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NAB Exchange Rates – National Australia Bank currency rates compared

 

If you plan on travelling internationally, sooner or later you will have to deal with foreign exchange rates. For most people, including customers of National Australia Bank (NAB), the very term evokes confusion. However, with minimal effort you can get a basic understanding of NAB exchange rates and all foreign exchange rates. Once you understand the concepts you’ll be able to exchange the currency easily and independently, without help from an agent or a financial advisor. Most importantly:

CBA FX screenshot
NAB FX website

Understanding NAB Exchange Rates

Before we proceed to calculate the NAB exchange rates, let’s understand the factors that determine the exchange rates. Three major factors affect the exchange rate. They are:

  • The currency you want to buy/sell
  • The type of transaction – whether you wish to buy or sell
  • The product you prefer – cash, travel cards, IMT (International Money Transfer)

Let’s now consider these in detail.

Currency

While travelling abroad, you will be more concerned about how much foreign currency would your AUD fetch. As you probably know, this depends on the currency you wish to buy. See the table below:

NAB exchange rate Source: https://www.nab.com.au/personal/international/foreign-exchange-rates#/rate

As you can see, the value of 1AUD differs when converted to other currencies. For instance, 1AUD will fetch you 0.9245CAD, whereas the same 1AUD will fetch you only 0.5464GBP. This might be a bit confusing at the first glance. But, you need to know the rate of only the currency you’ll need for your travel. Hence, if you are travelling to Canada, you need to check the rate of the CAD alone. Similarly, for a trip to New Zealand, you need to check the rates of NZD only.

Transaction type

Once you have found the correct currency, the next step is to find the rate relevant to your need. It is important to remember that banks charge different rates for different transactions. The buying rate would differ from the selling rate.

For buying cash, you will have to refer to this chart. It means one AUD will fetch you 0.7243USD in cash.

If you were looking to sell some leftover money from your travel, you’ll need to refer to the table below:

So, if you are selling your foreign currency, say USD, 0.7969USD will fetch you 1AUD. As you can see, this rate is slightly different from the buying rate.

Products you need

We have already discussed that the exchange rate depends on the product you wish to buy/sell. For instance, if you were buying a NAB travel card, the cost for various currencies would be:

We have already seen the rates for hard cash in the tables elsewhere. When you compare, you’ll see that the rates differ according to the product you prefer.

MT/TT

As well as NAB exchange rates, NAB Internet Banking can also be used for IMT and you can easily send money around the world in no time. In addition, this facility offers you the option of locking in your exchange rates day or night during a week.

Calculating Currency Conversions

Now that we have understood the factors that affect exchange rates, it is time to do some calculations and find out how it works in real life situation.

How much foreign currency will my Australian dollars fetch?

If you want to know how much amount of foreign currency will X amount of Australian dollars buy, here is the calculation:

Australian Dollars with you * Exchange rate = Foreign Currency you will receive

For example, if you have 2000AUD and want to buy USD at the rate of 0.7243USD, then your home currency will fetch 1484.6USD (2000*0.7243=1484.6)

What is the cost to buy a fixed amount of foreign currency?

There might be situations when you know you need exactly X amount of foreign currency. In that case, you can use the following formula to calculate the amount of AUD it will cost you:

The cost in Australian Dollar = the amount of currency you want to buy / exchange rate

So, if you need 1500 GBP, while the exchange rate is 0.5451, then you’ll have to spend 2751.78AUD (1500/0.5451=2751.78)

What is the cost if you send money overseas?

As explained above, if you know the exact amount of money you want to send oversees, the calculation to be used is the same as buying travel money (The cost in Australian Dollar = the amount of currency you want to buy / exchange rate).

What is the calculation while receiving currency from overseas?

For receiving money from overseas, use the following formula:

Foreign currency received/exchange rate = the amount of Australian Dollar you receive.

So, if you received 2000 GBP through a bank transfer, with an exchange rate of 0.6062, then the amount of AUD you’d receive would be 3299.24 (2000/0.6062=3299.24)

In short, it can be said that for converting AUD into foreign currencies and vice versa, the general rule will be:

  • Convert AUD into foreign currency by Multiplying it by the exchange rate
  • Convert foreign currency into AUD by dividing it by the exchange rate

Once you understand this fundamental idea, the rest becomes easy. However, remember that the actual amount you’ll receive will depend on the type of product too. So, if you buy a travel card, opt for IMT or exchange AUD for foreign currency in cash, there would be slight differences in the cost. Furthermore, you should always try to do currency exchange from branches than airports. Airports are generally costly when it comes to currency exchange.


National Australia Bank Foreign Transfer Rates & Fees - Compared

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NAB - Compare Foreign Transfers

Sending AUD 10,000 to USD

OFX logo OFX
1AUD=0.733USD
$7330.00 USD (0.8%)
Book & track your foreign transfers online (24/7) with industry best rates for all your deals - not just the first one! Lock in exchange rates with Spot & Forward Deals. BestExchangeRates users get the transfer fees waived.
Price Details
Receive: $7330.00 USD
Exchange Rate: 0.7330
(Inverse 1USD=AUD 1.3643)
Fees: AUD 0
Total Cost : 0.8% (from mid-rate: 0.7389)
This is the amount of money that could be received by your transfer at rate AUD/USD=0.733 and inclusive of the fee of AUD 0.
Rate timestamp : Tue Jul 17 2018 21:00:05 GMT+0000 (UTC)
ANZ Bank logo ANZ Bank
1AUD=0.7127USD
$7114.17 USD (3.72%)
Rate available to ANZ Online Banking customers only. Fee for transfers via ANZ Internet Banking is $18 (or $12 if the transfer is over $AUD10,000) in ANZ Foreign Exchange Centre or via ANZ Phone Banking fee is $32.
Price Details
Receive: $7114.17 USD
Exchange Rate: 0.7127
(Inverse 1USD=AUD 1.4031)
Fees: AUD 18
Total Cost : 3.72% (from mid-rate: 0.7389)
Receive USD $216 less than with  OFX logo OFX
This is the amount of money that could be received by your transfer at rate AUD/USD=0.7127 and inclusive of the fee of AUD 18.
Rate timestamp : Tue Jul 17 2018 21:03:04 GMT+0000 (UTC)
Bank of Queensland logo Bank of Queensland
1AUD=0.713USD
$7108.61 USD (3.79%)
Rate available to Bank of Queensland Online Banking customers only.
Price Details
Receive: $7108.61 USD
Exchange Rate: 0.7130
(Inverse 1USD=AUD 1.4025)
Fees: AUD 30
Total Cost : 3.79% (from mid-rate: 0.7389)
Receive USD $221 less than with  OFX logo OFX
This is the amount of money that could be received by your transfer at rate AUD/USD=0.713 and inclusive of the fee of AUD 30.
Bank Rates - Average
ANZ Bank logo  Commonwealth Bank logo  St George Bank logo  Westpac logo  Bank of Queensland logo  NAB logo  Bank of Melbourne logo  BankSA logo 
1AUD=0.7023USD
$7009.08 USD (5.14%)
This is the average AUD to USD International Transfer exchange rate and fees from multiple banks for FX rates available over the counter and also via Internet Banking.

 
Price Details
Receive: $7009.08 USD
Exchange Rate: 0.7264
(Inverse 1USD=AUD 1.3767)
Fees: AUD 15
Total Cost : 5.14% (from mid-rate: 0.7389)
Receive USD $321 less than with  OFX logo OFX
This is the amount of money that could be received by your transfer at rate AUD/USD=0.7023 and inclusive of the fee of AUD 15.
NAB logo NAB
1AUD=0.7007USD
$6991.58 USD (5.38%)
Rate available to National Australia Bank online banking customers only.
Price Details
Receive: $6991.58 USD
Exchange Rate: 0.7007
(Inverse 1USD=AUD 1.4271)
Fees: AUD 22
Total Cost : 5.38% (from mid-rate: 0.7389)
Receive USD $338 less than with  OFX logo OFX
This is the amount of money that could be received by your transfer at rate AUD/USD=0.7007 and inclusive of the fee of AUD 22.
Commonwealth Bank logo Commonwealth Bank
1AUD=0.6987USD
$6982.81 USD (5.5%)
Rate available to Commonwealth Bank Online Banking customers only.
Price Details
Receive: $6982.81 USD
Exchange Rate: 0.6987
(Inverse 1USD=AUD 1.4312)
Fees: AUD 6
Total Cost : 5.5% (from mid-rate: 0.7389)
Receive USD $347 less than with  OFX logo OFX
This is the amount of money that could be received by your transfer at rate AUD/USD=0.6987 and inclusive of the fee of AUD 6 .
Rate timestamp : Tue Jul 17 2018 21:02:02 GMT+0000 (UTC)
Westpac logo Westpac
1AUD=0.6986USD
$6972.03 USD (5.64%)
Rate available to Westpac Online Banking customers only.
Price Details
Receive: $6972.03 USD
Exchange Rate: 0.6986
(Inverse 1USD=AUD 1.4314)
Fees: AUD 20
Total Cost : 5.64% (from mid-rate: 0.7389)
Receive USD $358 less than with  OFX logo OFX
This is the amount of money that could be received by your transfer at rate AUD/USD=0.6986 and inclusive of the fee of AUD 20.
BankSA logo BankSA
1AUD=0.6983USD
$6969.03 USD (5.68%)
Rate available to BankSA Online Banking customers only.
 
Price Details
Receive: $6969.03 USD
Exchange Rate: 0.6983
(Inverse 1USD=AUD 1.4320)
Fees: AUD 20.01
Total Cost : 5.68% (from mid-rate: 0.7389)
Receive USD $361 less than with  OFX logo OFX
This is the amount of money that could be received by your transfer at rate AUD/USD=0.6983 and inclusive of the fee of AUD 20.01.
Bank of Melbourne logo Bank of Melbourne
1AUD=0.6983USD
$6968.34 USD (5.69%)
Rate available to Bank of Melbourne Online Banking customers only.
 
Price Details
Receive: $6968.34 USD
Exchange Rate: 0.6983
(Inverse 1USD=AUD 1.4320)
Fees: AUD 21
Total Cost : 5.69% (from mid-rate: 0.7389)
Receive USD $362 less than with  OFX logo OFX
This is the amount of money that could be received by your transfer at rate AUD/USD=0.6983 and inclusive of the fee of AUD 21.
St George Bank logo St George Bank
1AUD=0.698USD
$6966.04 USD (5.72%)
Rate available to St George Bank Online Banking customers only.
Price Details
Receive: $6966.04 USD
Exchange Rate: 0.6980
(Inverse 1USD=AUD 1.4327)
Fees: AUD 20
Total Cost : 5.72% (from mid-rate: 0.7389)
Receive USD $364 less than with  OFX logo OFX
This is the amount of money that could be received by your transfer at rate AUD/USD=0.698 and inclusive of the fee of AUD 20.
  

National Australia Bank Travel Money Rates & Fees - Compared

NAB Travel Money Exchange Rates Compared

Buying USD Cash with AUD 2,000

Australia Post logo Australia Post
1AUD=0.7216USD
$1443.20 USD (2.34%)
The travel money service at Australia Post is provided by Travelex. Click Goto Site and simply order your travel money online from Travelex and elect to pick up at your foreign cash at your nearest located Australia Post branch. For Australia post collection and home delivery orders under $AUD1,000 a $10 collection fee applies.
Price Details
Receive: $1443.20 USD
Exchange Rate: 0.7216
(Inverse 1USD=AUD 1.3858)
Fees: AUD 0
Total Cost : 2.34% (from mid-rate: 0.7389)
Amount of money that could be received by your currency exchange at rate AUD/USD=0.7216 and inclusive of the fee of AUD 0.
ANZ Bank logo ANZ Bank
1AUD=0.7127USD
$1411.15 USD (4.51%)
Foreign currency cash is charged at 1% of the AUD equivalent value for each currency purchased, with a minimum charge of AUD 8 per currency.
Price Details
Receive: $1411.15 USD
Exchange Rate: 0.7127
(Inverse 1USD=AUD 1.4031)
Fees: AUD 20 (1%)
Total Cost : 4.51% (from mid-rate: 0.7389)
Receive USD $32 less than with  Australia Post logo Australia Post
Amount of money that could be received by your currency exchange at rate AUD/USD=0.7127 and inclusive of the fee of AUD 20 (1%).
Rate timestamp : Tue Jul 17 2018 21:03:04 GMT+0000 (UTC)
NAB logo NAB
1AUD=0.7079USD
$1408.72 USD (4.67%)
The NAB in-branch travel money service is provided by Travelex.
Price Details
Receive: $1408.72 USD
Exchange Rate: 0.7079
(Inverse 1USD=AUD 1.4126)
Fees: AUD 10
Total Cost : 4.67% (from mid-rate: 0.7389)
Receive USD $34 less than with  Australia Post logo Australia Post
Amount of money that could be received by your currency exchange at rate AUD/USD=0.7079 and inclusive of the fee of AUD 10.
Commonwealth Bank logo Commonwealth Bank
1AUD=0.7061USD
$1398.08 USD (5.39%)
Price Details
Receive: $1398.08 USD
Exchange Rate: 0.7061
(Inverse 1USD=AUD 1.4162)
Fees: AUD 20 (1%)
Total Cost : 5.39% (from mid-rate: 0.7389)
Receive USD $45 less than with  Australia Post logo Australia Post
Amount of money that could be received by your currency exchange at rate AUD/USD=0.7061 and inclusive of the fee of AUD 20 (1%).
Rate timestamp : Tue Jul 17 2018 21:02:02 GMT+0000 (UTC)
Westpac logo Westpac
1AUD=0.706USD
$1397.88 USD (5.41%)
Price Details
Receive: $1397.88 USD
Exchange Rate: 0.7060
(Inverse 1USD=AUD 1.4164)
Fees: AUD 20 (1%)
Total Cost : 5.41% (from mid-rate: 0.7389)
Receive USD $45 less than with  Australia Post logo Australia Post
Amount of money that could be received by your currency exchange at rate AUD/USD=0.706 and inclusive of the fee of AUD 20 (1%).
Bank Rates - Average
ANZ Bank logo  Commonwealth Bank logo  St George Bank logo  Westpac logo  NAB logo  Bank of Melbourne logo  BankSA logo 
1AUD=0.7050USD
$1396.83 USD (5.48%)
This is the average AUD to USD Buy Foreign Cash exchange rate from multiple banks, exchange kiosks and post-offices, available over the counter and via the internet.

 
Price Details
Receive: $1396.83 USD
Exchange Rate: 0.7108
(Inverse 1USD=AUD 1.4069)
Fees: AUD 10
Total Cost : 5.48% (from mid-rate: 0.7389)
Receive USD $46 less than with  Australia Post logo Australia Post
Amount of money that could be received by your currency exchange at rate AUD/USD=0.7050 and inclusive of the fee of AUD 10.
St George Bank logo St George Bank
1AUD=0.7054USD
$1396.69 USD (5.49%)
Price Details
Receive: $1396.69 USD
Exchange Rate: 0.7054
(Inverse 1USD=AUD 1.4176)
Fees: AUD 20 (1%)
Total Cost : 5.49% (from mid-rate: 0.7389)
Receive USD $47 less than with  Australia Post logo Australia Post
Amount of money that could be received by your currency exchange at rate AUD/USD=0.7054 and inclusive of the fee of AUD 20 (1%).
Bank of Melbourne logo Bank of Melbourne
1AUD=0.6983USD
$1382.63 USD (6.44%)
Please check with the BOM in-branch travel money service for their latest rates.
 
Price Details
Receive: $1382.63 USD
Exchange Rate: 0.6983
(Inverse 1USD=AUD 1.4320)
Fees: AUD 20 (1%)
Total Cost : 6.44% (from mid-rate: 0.7389)
Receive USD $61 less than with  Australia Post logo Australia Post
Amount of money that could be received by your currency exchange at rate AUD/USD=0.6983 and inclusive of the fee of AUD 20 (1%).
BankSA logo BankSA
1AUD=0.6983USD
$1382.63 USD (6.44%)
 
Price Details
Receive: $1382.63 USD
Exchange Rate: 0.6983
(Inverse 1USD=AUD 1.4320)
Fees: AUD 20 (1%)
Total Cost : 6.44% (from mid-rate: 0.7389)
Receive USD $61 less than with  Australia Post logo Australia Post
Amount of money that could be received by your currency exchange at rate AUD/USD=0.6983 and inclusive of the fee of AUD 20 (1%).
 

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2 Reviews for “NAB Exchange Rates – National Australia Bank currency rates compared”

  1. nab cust says:

    I lived overseas in France for 18 months, and had to withdraw and send from my National Australia account often. Wish I had switched earlier as the rates were not very good

  2. uk expat says:

    I was using my NAB account to send money home but found much better rates at OFX through this website thx!

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