Australia |
|
| • for customers |
$40 |
| • for non-customers |
$60 |
| International drafts/cheques (inward) |
| Purchased in overseas currency and payable overseas. Includes payment to Foreign Currency Accounts. Includes drafts, cheques and dividend warrants etc. and negotiations under travellers letters of credit. For each purchase up to and including the equivalent of $10 |
|
| • for customers |
Free |
| • for non-customers |
$20 |
| For each purchase over the equivalent of $10 |
|
| • for customers |
$10 |
| • for non-customers |
$20 |
Dishonour
Where overseas bank charges more than one fee, there can be no rebate of those fees. Where multiple dishonours are received and all items are processed at the same time, only one charge is to be levied. |
$30 plus collection/purchase charge |
Clean Drafts
Drawn on the NAB in overseas currency |
| • for customers |
$10 |
| • for non-customers |
$20 |
| Drawn on the NAB in Australian dollars |
| • for customers |
Free |
| • for non-customers |
$10 |
Telegraphic Transfers Inward (received)
To be collected from beneficiary unless otherwise instructed by remitting bank |
| Telegraphic Transfers Inward - deposited to NAB account |
$6 - $121 |
| Telegraphic Transfers Inward - deposited to non-NAB account |
$15 - $251 |
Exception: Where overseas currency item is remitted to another bank unconverted
Note: Currency equivalent to be deducted from remittance unless payment is otherwise arranged by beneficiary |
$35 per transfer |
Documentary Payment Orders and Telegraphic Transfers
Payable against documents other than simple receipt |
0.2% of remittance amount (minimum $30) (maximum $600) |
| International Cheques (outward) |
| International Cheques drawn on banks with currency / AUD arrangement with NAB |
$15 |
| International Cheques drawn on banks without currency / AUD arrangement with NAB |
$25 |
International Cheques - Re-issue / Refund
This charge covers the cost of placing a ‘stop’ where the original cheque has been lost / stolen |
$30 |
| International Cheques - Repurchase |
$20 |
| Telegraphic Transfers Outward (sent overseas) |
| Telegraphic Transfers Outward - using National Online Corporate |
$20 |
| Telegraphic Transfers Outward - using Internet Banking |
$22 |
| Telegraphic Transfers Outward - over the counter |
$30 |
| Telegraphic Transfers Outward - by fax subject to Facsimile Letter of Authority |
$35 |
| Telegraphic Transfers Outward - Cancellation, at customer’s request |
$20 |
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General Charges and Other Trade Services
| Trade Finance – International or Domestic |
Finance of trade transactions
* Fee is to apply to any initial request and again on any subsequent requests for a rollover of finance covering:
• documentary collections inward
• telegraphic transfers
• international cheques
• invoices only
Note: Fee is not charged for refinance under Letters of Credit, except for rollovers. |
$50 for each request |
| Trade Finance - Prepayments |
$50 plus any economic costs2 |
| Trade Assist |
| Processing Fee |
$80 for each drawdown or extension request |
| Prepayment |
Economic costs2 |
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| Foreign Currency Accounts |
| Account Service Fee3,4 |
$40 (or currency equivalent4) per month |
| Intra account transfers |
$30
$20 (using National Online Corporate) |
| Deposit/withdrawal of overseas currency notes |
2.2% of deposit/withdrawal amount (minimum $30) (GST inclusive) |
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| Forward Exchange Contracts |
| Establishment or Extension |
Free |
| Cancellation |
Free (plus any loss or gain determined by NAB) |
| Interbank Deliveries/ Currency Settlements |
$35 plus handling and communication charges of $10 |
| General enquiries or investigations, at a customer request, that require SWIFT messaging |
$25 |
Preparation of this document was completed on 15 June 2009.
Download a copy of the NAB’s “International Trade Services – A Guide to Fees & Charges” from www.nab.com.au (you will require Acrobat® Reader).
For more information call 13 10 12
8am–8pm EST, Monday to Friday or visit us at nab.com.au
Hearing impaired customers with telephone typewriters can contact us on 1300 363 647
©2009 National Australia Bank Limited ABN 12 004 044 937 AFSL 230686 60230A0409
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