Foreign exchange services

  • No. Australian Markets Sales don’t provide this service.

  • The foreign exchange market is open from 5:00am Monday until 9:00am Saturday (AEST/AEDT).

  • Give us a call on 1800 019 215, Monday to Friday, 9:00am to 5:00pm (AEST/AEDT).

  • A foreign exchange strategy will benefit small to medium enterprises, importers or exporters with invoice payments or receipts quotes in foreign currencies.

    Those who should consider how foreign exchange movements impact their business include:

    • borrowers with loans denominated in foreign currencies
    • investors in overseas assets denominated in foreign currencies
    • clients repatriating overseas profits
    • clients paying or receiving other foreign currency amounts.

Currencies we will agree to exchange

Country Currency Currency Code

Bahrain

Dinar

BHD

​Bangladesh

​Taka

​BDT

​Canada

​Dollar

​CAD

​Central Pacific

​Franc

​XPF

​Czechoslovakia

​Koruna

​CZK

​Denmark

​Krone

​DKK

​Fiji

​Dollar

​FJD

​European Union

​Euro

​EUR

​Great Britain

​Pound

​GBP

​Hong Kong

​Dollar

​HKD

​Hungary

​Forint

​HJF

​India

​Rupee

​INR

​Indonesia

​Rupiah

​IDR

​Israel

​Shekel

​ILS

​Japan

​Yen

​JPY

​Jordan

​Dinar

​JOD

​Kenya

​Shilling

​KES

​Korea

​Won

​KRW

​Kuwait

​Dinar

​KWD

​Mexico

​Peso

​MXN

​New Zealand

​Dollar

​NZK

​Norway

​Krone

​NOK

​Oman

​Rial

​OMR

​Pakistan

​Rupee

​PKR

​Papua New Guinea

​Kina

​PGK

​Philippines

​Peso

​PHP

​Poland

​Zloty

​PLN

​Saudi Arabia

​Riyal

​SAR

​Singapore

​Dollar

​SGD

​Solomon Islands

​Dollar

​SBD

​South Africa

​Rand

​ZAR

​Sri Lanka

​Rupee

​LKR

​Sweden

​Krona

​SEK

​Switzerland

​Franc

​CHF

​Taiwan

​Rupee

​SEK

​Thailand

​Baht

​THB

​United Arab Emirates

​Dirham

​AED

​United States

​Dollar

​USD

​Vanuatu

​Vatu

​VUV

​Western Samoa

​Tala

​WST

Foreign exchange transaction types

  • A foreign exchange transaction is a contract to exchange one currency for another currency at an agreed exchange rate on an agreed date.

  • Spot and Forward Foreign Exchange transactions are classified by the period between the transaction date and the settlement date:

    Value Today

    Settlement date is the same day as the transaction date.

    Value Today transaction is an agreement to exchange:

    • a specified amount of one currency for another
    • at an exchange rate to be determined on the day
    • with it to occur on the day (i.e. settled on the same day as the transaction date), on the basis that it is a business day in the country of the currency.

    It allows you to fix the value of a foreign currency cash flow on the day at the then-current exchange rate.

    Value Tomorrow

    Settlement date is 1 business day after the transaction date.

    Value Tomorrow transaction is an agreement to exchange:

    • a specified amount of one currency for another currency
    • at an exchange rate that’s determined on the day
    • with the exchange to occur the next day (i.e. settled one business day after the transaction date), on the basis that the next day is a business day in the country of the currency.

    It allows you to fix the value of a foreign currency cash flow on the day at the then-current exchange rate.

    Spot

    Settlement date is 2 business days after the transaction date.

    spot transaction or spot is an agreement to exchange:

    • a specified amount of one currency for another
    • at an exchange rate that’s determined on the day
    • with it to occur in two business days' time, on the basis that it is a business day in the country of the currency.

    It allows you to fix the value of a foreign currency cash flow on the day at the then-current exchange rate (i.e. the spot rate).

    Forward Exchange Contract (FEC)

    Settlement date is more than 2 business days after the transaction date.

    A Forward Exchange Contract or FEC is an agreement to exchange:

    • a specified amount of one currency for another currency
    • at an exchange rate that’s determined now
    • with the exchange to occur at least three business days in the future, on the basis that it is a working day in the country of the currency.

    It allows you to fix the value of future currency cash flows at the current day’s forward rate.

    Forwards protect you against the risk of a future spot rate becoming less favourable to you than the forward rate that you’ve agreed on. A forward will protect you from unfavourable movements in the exchange rate to the extent that the spot rate at expiry is worse for you than the agreed exchange rate (i.e.: a forward rate).

    However, under a forward you won’t benefit from favourable movements in the exchange rate because it’s fixed on the transaction date.

    Limited Participation Foreign Exchange transactions

    Participating Forward

    Full Participation Foreign Exchange transactions

    • Vanilla Call Option.
    • Vanilla Put Option.
    • Currency Protection and Participation Contract (CPP).
  • The forward rate differs from the spot rate by the inclusion of the Forward Margin, which is calculated from the difference between the interest rates that can be earned in the respective countries of the currencies being exchanged.

    The Forward Margin compensates the buyer of the currency with the higher interest rates for extra interest that could have been earned if exchange had occurred earlier, and the proceeds had been invested at the higher rate of interest.

    The greater the difference in the interest rates between the two currencies, the larger the Forward Margin is likely to be (all other things being equal). Conversely, the smaller the differential, the smaller the Forward Margin is likely to be (all other things being equal).

  • We can make Spots and Forwards available to you if these are appropriate for your circumstances. Please contact us on 1800 019 215Monday to Friday, 9:00am to 5:00pm (AEST/AEDT) for more information.

Completing a foreign exchange transaction

  • The information that you will need to provide will include the:

    • foreign exchange product you’re buying
    • currencies to be exchanged
    • transaction amount
    • expiration date or settlement date.
  • Transaction date means the date on which you enter into an agreement for a product with us.

  • The term of a transaction is the period between the transaction date and the expiry date. Different terms of transactions are available for different sets of currency.

    Contact your banker or market specialist for more information.

  • Settlement date means the date in the future on which the currencies will be exchanged and delivered. The Settlement Date will usually be two Business Days after the Expiration Date unless we agree otherwise with you.

  • On the transaction date, we’ll also agree on a settlement date. The settlement date will be stated in your confirmation letter.

    Settlement dates usually range from two to 360 business days after the transaction date, and sometimes longer.

  • Foreign exchange transactions will usually be physically settled, that is, by delivery of the relevant currency by each party to their nominated bank account.

  • You’ll need to enter into our standard documentation for foreign exchange transactions. This may include signing our standard master agreement if you’ve not already done so.

    If you’re a business customer, you’ll need to provide details as to which of your staff are authorised to deal on your behalf.

  • If you don’t deliver a currency on the agreed settlement date, then you may be liable for an interest charge to compensate us for non-delivery. From time-to-time, interest on overdue amounts will be calculated at a rate and in a manner determined by us; it may be capitalised monthly at our discretion.

    You may request that a transaction be cancelled or varied. We may agree to your request at our discretion. If we do agree to cancel or vary the transaction, you may be liable to pay us for additional costs including any fees and charges. And if you’re varying the transaction, you may need to pay a less favourable exchange rate.

  • Foreign exchange transactions are often completed online. For certain transactions, we’ll contact you and advise you what foreign exchange rate will be used to exchange currencies on the expiration date.

    On the settlement date, you’ll need to deliver the relevant currency to us. You must deliver the currency in cleared funds. If you and we owe the other amounts in the same currency on the same day, then the party owing the higher amount must pay the other the difference between those amounts (unless we agree otherwise). In these circumstances, the other party wouldn’t make a payment.

    Please contact your banker or markets specialist if you can’t deliver us the relevant currency on the settlement date, and the transaction won’t be cash-settled because it does not involve AUD.

  • The terms of each transaction are usually agreed verbally over the telephone. Once we’ve reached an agreement, both you and we are bound by the agreed terms.

    Conversations with our dealing room and settlement departments are recorded. We do this to ensure we’ve a complete record of the details of all transactions. Recorded conversations are reviewed when there’s a dispute, and for staff monitoring purposes. This is standard market practice.

    Shortly after entering into a transaction, we’ll send you a confirmation outlining its commercial terms.

    It’s extremely important you check the confirmation carefully to ensure that it accurately records the terms agreed between us. In the case of any discrepancy, you’ll need to raise the matter with your banker or markets specialist immediately. You’re bound by the confirmation unless you tell us there’s an error within one business day.

Pricing and exchange rates

  • The cost of entering into a Forward Exchange Contract is the exchange rate quoted to you. This exchange rate incorporates the inter-bank forward rate (including the forward margin) plus the NAB margin. The inter-bank forward rate fluctuates according to the interaction of market supply and demand factors.

    NAB covers its costs and the risk it faces and derives its profit by adding the NAB margin to the inter-bank forward rate. So, you’ll pay for the transaction by accepting the exchange rate that we quote.

  • The exchange rate we quote you incorporates an inter-bank market derived rate and margin to compensate us for our costs and profit.

  • The inter-bank market rate fluctuates due to supply and demand factors including:

    • investment inflows/outflows
    • economic and political circumstances
    • market sentiment or expectations
    • the volume and value of goods and services imported and exported.

    If the interaction of these factors increases demand for a currency, then the price of that currency should increase (all other things being equal).

    If the interaction of these factors decreases demand for a currency, then the price of that currency should fall (all other things being equal).

  • We cover our costs and the risk we face and derive our profit by adding our margin to the inter-bank rate (generally speaking, the rate on various websites).

  • The NAB margin covers our internal transaction costs, compensation for risk, and profit margin.

Currency cut-off times

Same day currencies payment processing

The below list features cut-off times of same-day value currencies for same-day payments processing, when submitted on a working day and in the country of the currency.

Note: Processing of some currencies need at least 24-hours prior notice of payment.

Currency Code NAB Connect cut off times (AEST/AEDT)
Samoa tala WST 10.00 am
Fiji dollar FJD 11.00 am
Indonesian rupiah IDR 11.00 am
Philippine peso PHP 11.00 am
Solomon Islands dollar SBD 11.00 am
Thailand baht THB 11.00 am
Vanuatu Vatu VUV 11.00 am
Japanese yen JPY 12.00 pm
Papua New Guinea kina PGK 12.00 pm
Singapore dollar SGD 12.00 pm
New Zealand dollar NZD 1.00 pm
Bahrain dinar BHD 3.00 pm
Bangladesh taka BDT 3.00 pm
Omani Rial OMR 3.00 pm
Pakistan rupee PKR 3.00 pm
Sri Lankan rupee LKR 3.00 pm
Czech koruna CZK 3.00 pm
UAE dirham AED 3.00 pm
Indian rupee INR 3.00 pm
Kuwaiti dinar KWD 3.00 pm
Israel shekel ILS 3.00 pm
Jordanian dinar JOD 3.00 pm
Saudi Arabian riya SAR 3.00 pm
Hungarian forint HUF 5.00 pm
Kenyan shilling KES 5.00 pm
Mexican peso MXN 5.00 pm
Polish zloty PLN 5.00 pm
Hong Kong dollar HKD 5.00 pm
Norwegian krone NOK 5.00 pm
South African rand ZAR 5.00 pm
Swedish krona SEK 5.00 pm
Danish krone DKK 5.00 pm
Euro EUR 5.00 pm
Swiss franc CHF 5.00 pm
British pound GBP 5.00 pm
Canadian dollar CAD 5.00 pm
United States dollar USD 5.00 pm

Value Tomorrow currencies payment processing

Cut-off time for Value Tomorrow currencies, for payments where processing can be completed tomorrow, on the basis tomorrow is a working day in the country of the currency.

Currency Code NAB Connect cut off times (AEST/AEDT)
Central Pacific Franc XPF 09.45 am
Indonesian Rupiah IDR 10.45 am
Philippine Peso PHP 11.45 am

Risk Management

  • To reduce the impact of unfavourable exchange rate movements on your business, you can put a Risk Management Strategy in place.

    Risk Management is about identifying and managing market risk. It involves understanding the risk profile of your business and implementing a strategy to manage the level of risk with which your business is comfortable. This will ultimately provide a level of certainty for your businesses' cash flow.

  • It is important, particularly in stressed market environments. For example, throughout 2009, the Australian Dollar experienced variations of close to 45%. These movements have implications for anyone with receipts and payments denominated in foreign currencies.

    Ignoring currency risks and doing nothing may result in currency losses, which may impact your business in many ways — from a direct impact on your profit and loss to an inability to take advantage of a particular opportunity (due to foreign exchange losses). The volatility has meant that the domestic currency equivalent of a foreign exchange payment may have changed, which has a direct cash flow impact.

    Although exchange rate movements up and down benefit importers and exporters conversely, it’s important to formulate a strategy where you can reduce your foreign exchange exposure—to meet your business and transactional requirements in a way that suits your risk profile.

    Learn more about Risk Management

  • It is important, which is why we look at structures every six months and review the whole strategy on an annual basis.

    If we see significant changes in the market or in economic conditions, we have the ability to review your structures and identify those at risk or under stress, and accordingly may need a change in strategy.

  • Everyone has a view and some idea of the long-range average of the Australian Dollar, but foreign exchange risk management shouldn’t be a speculative venture.

    You’ll need a considered approach to your currency exposure that helps you be protected from the direct impact of adverse currency movements, but able to participate in favourable movements.

  • Currency markets are volatile. But for a business, it’s not about what the future holds that counts; it’s what they hold for the future.

    We advocate a portfolio approach to foreign exchange risk management that encompasses the whole business, aligning your business profile and risk profile with a suitable foreign exchange profile. We can structure foreign exchange options to provide flexibility in cash flows, which allows for a known protection rate and varying degrees of participation in favourable market movements.

    We begin with a whole-of-business survey that assesses the ebbs and flows in payments and how that translates back to business operations and impacts the profit and loss. We stress test the impact of the level of the currency on various payments, and how those varying currency levels may impact all parts of your business over the course of the year. Once we’ve completed an assessment and determined how currency rates affect the different moving parts, we’ll advise on a solution.

    A foreign exchange strategy may include various combinations of protected and unprotected portions of a portfolio and various combinations of products. Our foreign exchange solutions provide a range of products tailored to your specific business requirements. These products include Call and Put Options and Forward Foreign Exchange Contracts.

Interest rate risk

  • Should you wish to discuss interest rate risk management on your commercial lending facility, please call 1300 665 685.

  • Interest rate risk refers to an exposure to fluctuating interest rates as opposed to just increases or decreases in interest rates.

    One major cost for every business is interest expenditure. If an interest rate of 5% moves up just 0.5%, it will result in a 10% increase in interest cost – that’s a significant direct cost that impacts cash flow, profitability and business strategy, as cash reserved for other opportunities will be absorbed by the interest rate change.

    Interest rate movements can also indirectly impact a business, as changes to the broader economic cycle in response to interest rate shift can affect different sectors in different ways.

  • Most media attention focuses on the impact of home loans, but very few businesses appropriately stress test to see what an increase or decrease in interest rates may translate to, and how that affects them strategically.

    In a competitive industry with fine margins, where you’re competing on price or where demand is very elastic, changes to interest rates can be quite significant; not only in terms of the direct impacts listed above, but also in terms of your ability to meet basic lending criteria, like profitability levels or interest cover.

    We want to help you meet our obligations for lending money; to bring transparency to your business through stress testing, and to offer solutions through our whole-of-business engagement with you.

  • Businesses with varying, seasonal or regular repayments may benefit from having a known maximum interest expense and structured repayments to suit their cash flow projections.

    A fully articulated strategy can provide the ability to hedge interest exposure. You can benefit from flexible protection against direct impact of adverse interest rate movements, as well as participation when they are favourable.

  • We apply a portfolio approach to interest rate risk management.

    We begin with a whole-of-business survey that assesses different interest rate expenses associated with different business strategies. We consider your business plan, risk profile, underlying assets, the nature of your cash flow, and even your succession plans to determine the types of interest cost associated with different parts of the business.

    Some portions of the business may require a known maximum interest cost, while others may be more flexible. For example, you might require more certainty with the costs associated with funding long-term assets; where they have more of a short-term focus, you may need the flexibility to repay funds or change the structure of debt, given potential opportunities.

    Once we’ve completed an assessment and determined how interest rates affect the different moving parts, we’ll advise on a solution. It may include combination structures packaged into a single facility, which can include a choice of variable, fixed, capped, and flexible maturity fixed rates.

  • Reviewing your interest rate solution is critical. If we see significant changes in the market or in economic conditions, we’ve the ability to review your structures and identify those at risk or under stress that may need a change in strategy.

  • A lot of banks have similar products and structuring capability; the best differentiator is service.

    We distinguish ourselves on the basis of our hands-on advice model. We have local and regional based dealers with in-depth knowledge of the market and how interest rates will affect your business.

    In addition to service, we focus on providing great additional resources through our Global Markets team. These resources include national and global market data, charting and other economic intelligence. We can provide the necessary information to contextualise what’s happening in your business, and can provide you with an informed solution.

  • Global and domestic influences including:

    • inflation
    • global interest rates
    • cost of funds
    • large government debt issuance
    • commodity prices.
  • Low or falling inflation can put downward pressure on interest rates. Lower interest rates can benefit producers, in terms of cheaper debt that enables them to increase investment and output, and consumers, having increased access to credit, boosting their spending power.

    This situation tends to increase demand for goods and services in the economy generally. As demand in the economy increases, so do the prices of goods and services (i.e. inflation).

    Conversely, raising interest rates can exert downward pressure on prices, as access to debt and credit falls, reducing demand for goods and services, and therefore inflation.

  • The Reserve Bank sets the target cash rate (or the market interest rate on overnight funds).

    The Reserve Bank Board meets the first Tuesday of the month (excluding January). Monetary policy decisions by the Reserve Bank board are communicated publicly at 2:30pm after each board meeting.

Our Interest Rate Risk Management (IRRM) Solutions

There is a suite of tailored interest rate risk management products that:

  • provide you with protection against the direct impact of adverse interest rate movements
  • facilitate participation in favourable interest rate movements
  • tailor your facilities to match business requirements and risk profile
  • offer flexibility to make extra repayments or lump sum reductions.
  • IRRM solutions are for business clients who:

    • have new or existing borrowings of above $500,000 for one year or more
    • need varying draw-down amounts and timing
    • require varying, seasonal, or regular repayments
    • want a known maximum interest expense
    • require protection from rising interest rates.
  • The Business Markets Loan’s (BML) unique features give you the freedom to focus on what you’re good at – running your business – regardless of the interest rate environment.

    Flexible

    • A single loan account, with the level of interest rate protection and payment flexibility you want.
    • Multiple components within one loan, eliminating the need for multiple lending facilities.
    • Tailored cash flow to match your specific requirements, subject to credit approval (e.g., amortisation, principal reductions, stepped payments up or down, etc.).
    • Allows you to lock in liquidity (plus customer) margins on fixed rate components, once some form of risk management is undertaken.

    Easy to use

    • Ability to change your BML as your business changes (with 24 hours’ notice) (e.g., additional payments if you have extra cash flow). Economic cost may apply.
    • Reduced admin – no need to obtain re-approval or to re-document changes.
    • Same day drawdown for new loans already approved and documented.

    Comprehensive

    • Interest rate markets specialists will:
      • assist you to determine your risk exposure and develop the most appropriate loan structure for your business
      • regularly review your loan.
  • A single limit and expiry date are approved, then any combination of components can be set up under this limit; as long as the sum of the components doesn’t exceed the facility limit, and any one component doesn’t exceed the expiry date or the relevant term/limit (if any) of that specific component.

    • Fixed Rate(s)
    • Flexible Maturity Fixed Rate(s)
    • Cap Rate(s)
    • Floating Rate.
  • You can tailor its cash flow to match the business’ specific requirements. Available structures include:

    • Principal and Interest Loans – principal payments and interest payments are required. The principal amount may be a regular or variable amount each period.
    • Interest Only Loans – you elect to pay only interest.

    The availability of each loan structure is subject to credit approval.

  • $250,000.

  • For fee information, call your banker or check out Business Banking - A guide to fees and charges.

    Customer margins are incorporated in the applicable interest rate. Some products require you to pay a premium, which isn’t included in your interest rate and is payable separately.

  • The frequency of interest payments is negotiated at the time you enter into the loan.

  • Interest rates are based on the weighted average of the interest rates applicable to each of the loan components.

  • Fixed interest rates are calculated using our Cost of Funds Rate and your customer margin. It’s derived from the inter-bank interest rate swap curve, plus a margin to cover our liquidity and transaction costs.

  • The Floating Rate comprises NAB’s Business Lending Rate plus the applicable Customer Margin. The Business Lending Rate is a NAB determined reference linked to BBSY plus a minimum return margin – see terms and conditions for full details.

  • BBSY means the Australian Bank Bill Swap Bid Rate, being the average bid rate for Australian Dollar bills of exchange having various tenors which appear on the Reuters Screen BBSY Page at approximately 10:10am Sydney time on the relevant Payment Date.

Commodities

  • A commodity swap is an agreement between the client and us that fixes the price of an agreed quantity of the relevant commodity (fixed swap price) on a future date (maturity date).

    On the maturity date, the fixed swap price is compared to a commodity reference price (CRP) that is determined by reference to a specific reference futures exchange for the relevant contract month.

  • The Fixed Swap Price is the price of an agreed quantity of a specific commodity.

  • The Cash Settlement Amount is the amount calculated as the difference between the total price of the agreed quantity at the fixed swap price, and the total price of the agreed quantity at the CRP; this is at the close of trading on the reference futures exchange for the relevant contract month on the maturity date.

  • The Commodity Reference Price (CRP) is a floating price that is based on the prices quoted on a reference futures exchange for a specific commodity, and translated into the currency of the fixed price swap.

  • If you’re a consumer and your intention is to manage the risk of a price rise, you’ll require a cap.

    A cap allows you to set a maximum price (the strike price) that you’ll pay on the maturity date for an agreed notional quantity of a commodity, while also allowing you to participate in price falls below the strike price.

    A commodity cap is also referred to as a call.

  • If you’re a producer and your intention is to manage the risk of a price fall, you’ll require a floor.

    A floor allows you to set a minimum price (the strike price) on the maturity date for an agreed notional quantity of a commodity, while also allowing you to participate in price rises above the strike price.

    A commodity floor is also referred to as a put.

  • A collar provides you with a known maximum price and minimum price on the maturity date for an agreed notional quantity of a commodity, while also allowing you to participate in price movements between these two amounts. Because of this, it has two strike prices: the maximum strike price and the minimum strike price.

    The effect of a collar is to limit the benefit you obtain from favourable price movements in your physical commodity transactions.

  • See commodity floor.

  • See commodity cap.

  • It’s the fixed price on a commodity option at which the buyer has the right to purchase a commodity (or call) or sell a commodity (or put).

    The strike price is determined on the transaction date.

  • The maturity date is the date on which the commodity swap or option terminates.

  • The settlement date is the date on which it is agreed that the cash settlement amount will be paid.

  • An option is an agreement between you and us that gives you the right, but not the obligation, to buy or sell a notional quantity of a commodity at a fixed price (strike) price on the maturity date. In return, you must pay us a premium.

    Options allow you to achieve an agreed maximum or an agreed minimum price for a notional quantity of a commodity on the maturity date.

    Options are written as capsfloors or collars.

  • There’s no standalone cost for a commodity swap. The cost of entering into a swap is embedded into the fixed swap price quoted to you. This price incorporates the market fixed swap price derived price, plus or minus an adjustment to compensate us for our cost and profit.

  • In return for us selling you a floorcap or collar, you must pay us a non-refundable premium, based on the market price of options in the currency you’re transacting in.

  • We offer products that are specifically designed to help you manage you price exposure to a broad range of commodities across the Agricultural, Bulks, Energy and Metals.

  • Should you wish to discuss commodities, please email nab.commodities@nab.com.au or contact your NAB banker.

Get in touch

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Let us help you with your foreign exchange needs.

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Call 1300 960 355

Monday to Friday, 8:00am to 6:00pm (AEST/AEDT), Saturday 9:00am to 2:00pm (AEST/AEDT) for Australia and Overseas callers

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Terms and Conditions

Examples are for illustrative purposes only and do not reflect current prices or outcomes. The information provided on this web page is intended to be of a general nature only. Any advice on this webpage has been prepared without taking into account your objectives, financial situation or needs and you should consider whether it is appropriate for you. Before acting on the information, National Australia Bank Limited (ABN 12 004 044 937, AFSL and Australian Credit Licence 230686) (NAB) recommends that you seek independent advice to determine whether such information is appropriate for your objectives, financial situation and needs. NAB recommends that you obtain and consider the relevant Product Disclosure Statement or any other disclosure documents (as applicable), available from NAB, and seek independent advice before making any decisions regarding the products and services mentioned on this web page including whether to acquire or use, or to continue to hold or use a product or service mentioned. You should consider the Product Disclosure Statement available at Financial Markets or by calling 1800 307 827. The products on this webpage are issued by National Australia Bank Limited ABN 12 004 044 937 AFSL 230686.

Target Market Determinations for these products are available at nab.com.au/TMD.