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NAB Exchange Rates – BER Review

In this article we take a look at National Australia Bank exchange rates and examine how NAB foreign exchange compare to other options available to you.

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Exchange Rates 1
Customer Service 1.5
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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:

National Australia Bank AUD Exchange Rates

NAB , 1AUD=Foreign Transfers
AED - UAE dirham2.3644 (5.87%)
BDT - Bangladeshi Taka54.57 (5.96%)
BHD - Bahraini dinar0.2451 (4.86%)
CAD - Canadian dollar0.8614 (4.68%)
CHF - Swiss franc0.6444 (4.67%)
CNY - Chinese yuan4.5423 (5.15%)
CZK - Czech Republic koruna15.06 (4.71%)
DKK - Danish krone4.4057 (4.58%)
EUR - Euro0.5897 (4.56%)
FJD - Fijian dollar1.3969 (7.02%)
GBP - British pound sterling0.5052 (4.51%)
HKD - Hong Kong dollar5.0933 (4.72%)
HRK - Croatian kuna4.3859 (4.57%)
HUF - Hungarian forint197.5 (4.44%)
IDR - Indonesian rupiah9261 (3.31%)
ILS - Israeli New Sheqel2.2617 (4.63%)
INR - Indian rupee47.24 (3.37%)
JPY - Japanese yen70.72 (4.81%)
KES - Kenyan shilling66.12 (5.08%)
KWD - Kuwaiti dinar0.1969 (5.13%)
LKR - Sri Lankan rupee117.05 (4.94%)
MAD - Moroccan Dirham6.2881 (4.62%)
MUR - Mauritian rupee23.72 (5.19%)
MXN - Mexican peso12.5 (4.72%)
NOK - Norwegian krone5.9198 (4.51%)
NZD - New Zealand dollar1.0177 (4.58%)
OMR - Omani rial0.2504 (4.79%)
PGK - Papua New Guinean kina2.1876 (7.37%)
PHP - Philippine peso32.84 (4.96%)
PKR - Pakistani rupee99.02 (7.02%)
PLN - Polish zloty2.5166 (4.77%)
QAR - Qatari rial2.3689 (4.75%)
SAR - Saudi riyal2.4404 (4.74%)
SBD - Solomon Islands dollar5.0725 (11.68%)
SEK - Swedish krona6.2817 (4.54%)
SGD - Singapore dollar0.8854 (4.69%)
THB - Thai baht19.88 (3.77%)
TOP - Tongan paanga1.4815 (6.56%)
USD - U.S. dollar0.6508 (4.72%)
VUV - Vanuatu vatu74.36 (6.48%)
WST - Samoan tala1.6878 (6.63%)
XPF - CFP franc69.47 (5.92%)
ZAR - South African rand9.5812 (4.68%)
Sat Nov 16, 2019 5:05 AEDT
NAB Exchange Rates (% margins to midrate)
 

How do National Australia Bank Foreign Exchange Rates Compare?

Use the below live foreign transfer exchange comparison table that makes it easy to compare NAB exchange rates to the leading FX specialists. This example shows you the situation where you want to send $AUD 10,000 abroad, note the margins for the bank and brokers are compared to the current mid-rate. You can change the currencies and send or receive amount with our full NAB foreign transfers calculator.

Foreign Transfer ProvidersReceive USD(U$)Exchange RateFee AUDTotal CostDeal Links
National Australia Bank (nab) International Money Transfers
National Australia Bank (nab) logo
U$6,493.68
Compare
0.6508224.69%
TorFX logo
U$6,704
U$210 more
0.670401.6%
OFX (OzForex) logo
U$6,758
U$264 more
0.67580^0.81%
WorldFirst logo
U$6,779
U$285 more
0.677900.5%
Westpac logo
U$6,722.53
U$229 more
0.6736201.33%
ANZ Bank logo
U$6,567.16
U$73 more
0.6579183.61%
BankSA International Money Transfers
BankSA logo
U$6,561.84
U$68 more
0.657520.013.69%
Bank of Melbourne International Money Transfers
Bank of Melbourne logo
U$6,561.19
U$68 more
0.6575213.7%
Bank of Queensland logo
U$6,555.28
U$62 more
0.6575303.78%
Banks - Average Rate
National Australia Bank (nab) logo Westpac logo ANZ Bank logo Commonwealth Bank (CBA) logo St George Bank logo Bank of Queensland logo Bank of Melbourne logo BankSA logo
U$6,541
U$47 more
0.6554153.99%
Commonwealth Bank (CBA) logo
U$6,440.13
U$54 less
0.64446 5.47%
St George Bank logo
U$6,425.12
U$69 less
0.6438205.69%
 

National Australia Bank (nab) logo

National Australia Bank (nab): Foreign Transfer AUD→USD
From Amount (AUD)A$10,000
Fee:22
Exchange Rate:0.6508 (4.48% from mid-rate)
To Amount (USD) U$6,493.68
Total Cost:4.69%
Time:
Rate Fetched: website - Fri Nov 15 2019 16:05:03 GMT+0000 (UTC)
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
 
: 2.1/5.0
Reviews:
 

TorFX logo

TorFX: Foreign Transfer AUD→USD
From Amount (AUD)A$10,000
Fee:0
Exchange Rate:0.6704 (1.6% from mid-rate)
To Amount (USD) U$6,704
Total Cost:1.6%
Difference:
U$210 USD more than using National Australia Bank (nab)
Time:16:35 Local
Transfer Speed:1-2 days
Services:Bank Transfers - Online & Phone
Rating:
 
: 4.7/5.0
Reviews:
 

OFX (OzForex) logo

OFX (OzForex): Foreign Transfer AUD→USD
From Amount (AUD)A$10,000
Fee:0^ - No fees for BestExchangeRates users (normally $15 for transfers over $10K)
Exchange Rate:0.6758 (0.81% from mid-rate)
To Amount (USD) U$6,758
Total Cost:0.81%
Difference:
U$264 USD more than using National Australia Bank (nab)
Time:
Rate Fetched: 16:35 Local
Transfer Speed:1-2 days
Services:Bank Transfers - Online & Phone, Foreign Currency Accounts
Rating:
 
: 4.8/5.0
Reviews:
 

WorldFirst logo

WorldFirst: Foreign Transfer AUD→USD
From Amount (AUD)A$10,000
Fee:
Exchange Rate:0.6779 (0.5% from mid-rate)
To Amount (USD) U$6,779
Total Cost:0.5%
Difference:
U$285 USD more than using National Australia Bank (nab)
Time:16:35 Local
Transfer Speed:1-2 days
Services:Bank Transfers - Online & Phone, Foreign Currency Accounts
Rating:
 
: 4.6/5.0
Reviews:
 

Westpac logo

Westpac: Foreign Transfer AUD→USD
From Amount (AUD)A$10,000
Fee:20
Exchange Rate:0.6736 (1.13% from mid-rate)
To Amount (USD) U$6,722.53
Total Cost:1.33%
Difference:
U$229 USD more than using National Australia Bank (nab)
Time:
Rate Fetched: website - Mon Apr 15 2019 01:04:04 GMT+0000 (UTC)
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
 
: 2/5.0
Reviews:
 

ANZ Bank logo

ANZ Bank: Foreign Transfer AUD→USD
From Amount (AUD)A$10,000
Fee:18
Exchange Rate:0.6579 (3.43% from mid-rate)
To Amount (USD) U$6,567.16
Total Cost:3.61%
Difference:
U$73 USD more than using National Australia Bank (nab)
Time:
Rate Fetched: website - Fri Nov 15 2019 16:03:05 GMT+0000 (UTC)
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
 
: 3/5.0
Reviews:
 

BankSA logo

BankSA: Foreign Transfer AUD→USD
From Amount (AUD)A$10,000
Fee:20.01
Exchange Rate:0.6575 (3.49% from mid-rate)
To Amount (USD) U$6,561.84
Total Cost:3.69%
Difference:
U$68 USD more than using National Australia Bank (nab)
Time:
Rate Fetched: website - 16:35 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Reviews:
 

Bank of Melbourne logo

Bank of Melbourne: Foreign Transfer AUD→USD
From Amount (AUD)A$10,000
Fee:21
Exchange Rate:0.6575 (3.49% from mid-rate)
To Amount (USD) U$6,561.19
Total Cost:3.7%
Difference:
U$68 USD more than using National Australia Bank (nab)
Time:
Rate Fetched: website - 16:35 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Reviews:
 

Bank of Queensland logo

Bank of Queensland: Foreign Transfer AUD→USD
From Amount (AUD)A$10,000
Fee:30
Exchange Rate:0.6575 (3.49% from mid-rate)
To Amount (USD) U$6,555.28
Total Cost:3.78%
Difference:
U$62 USD more than using National Australia Bank (nab)
Time:
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
 
: 3/5.0
Reviews:
 

Banks - Average Rate

Foreign Transfer AUD→USD
From Amount (AUD)A$10,000
Fee:15
Exchange Rate:0.6654 (2.33% from mid-rate)
To Amount (USD) U$6,541
Total Cost:3.99%
Difference:
U$47 USD more than using National Australia Bank (nab)
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
 

Commonwealth Bank (CBA) logo

Commonwealth Bank (CBA): Foreign Transfer AUD→USD
From Amount (AUD)A$10,000
Fee:6
Exchange Rate:0.6444 (5.42% from mid-rate)
To Amount (USD) U$6,440.13
Total Cost:5.47%
Difference:
U$54 USD less than using National Australia Bank (nab)
Time:
Rate Fetched: website - Fri Nov 15 2019 16:02:02 GMT+0000 (UTC)
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
 
: 1.2/5.0
Reviews:
 

St George Bank logo

St George Bank: Foreign Transfer AUD→USD
From Amount (AUD)A$10,000
Fee:20
Exchange Rate:0.6438 (5.5% from mid-rate)
To Amount (USD) U$6,425.12
Total Cost:5.69%
Difference:
U$69 USD less than using National Australia Bank (nab)
Time:
Rate Fetched: website - 16:35 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
 
: 1/5.0
Reviews:
 
Snapshot 11/15/2019 - See full table
 

The below live NAB Travel Money comparison table shows how much you could save on your next foreign transfer or travel money purchase. This example shows you the situation where you want to change $AUD 2,000 for foreign cash, note the margins for the bank and brokers are compared to the current mid-rate. You can change the currencies and send or receive amount with our full NAB travel money calculator.

Travel Money ProvidersAmount USD(U$)Exchange RateFee AUDTotal CostDeal Links
National Australia Bank (nab) Foreign Currency
National Australia Bank (nab) logo
U$638.55
Compare
0.645106.27%
Westpac logo
U$666.86
U$28 more
0.6736A$102.12%
Travelex Online AU logo
U$660.30
U$22 more
0.6603$0 BPay, Card 0.72%-1%3.08%
Australia Post logo
U$657.50
U$19 more
0.6575$0 BPay, Card 0.72%-1%3.49%
Travel Money Oz logo
U$654.20
U$16 more
0.6542A$03.98%
ANZ Bank logo
U$651.32
U$13 more
0.6579A$104.4%
Banks - Average Rate
Westpac logo ANZ Bank logo Commonwealth Bank (CBA) logo St George Bank logo National Australia Bank (nab) logo Bank of Melbourne logo BankSA logo
U$648.12
U$9.57 more
0.6561104.87%
Bank of Melbourne Foreign Currency
Bank of Melbourne logo
U$647.64
U$9.09 more
0.6575A$154.94%
BankSA Foreign Currency
BankSA logo
U$647.64
U$9.09 more
0.6575A$154.94%
Commonwealth Bank (CBA) logo
U$644.39
U$5.84 more
0.6509A$105.42%
St George Bank logo
U$640.45
U$1.9 more
0.6502A$156%
 

National Australia Bank (nab) logo

National Australia Bank (nab): Travel Money AUD→USD
From Amount (AUD)A$1,000
Fee:10
Exchange Rate:0.6450 (5.33% from mid-rate)
To Amount (USD) U$638.55
Total Cost:6.27%
Time:
Rate Fetched: website - 16:35 Local
Currency Services:Branch
Delivery/Collect:-
Rating:
 
: 2.1/5.0
Reviews:
 

Westpac logo

Westpac: Travel Money AUD→USD
From Amount (AUD)A$1,000
Fee:A$10 AUD (1%)
Exchange Rate:0.6736 (1.13% from mid-rate)
To Amount (USD) U$666.86
Total Cost:2.12%
Time:
Rate Fetched: website - Mon Apr 15 2019 01:04:04 GMT+0000 (UTC)
Currency Services:Branch
Delivery/Collect:-
Rating:
 
: 2/5.0
Reviews:
 

Travelex Online AU logo

Travelex Online AU: Travel Money AUD→USD
From Amount (AUD)A$1,000
Fee:$0 BPAY, 0.77% MasterCard debit, 0.94% MasterCard credit, 0.72% Visa debit and 1% Visa credit
Exchange Rate:0.6603 (3.08% from mid-rate)
To Amount (USD) U$660.30
Total Cost:3.08%
Time:
Rate Fetched: Fri Nov 15 2019 16:30:04 GMT+0000 (UTC)
Currency Services:FREE Home delivery & Branch pickup
Delivery/Collect:2-3 days
Rating:
 
: 4.3/5.0
Reviews:
 

Australia Post logo

Australia Post: Travel Money AUD→USD
From Amount (AUD)A$1,000
Fee:$0 BPAY, 0.77% MasterCard debit, 0.94% MasterCard credit, 0.72% Visa debit and 1% Visa credit
Exchange Rate:0.6575 (3.49% from mid-rate)
To Amount (USD) U$657.50
Total Cost:3.49%
Time:16:35 Local
Currency Services:Online order, Branch pickup, $10 fee for orders under $1000
Delivery/Collect:2-3 days
Rating:
 
: 4/5.0
Reviews:
 

Travel Money Oz logo

Travel Money Oz: Travel Money AUD→USD
From Amount (AUD)A$1,000
Fee:A$0 AUD (0 BPay, Credit Card 1%)
Exchange Rate:0.6542 (3.98% from mid-rate)
To Amount (USD) U$654.20
Total Cost:3.98%
Time:
Rate Fetched: 16:35 Local
Currency Services:Online order, Branch pickup
Delivery/Collect:3-5 days
Rating:
 
: 4.2/5.0
Reviews:
 

ANZ Bank logo

ANZ Bank: Travel Money AUD→USD
From Amount (AUD)A$1,000
Fee:A$10 AUD (1%)
Exchange Rate:0.6579 (3.43% from mid-rate)
To Amount (USD) U$651.32
Total Cost:4.4%
Time:
Rate Fetched: website - Fri Nov 15 2019 16:03:05 GMT+0000 (UTC)
Currency Services:Branch
Delivery/Collect:-
Rating:
 
: 3/5.0
Reviews:
 

Banks - Average Rate

Travel Money AUD→USD
From Amount (AUD)A$1,000
Fee:10
Exchange Rate:0.6476 (4.95% from mid-rate)
To Amount (USD) U$648.12
Total Cost:4.87%
Currency Services:Branch
Delivery/Collect:-
 

Bank of Melbourne logo

Bank of Melbourne: Travel Money AUD→USD
From Amount (AUD)A$1,000
Fee:A$15 AUD (Minimum fee)
Exchange Rate:0.6575 (3.49% from mid-rate)
To Amount (USD) U$647.64
Total Cost:4.94%
Time:
Rate Fetched: website - 16:35 Local
Currency Services:Branch
Delivery/Collect:-
Rating:
: /5.0
Reviews:
 

BankSA logo

BankSA: Travel Money AUD→USD
From Amount (AUD)A$1,000
Fee:A$15 AUD (Minimum fee)
Exchange Rate:0.6575 (3.49% from mid-rate)
To Amount (USD) U$647.64
Total Cost:4.94%
Time:
Rate Fetched: website - 16:35 Local
Currency Services:Branch
Delivery/Collect:-
Rating:
: /5.0
Reviews:
 

Commonwealth Bank (CBA) logo

Commonwealth Bank (CBA): Travel Money AUD→USD
From Amount (AUD)A$1,000
Fee:A$10 AUD (1%)
Exchange Rate:0.6509 (4.46% from mid-rate)
To Amount (USD) U$644.39
Total Cost:5.42%
Time:
Rate Fetched: website - Fri Nov 15 2019 16:02:02 GMT+0000 (UTC)
Currency Services:Branch
Delivery/Collect:-
Rating:
 
: 1.2/5.0
Reviews:
 

St George Bank logo

St George Bank: Travel Money AUD→USD
From Amount (AUD)A$1,000
Fee:A$15 AUD (Minimum fee)
Exchange Rate:0.6502 (4.56% from mid-rate)
To Amount (USD) U$640.45
Total Cost:6%
Time:
Rate Fetched: website - 16:35 Local
Currency Services:Branch
Delivery/Collect:-
Rating:
 
: 1/5.0
Reviews:
 
Snapshot 11/15/2019 - See full table
 

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.

Related Posts

 

Posted to: Banks

 

2 Reviews for “NAB Exchange Rates – BER Review”

  1. Avatar 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

    1.3
  2. Avatar uk expat says:

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

    1

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