What is a funds transfer?
A funds transfer is the electronic movement of money from one bank account to another. This can be between your own bank accounts, or between your own account and another person or business’ account. It may involve bank accounts at the same financial institution or bank accounts at different financial institutions, as well as transfers to overseas accounts. You can make a funds transfer using the NAB app or NAB Internet Banking. It's important to remember that processing times for transfers will differ depending on the type of funds transfer you make.
Transfer funds between your NAB accounts
If you need to move money between your NAB accounts, it’s easy to do so online. Follow our steps to transfer money between your NAB accounts.
Transfer funds to someone else or a non-NAB account
If you need to transfer funds to someone else or to an account you hold at another Australian financial institution, our Pay Anyone function makes it safe and easy to do online.
First you’ll need to make sure you’re set up for SMS Security with us.
Details needed to make a first-time transfer
If you’re creating a transfer to a new payee’s bank account for the first time, you’ll need to make sure you have the following details:
- BSB number (this identifies the bank and outlet of the person you wish to pay and must be exactly six digits in length)
- account number of the person you wish to pay (this must be numbers only)
- account name of the person you wish to pay.
What is the description field for?
When you make a funds transfer, the information you enter in the Description field (optional) will appear on both your statement and the payee’s statement so you can both identify what the transaction was for.
Make a transfer to someone using PayID
You might also want to make a payment to someone using their mobile number, email or ABN. Learn how to send and receive money using PayID.
Transfer funds to a credit card account
If you want to transfer funds to a non-linked credit card account (whether it’s someone else’s credit card, or a credit card you hold with another financial institution), you’ll need to use BPAY® as the payment method. You’ll need the following details:
- BPAY® Biller code of the institution from which the account is held
- Customer Reference Number for the account you wish to pay.
Still need some help?
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Get answers anytime from our virtual assistant by tapping on the message icon in the bottom right-hand corner of your screen.
For questions about your NAB account, log into NAB Internet Banking or the NAB app to start a conversation with us.
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