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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.

Exchange Rates 1
Customer Service 1.5
Ease of Use 1

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 dirham2.4509 (5.29%)
BDT - Bangladeshi Taka56.52 (5.38%)
BHD - Bahraini dinar0.2541 (4.17%)
CAD - Canadian dollar0.903 (4.22%)
CHF - Swiss franc0.6264 (4.17%)
CNY - Chinese yuan4.5861 (4.54%)
CZK - Czech Republic koruna15.69 (4.4%)
DKK - Danish krone4.3174 (4.19%)
EUR - Euro0.5799 (4.19%)
FJD - Fijian dollar1.4314 (5.77%)
GBP - British pound sterling0.5302 (4.06%)
HKD - Hong Kong dollar5.2275 (4.16%)
HRK - Croatian kuna4.3765 (4.22%)
HUF - Hungarian forint210.72 (4.24%)
IDR - Indonesian rupiah10113 (3.81%)
ILS - Israeli New Sheqel2.3466 (4.21%)
INR - Indian rupee50.15 (3.31%)
JPY - Japanese yen71.21 (4.2%)
KES - Kenyan shilling72.96 (4.47%)
KWD - Kuwaiti dinar0.206 (4.51%)
LKR - Sri Lankan rupee124.77 (4.34%)
MAD - Moroccan Dirham6.2684 (4.14%)
MUR - Mauritian rupee26.58 (5.46%)
MXN - Mexican peso15.07 (3.98%)
NOK - Norwegian krone6.4641 (4.11%)
NZD - New Zealand dollar1.0405 (3.16%)
OMR - Omani rial0.2595 (4.24%)
PGK - Papua New Guinean kina2.353 (4.7%)
PHP - Philippine peso32.6 (4.42%)
PKR - Pakistani rupee110.03 (5.77%)
PLN - Polish zloty2.6345 (4.38%)
QAR - Qatari rial2.4555 (4.17%)
SAR - Saudi riyal2.53 (4.15%)
SBD - Solomon Islands dollar5.2662 (8.68%)
SEK - Swedish krona6.1691 (3.94%)
SGD - Singapore dollar0.9291 (4.19%)
THB - Thai baht21.5 (3.3%)
TOP - Tongan paanga1.5307 (6.17%)
USD - U.S. dollar0.6746 (4.15%)
VUV - Vanuatu vatu75.06 (6.59%)
WST - Samoan tala1.7414 (5.63%)
XPF - CFP franc68.89 (4.66%)
ZAR - South African rand11.54 (4.33%)
Sat Sep 26, 2020 5:05 AEST
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.

AUD to EUR International Money Transfers

 Compare  NAB logo

FX ProviderReceive EURExchange RateFee AUDDeal Links
NAB logo
NAB
5,786.24
4.25%
0.579922
OFX
6,013
0.5%
€227 more
0.60130^
WorldFirst logo
WorldFirst
6,013
0.5%
€227 more
0.60130
TorFX logo
TorFX
5,956
1.44%
€170 more
0.59560
ANZ Bank logo
ANZ Bank
5,823.99
3.62%
€38 more
0.583824
Bank of Queensland logo
Bank of Queensland
5,795.56
4.09%
€9.32 more
0.581330
BankSA logo
BankSA
5,760.3
4.68%
€26 less
0.577322
Bank of Melbourne logo
Bank of Melbourne
5,759.14
4.7%
€27 less
0.577324
Westpac logo
Westpac
5,714.55
5.44%
€72 less
0.572620
St George Bank logo
St George Bank
5,706.27
5.57%
€80 less
0.57224
CommBank logo
CommBank
5,703.15
5.62%
€83 less
0.57112
Westpac logo NAB logo ANZ Bank logo CommBank logo Bank of Queensland logo St George Bank logo Bank of Melbourne logo BankSA logo
5,756
4.75%
Bank Average
0.576920
NAB
 
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NAB: Foreign Transfer AUD→EUR
From Amount (AUD)A$10,000
Fee:22
Exchange Rate:0.5799 (4.04% from mid-rate)
To Amount (EUR)5,786.24
Total Cost:4.25%
Time:
Rate Fetched: website - Fri Sep 25 2020 19:05:03 GMT+0000 (UTC)
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
 
: 2.1/5.0
Review:


OFX
 
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OFX: Foreign Transfer AUD→EUR
From Amount (AUD)A$10,000
Fee:0^ - No fees for BestExchangeRates users (normally $15 for transfers over $10K)
Exchange Rate:0.6013 (0.5% from mid-rate)
To Amount (EUR)6,013
Total Cost:0.5%
Difference:
€227 EUR more than using NAB
Time:
Rate Fetched: 19:26 Local
Transfer Speed:1-2 days
Services:Bank Transfers - Online & Phone, Speak to Dealers, Foreign Currency Accounts
Rating:
 
: 4.8/5.0
Review:


Compare OFX Rates
WorldFirst
 
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WorldFirst: Foreign Transfer AUD→EUR
From Amount (AUD)A$10,000
Fee:
Exchange Rate:0.6013 (0.5% from mid-rate)
To Amount (EUR)6,013
Total Cost:0.5%
Difference:
€227 EUR more than using NAB
Time:19:26 Local
Transfer Speed:1-2 days
Services:Bank Transfers - Online & Phone, Foreign Currency Accounts, Speak to Dealers
Rating:
 
: 4.6/5.0
Review:


Compare WorldFirst Rates
TorFX
 
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TorFX: Foreign Transfer AUD→EUR
From Amount (AUD)A$10,000
Fee:0
Exchange Rate:0.5956 (1.44% from mid-rate)
To Amount (EUR)5,956
Total Cost:1.44%
Difference:
€170 EUR more than using NAB
Time:19:26 Local
Transfer Speed:1-2 days
Services:Bank Transfers - Online & Phone, Speak to Dealers
Rating:
 
: 4.7/5.0
Review:


Compare TorFX Rates
ANZ Bank
 
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ANZ Bank: Foreign Transfer AUD→EUR
From Amount (AUD)A$10,000
Fee:24
Exchange Rate:0.5838 (3.39% from mid-rate)
To Amount (EUR)5,823.99
Total Cost:3.62%
Difference:
€38 EUR more than using NAB
Time:
Rate Fetched: website - Fri Sep 25 2020 19:03:04 GMT+0000 (UTC)
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
 
: 3/5.0
Review:


Compare ANZ Bank Rates
Bank of Queensland
 
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Bank of Queensland: Foreign Transfer AUD→EUR
From Amount (AUD)A$10,000
Fee:30
Exchange Rate:0.5813 (3.81% from mid-rate)
To Amount (EUR)5,795.56
Total Cost:4.09%
Difference:
€9.32 EUR more than using NAB
Time:
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
 
: 3/5.0
Review:


Compare Bank of Queensland Rates
BankSA
 
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BankSA: Foreign Transfer AUD→EUR
From Amount (AUD)A$10,000
Fee:22
Exchange Rate:0.5773 (4.47% from mid-rate)
To Amount (EUR)5,760.3
Total Cost:4.68%
Difference:
€26 EUR less than using NAB
Time:
Rate Fetched: website - 19:26 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Review:


Compare BankSA Rates
Bank of Melbourne
 
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Bank of Melbourne: Foreign Transfer AUD→EUR
From Amount (AUD)A$10,000
Fee:24
Exchange Rate:0.5773 (4.47% from mid-rate)
To Amount (EUR)5,759.14
Total Cost:4.7%
Difference:
€27 EUR less than using NAB
Time:
Rate Fetched: website - 19:26 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Review:


Compare Bank of Melbourne Rates
Westpac
 
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Westpac: Foreign Transfer AUD→EUR
From Amount (AUD)A$10,000
Fee:20
Exchange Rate:0.5726 (5.25% from mid-rate)
To Amount (EUR)5,714.55
Total Cost:5.44%
Difference:
€72 EUR less than using NAB
Time:
Rate Fetched: website - Fri Sep 25 2020 19:04:02 GMT+0000 (UTC)
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
 
: 2/5.0
Review:


Compare Westpac Rates
St George Bank
 
loading
St George Bank: Foreign Transfer AUD→EUR
From Amount (AUD)A$10,000
Fee:24
Exchange Rate:0.5720 (5.35% from mid-rate)
To Amount (EUR)5,706.27
Total Cost:5.57%
Difference:
€80 EUR less than using NAB
Time:
Rate Fetched: website - 19:26 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
 
: 1/5.0
Review:


Compare St George Bank Rates
CommBank
 
loading
CommBank: Foreign Transfer AUD→EUR
From Amount (AUD)A$10,000
Fee:12
Exchange Rate:0.571 (5.51% from mid-rate)
To Amount (EUR)5,703.15
Total Cost:5.62%
Difference:
€83 EUR less than using NAB
Time:
Rate Fetched: website - Fri Sep 25 2020 19:02:02 GMT+0000 (UTC)
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
 
: 1.2/5.0
Review:


Compare CommBank Rates
Banks - Average Rate
 
loading
Foreign Transfer AUD→EUR
From Amount (AUD)A$10,000
Fee:
Exchange Rate:0.5893 (2.48% from mid-rate)
To Amount (EUR)5,756
Total Cost:4.75%
Difference:
€30 EUR less than using NAB
Transfer Speed:
Services:
Click bank icon to add to table


 
loading
Snapshot 09/25/2020 - View live rates
 

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.

FX ProviderAmount EURExchange RateFee AUDDeal Links
TransferWise
600.10
0.7%
Save €600
0.60132
Travelex Cash
575.14
4.83%
€25 less
0.5839$0 BPay, Card 0.72%-1%
Travelex Card
572.58
5.25%
€28 less
0.5813$0 BPay, Card 0.72%-1%
ANZ Bank logo
ANZ Bank
569.79
5.71%
€30 less
0.583824
St George Bank logo
St George Bank
568.62
5.9%
€31 less
0.582624
CommBank logo
CommBank
566.82
6.2%
€33 less
0.573712
ANZ Bank logo CommBank logo St George Bank logo Bank of Melbourne logo BankSA logo
566.65
6.23%
Bank Average
0.578920
BankSA logo
BankSA
564.60
6.57%
€35 less
0.577322
Bank of Melbourne logo
Bank of Melbourne
563.44
6.76%
€37 less
0.577324
TransferWise
 
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TransferWise: Travel Money AUD→EUR
From Amount (AUD)A$1,000
Fee:2
Exchange Rate:0.6013 (-0.5% from mid-rate)
To Amount (EUR)600.10
Total Cost:0.7%
Time:19:26 Local
Currency Services:Multi-currency debit card with linked foreign bank accounts
Delivery/Collect:5-7 days
Rating:
 
: 4.6/5.0
Review:


Travelex Cash
 
loading
Travelex Cash: Travel Money AUD→EUR
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:0.5839 (-3.38% from mid-rate)
To Amount (EUR)575.14
Total Cost:4.83%
Time:
Rate Fetched: Fri Sep 25 2020 19:15:04 GMT+0000 (UTC)
Currency Services:FREE Home delivery & Branch pickup
Delivery/Collect:2-3 days
Rating:
 
: 4.3/5.0
Review:


Travelex Card
 
loading
Travelex Card: Travel Money AUD→EUR
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:0.5813 (-3.81% from mid-rate)
To Amount (EUR)572.58
Total Cost:5.25%
Time:
Rate Fetched: 19:26 Local
Currency Services:FREE Home delivery & Branch pickup
Delivery/Collect:2-3 days
Rating:
 
: 4.3/5.0
Review:


ANZ Bank
 
loading
ANZ Bank: Travel Money AUD→EUR
From Amount (AUD)A$1,000
Fee:24
Exchange Rate:0.5838 (-3.39% from mid-rate)
To Amount (EUR)569.79
Total Cost:5.71%
Time:
Rate Fetched: website - Fri Sep 25 2020 19:03:04 GMT+0000 (UTC)
Currency Services:
Delivery/Collect:-
Rating:
 
: 3/5.0
Review:


St George Bank
 
loading
St George Bank: Travel Money AUD→EUR
From Amount (AUD)A$1,000
Fee:24
Exchange Rate:0.5826 (-3.59% from mid-rate)
To Amount (EUR)568.62
Total Cost:5.9%
Time:
Rate Fetched: website - 19:26 Local
Currency Services:
Delivery/Collect:-
Rating:
 
: 1/5.0
Review:


CommBank
 
loading
CommBank: Travel Money AUD→EUR
From Amount (AUD)A$1,000
Fee:12
Exchange Rate:0.5737 (-5.06% from mid-rate)
To Amount (EUR)566.82
Total Cost:6.2%
Time:
Rate Fetched: website - Fri Sep 25 2020 19:02:02 GMT+0000 (UTC)
Currency Services:
Delivery/Collect:-
Rating:
 
: 1.2/5.0
Review:


Banks - Average Rate
 
loading
Travel Money AUD→EUR
From Amount (AUD)A$1,000
Fee:
Exchange Rate:0.5751 (-4.83% from mid-rate)
To Amount (EUR)566.65
Total Cost:6.23%
Currency Services:
Click bank icon to add to table
Delivery/Collect:-


BankSA
 
loading
BankSA: Travel Money AUD→EUR
From Amount (AUD)A$1,000
Fee:22
Exchange Rate:0.5773 (-4.47% from mid-rate)
To Amount (EUR)564.60
Total Cost:6.57%
Time:
Rate Fetched: website - 19:26 Local
Currency Services:
Delivery/Collect:-
Rating:
: /5.0
Review:


Bank of Melbourne
 
loading
Bank of Melbourne: Travel Money AUD→EUR
From Amount (AUD)A$1,000
Fee:24
Exchange Rate:0.5773 (-4.47% from mid-rate)
To Amount (EUR)563.44
Total Cost:6.76%
Time:
Rate Fetched: website - 19:26 Local
Currency Services:
Delivery/Collect:-
Rating:
: /5.0
Review:


 
loading
Snapshot 09/25/2020 - View live rates
 

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.

 
Please note that the opinions of our authors are their own and do not reflect the opinion of Best Exchange Rates and should not be taken as a reference to buy or sell any financial product.
 

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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