September 2024 updates

Reduction in International Overseas Bank fees for USD and NZD currencies

After negotiation with NAB's overseas correspondent banks, we are pleased to advise that from 1 September 2024 some pre-paid overseas bank fees have been reduced. The changed fees relate to the following international payments when electing to pay the fee as the "Remitter":

USD payments have reduced from $25 AUD to $15 AUD.

NZD payments have reduced from $15 AUD to $5 AUD.

These reduced fees will appear in your September NAB Connect tax invoice issued in October 2024.

24/7 processing for Linked Account Transfers

From September 2024, we’re removing the cut-off times for Linked Account Transfers (LAT). This means you can make transfers between your linked accounts whenever you want. 

Note, the current cut-off times still apply to transfers between linked credit cards and NAB Business Markets Loan (BML) or NAB Corporate Markets Loan (CML) facilities. 

See our Payment cut-off information and times.

In rare cases, when bulk authorising multiple payment types, including LAT payments, the LAT payment may enter a 'Requires repair' status due to differing cut-off times across payment types. If this occurs, you can:

  • Select a different debit account for the transfer.
  • Add funds to the original account.
  • Adjust the payment amount to match the available balance in the account.

Refer to the 'Payment history' screen for further details on payments in 'Requires repair' status.

Benefits of this change

  • You can transfer between your NAB Connect accounts at any time with no payment fees.
  • No need to forward date a payment when you submit a LAT payment on a weekend or public holiday.

Previous updates

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Important information

  • Disclaimer 1

    In most cases Fast Payments take less than a minute to process, assuming the beneficiary is authorised to receive Fast Payments. Fast Payments are subject to your normal authorisation requirements and account eligibility. This transaction fee change is applicable for all customers who are on a standard Fast Payment transaction fee cost.