National Australia Bank Foreign Currency Account Review

Features of a National Australia Bank Foreign Currency Account

Every National Australia Bank Foreign Currency Account includes several helpful features that provide their users with the flexibility they need in real time. There are several other options for foreign currency accounts that may prove slightly more affordable, the level of flexibility that NAB provides is second to none.

NAB Connect: With NAB Connect, you’ll be able to access your account from anywhere in the world, hold foreign currency in Australia, and convert it as it suits you and your business.

With the NAB Connect mobile app, you’ll also be able to manage every aspect of your banking experience on the go as well. Unlike many banking applications which provide limited functionality, you can handle almost any transaction you need to make from NAB connect.

Overdraft Facility: If approved, you’ll be able to take advantage of an overdraft facility which can provide your business with an enhanced level of flexibility, even when you don’t have the money in your account to cover a transaction.

Foreign Exchange Solutions: NAB staffs an experienced team of foreign currency specialists who work to constantly monitor market rates to provide your business with the support you need.

Fees

While a foreign currency account with NAB carries little to no monthly fee, users are subject to a range of charges for different banking transactions, and you’ll want to study NAB’s explanation of fees before opening an account to make sure it’s a strong fit for your business.

Businesses that will use the account to handle many transactions a month may be better served with the $10 monthly fee option, which allows you to waive any fees related to withdrawals, deposits. There is also an option for an account with no monthly fees where you’re charged a small fee for each withdrawal, deposit or cheque.

If you’re interested in other business services that NAB provides, those are also subject to different fees. For example, you can expect to pay AUD 175 to open up a business credit card account for your existing account.

Exchange Rates

As anyone who deals in foreign currencies can tell you, exchange rates can be volatile and are subject to change at any time. NAB provides users with real-time exchange rate information to help better inform their transaction decisions.

With the help of the NAB Connect banking application, experienced bankers will be able to work through any exchange rate issues on their own. But, if you’re unsure, a NAB representative will be able to walk you through the best course of action when you’re sending or receiving money in a foreign currency.

How to Apply for An Account

Should you decide that an account with NAB is a good fit for your business, applying for a foreign currency account is a quick and painless process.

If you’d prefer to open your account in person, you can stop by any NAB branch during regular business hours. There, a banking professional will be able to walk you through the ins and outs of the account and get your new account set up quickly and easily.

If you prefer, you can also call National Australia Bank and speak with a banking professional. You can even use their website to set up a convenient time to have a representative call you to discuss setting up an account.

After you’ve set up your account, you’ll be able to make use of NAB Connect, which will allow you to manage virtually every aspect of your foreign currency account from your mobile phone, tablet or computer.