Important: If you do not understand anything in these terms and conditions or have any questions, ask us or an independent legal advisor before you accept them.
International transfer terms and conditions (effective 11 November 2016)
These terms and conditions:
- apply when a user of the NAB Internet Banking Service (the service) applies to make an international transfer (within the funds transfer function) using the service. Unless otherwise agreed with NAB, only users who are registered for SMS security can apply to make an international transfer using the service.
- are in addition to the terms and conditions applicable to the use of the service (service terms and conditions), including the use of the service to make funds transfers.
These terms and conditions are accepted when the applicant ticks that they have read and agree to these terms and conditions and clicks on the 'Next' button in the international transfer application process.
1. Meaning of words
The meaning of words described in the terms and conditions applicable to the NAB Internet Banking service apply to these terms and conditions. In addition these words have the following meaning:
Applicant means either an account holder or authorized user of the service who provides an international transfer instruction to NAB using the international transfer application process available within the service.
Currency cut-off time means, in relation to a particular currency and country, the cut off time for that currency and country as set out for International transfers in the FAQs at nab.com.au.
Currency limit means the limit described in the FAQs at nab.com.au.
Foreign beneficiary account means an account that is held by the beneficiary of the transfer overseas in either AUD or a foreign currency. It does not include an account that is held by the beneficiary in Australia in a foreign currency.
International transfer means a funds transfer from a source account to a foreign beneficiary account in accordance with an international transfer instruction.
International transfer instruction means the instruction to NAB from an applicant to make an international payment transfer using the international transfer application process available using the service.
Source account means the account nominated by the applicant to be debited with the amount of the international transfer instruction.
Non-processing period means the period described as such for the applicable foreign currency in the FAQs at nab.com.au.
Regulatory authority means local or foreign governments and their instrumentalities.
Value date is the effective date for a transaction. It is the day on which a transaction is deemed to be debited or credited to the account (for example, for the purposes of calculating interest) and may not be the date the transaction was processed.
2. Foreign currency rate
2.1 The foreign currency rates available to the applicant depend on the value of the international transfer and are subject to change or withdrawal at any time without notice (except that, where a foreign currency rate is not stated to be indicative and has been properly accepted by you, NAB will not change or withdraw that rate).
2.2 If the international transfer referred to in the applicant's international transfer instruction is to be made:
- in the same currency as the currency of the source account, NAB will debit the source account with the amount of the international transfer referred to in the applicant's international transfer instruction; or
- in a currency different to the currency of the source account, NAB will debit the source account with an amount that is equal to the transfer currency amount referred to in the applicants international transfer instruction after applying the relevant currency exchange rate determined by NAB. The relevant currency exchange rate will be:
- Where an international transfer is to be made on the day of the applicant's international transfer instruction, NAB will apply the exchange rate set out in the "Receipt for international transfer" screen (unless you acknowledge or agree that the NAB selling rate applicable at the time of conversion will apply).
- Where an international transfer is:
- is to be made on a specific future date.
- part of a periodic recurring transfer instruction; or
NAB will apply the NAB selling rate applicable at the time of conversion.
The NAB selling rate applicable at the time of conversion may differ from the exchange rate at the time that the applicant made the payment instruction. Where the NAB selling rate is used in relation to an international transfer, details of the actual rate applied by NAB will generally be available within the service once the international payment instruction is processed by NAB.
2.3 Other financial service providers involved in connection with the processing of an international transfer instruction may perform further currency conversions to facilitate the processing of that instruction without reference to the beneficiary of the international transfer, the applicant or NAB.
2.4 Foreign currency transactions can involve the risk of loss because of movement in exchange rates or interest rates. It is important that the applicant understands these risks before entering into a foreign currency transaction and understands that any loss will be passed on to and will be payable by the applicant.
2.5 In the event an international transfer is returned by an overseas financial institution, NAB will credit the source account with the Australian dollar equivalent of the amount received, at the currency exchange rate determined by NAB in accordance with 2.2(ii) in connection with the applicant's international payment instruction, less any fees described in 3.
3.1 A fee is payable to NAB in connection with an applicant's international transfer instruction. The fee is currently $22.00 and is payable in accordance with the service terms and conditions applicable to all fees payable in connection with use of the service. Please note the international transfer is not treated as an electronic transaction for the purposes of the fees and charges applicable to the source account. More information is available in the FAQs at nab.com.au.
3.2 In addition to any fee payable in connection with 3.1, the majority of international banks levy processing charges which vary between banks and countries and if these charges are deducted from the transmitted funds this will result in the beneficiary receiving a lesser amount than transmitted. This is outside of NAB's control. If for any reason these charges are not deducted from the funds transmitted to the beneficiary, the beneficiary will receive the full amount and the overseas financial institution will charge NAB. In this event, the applicant must reimburse NAB all charges paid by NAB to the overseas financial institution in relation to the applicant's international transfer instruction. For up to 30 days after NAB pays such charges, NAB can automatically debit the source account with an amount equal to these charges (where applicable, after making such foreign currency conversions as NAB considers reasonable using the NAB selling rate applicable at the time of such conversion).
3.3 If the applicant does not wish to have the fees and charges in connection with 3.1 and 3.2 deducted from the funds transmitted to the beneficiary, the applicant can elect to have these fees and charges debited to the transaction account from which the funds are transmitted. However, the other financial services provider may not follow these instructions and may deduct the fees from the funds transmitted to the beneficiary despite NAB's instructions.
4.1 An international transfer instruction cannot be created or authorised:
- unless the applicant has the required user authentication made available by NAB to a user of the service to make payments;
- if it does not comply with the restrictions or requirements set out in the FAQs at nab.com.au, including in relation to currency conversion limits, cut-off times and non-processing periods; and
- unless the payment amount of the international transfer instruction is available in clear funds in the applicant's account.
Any such attempted creation or authorisation will not be processed by NAB.
4.2 NAB may limit the countries which can be nominated by an Applicant in connection with an international transfer instruction. The countries available for nomination by an Applicant will be notified to the Applicant in the international transfer application process and in the FAQs at nab.com.au.
4.3 If NAB limits the countries which can be nominated by an applicant for an international transfer instruction and the limitation commences in the intervening period between when any future dated or recurring periodic payment was scheduled and the payment date, these payments will automatically be cancelled. Effected applicants will be notified via secure message and the status of these payments will be set to "cancelled" within the applicant's internet banking profile.
4.4 Applicants must ensure that the beneficiary's account details (including name, account number, BSB and IBAN (if applicable) are correct. NAB cannot validate the details provided (including matching an account name to an account number) and cannot guarantee any other financial services provider will validate the details for the international transfer instruction. Any error in these payment details may result in a loss of funds. Neither NAB nor any other financial services provider is liable for loss should the applicant provide incorrect payment instructions.
4.5 Where an international transfer instruction for a same day transfer is received by NAB after the relevant currency cut-off time, whilst NAB may process that international transfer instruction, and debit the source account, on the day of receipt, it may apply a value date to the international transfer which is either the day of receipt, or the following business day. Accordingly, the day the international transfer instruction is processed and the day the source account is debited, may be before the value date attributed to the international transfer.
5. Other parties
5.1 Other financial service providers may be involved in connection with the processing of the international transfer instruction. Those financial service providers may be local or overseas and may or may not be appointed by NAB. Once NAB has transmitted the payment amount to the other financial service provider, NAB has no control over the funds, or any further currency conversions performed by those other financial service providers. The involvement of other financial service providers in connection with an international transfer is at the applicant's risk and NAB is not liable for loss of any kind arising in connection with the involvement of any other financial service provider or their acts or omissions, whether or not that financial service provider is appointed by NAB.
5.2 The international transfer may be affected directly or indirectly by:
- laws including, without limitation, any subordinate instrument; and
- the acts, practices and policies of a Regulatory Authority whether or not having the force of law, and with which it is the custom or practice of a reasonable and prudent banker to comply, ("Regulations").
Regulations may be those of any place where the applicant or any other financial service provider operates, or with which the international transfer has some direct or indirect connection, or to which or from which a transfer or instruction is made or received or in which some other thing is done, or may be the Regulations of or applicable to the currency of any transfer. Regulations include, but are not limited to, those which affect, restrict, prohibit or otherwise render unlawful transactions, transfers or dealings with assets, any person, group or entity which may or may not include those having a connection with certain countries, area, individuals, groups, bodies, entities, materials, items, substances, political or religious systems, beliefs or convictions.
The international transfer may be interrupted, prevented, delayed or otherwise adversely affected, either in whole or in part, by reason of a Regulation including, but not limited to, where NAB considers in good faith, or any financial service provider considers, or a Regulatory Authority asserts, that a Regulation does apply (each an "Adverse Effect"). It is entirely the Applicant's risk if any Adverse Effect occurs. NAB may, but has no obligation, to contest any act of any Regulatory Authority.
5.3 NAB and other financial services providers may seek to limit their liability for any loss arising directly or indirectly from or in connection with any international transfer instruction including in respect of any adverse effect.
5.4 If NAB chooses to use a preferred financial service provider, NAB may receive a commission from that financial service provider for doing so.
5.5 NAB may use or disclose any information about the applicant, the applicant's international payment instruction or the applicants use of the service to make an international transfer or any person connected in any way with such international transfer or use of the service for such purpose to any financial service provider or Regulatory Authority for any purpose which NAB, or any other financial service provider, considers necessary or appropriate in connection with any Regulation or the international transfer. If necessary, NAB may request the applicant to provide any such information to NAB if NAB asks the applicant to, and to promptly procure the consent of any such person to the disclosure of that information if NAB so requires.
5.6 National Australia Group (which includes the National Australia Bank Limited and its related bodies corporate) is managed, operates businesses and processes customer information internationally and across corporate entities. Accordingly, information about or relating to the applicant may be provided to other National Australia Group companies, transmitted within the National Australia Group between countries, and where required by law, regulation or convention, provided to governmental and regulatory authorities, both in the country where the relationship with NAB is primarily situated, and in other countries where the National Australia Group may operate and the Applicant irrevocably consent to that occurring.
The liabilities set out in these terms and conditions are in addition to the liability provisions set out in the service terms and conditions as they apply to use of the service and the provision of an instruction in connection with the service. To remove any doubt where the applicant is engaged in a personal EFT transaction the provisions in the service terms and conditions applicable to personal EFT transactions prevail.