Understanding rate sources and Foreign Exchange deals

Make sure you’re logged into NAB Connect to get started.  

1. From the Payments menu, select ‘International’.
2. Enter your details as per the guide to creating an international payment.
3. In the Settlement details section, you will be prompted to select a ‘Rate source’ and ‘Settlement amount’. 
   • Available FX deals display only after you enter details for the payment currency, debit account and value date. 
   • Deals display according to the debit account and linked NAB Markets profile. 
   • The international payment can be settled by either a single rate source (e.g. NFCA) or a combination of rate sources (e.g. Available FX deals and NFCA).
   • If you’ve entered the first rate source and the payment isn’t fully settled, the Add another settlement leg button will become available. You will now be able to enter multiple combinations. You can then add additional settlement legs.

Rate sources in detail

You have a range of rate sources to choose from, which you can select as a single source or as a combination.

Bank to Convert (BTC)

• Send a payment without accepting an exchange rate
• Uses the standard NAB retail rate
• The exchange rate booked for your payment is displayed only after NAB has processed the payment
• Future date up to 10 business days (today plus 10 business days) in advance
• If for any settlement leg you select BTC for an account that has an FX profile, NAB Connect will display a warning message to use a different rate source

Available FX Deals 

• Use up to six previously booked FX deals. This includes Spot, Forward (FEC) and Pre-delivered deals. 
• Only available for NAB Markets customer use
• Future date up to 10 business days (today plus 10 business days) in advance

NAB Foreign Currency Account (NFCA)

• Utilise your NAB foreign currency account to fund your payment. 
• You’ll need a NAB Foreign currency account in the same currency as your payment. Cross currency payments are not supported.
• Future date up to 10 business days (today plus 10 business days) in advance

Real Time Rate (RTR)

• Displays your rate. Book the rate on acceptance. 
• Rate acceptance is required directly following final authorisation by the last payment authoriser
• Future date up to two business days for NAB Markets customers (today plus two business days) in advance. For all other customers same day processing is only allowed

Settlement combinations

Primary

This can be one of Bank to Convert (BTC), eFX Spot (eFX) or Real Time Rate (RTR).

Secondary

This can be one of NAB Foreign Currency Account (NFCA) or NAB Foreign Currency Account (FCA).

Third

There can be up to six Forward Exchange Contracts (FEC).

Please note

When you select a deal, NAB Connect calculates the full debit amount for you and displays it in AUD in the Debit amount field.