NAB foreign currency account: Review & comparison
Last updated: 1st August 2024
Explore the features and benefits of NAB’s foreign currency account in this detailed review.
Key takeaways
- NAB allows businesses to set up local currency accounts in 16 major currencies
- You can’t open a foreign currency account online – it can only be done through a NAB branch or representative
- A fee may be charged for large foreign currency balances exceeding NAB’s set threshold
- There are no account opening fees, monthly fees or minimum balance requirements

Introduction
A major Australian bank with a global presence, National Australia Bank (NAB) offers foreign currency accounts for businesses that make frequent international transactions.
But is this the right business bank account for you? Our guide to the NAB foreign currency account looks at how much it costs to send and receive payments, whether it can protect your business’s profit margins and more. We also discuss an alternative to NAB: WorldFirst.
Table of Contents
What is the NAB foreign currency account?
NAB offers foreign currency accounts for businesses that want to send, receive and hold multiple currencies in the same account.
You can use NAB Connect, the bank’s online platform, to manage your account from anywhere and make international transfers online.
NAB is one of the leading banks in Australia. It offers individuals and businesses various financial services, including bank accounts, loans, credit cards and wealth management.
Pros and cons of the NAB foreign currency account
Pros | Cons |
---|---|
|
|
- Open 15+ local currency accounts and get paid like a local
- Pay suppliers, partners and staff worldwide in 100+ currencies
- Collect payments for free from 130+ marketplaces and payment gateways, including Amazon, Etsy, PayPal and Shopify
- Take control of spending with the World Card, a business expense card that saves you more with 1% cashback. Learn more
- Save with competitive exchange rates on currency conversions and transfers
- Lock in exchange rates for up to 24 months for cash flow certainty
NAB alternative: WorldFirst
With WorldFirst, global online sellers and SMEs can make fast and secure international payments in 100+ currencies across 200 countries and regions.
You can set up local currency accounts in 15+ currencies, including GBP, USD, CAD, EUR, AUD, NZD and CNH.
A World Account lets you:
Get paid in multiple currencies: Set up local currency accounts in your company name with unique account details, without needing an overseas address.
Make cross-border payments: Pay suppliers, staff and business partners in 100+ currencies.
Lock in exchange rates: A forward contract lets you lock in exchange rates for up to 24 months, so you can budget with more certainty and protect your profit margins against any sudden currency fluctuations.
Make instant payments: Payments between World Accounts are instant and free.
Receive marketplace payments: It’s free to collect payments from 130+ marketplaces and payment gateways, including Amazon, eBay, AliExpress and Stripe.
If you are still unsure about WorldFirst vs NAB, take a look at our comparison of fees.
NAB Foreign Currency account fees[4] | WorldFirst | |
---|---|---|
Monthly fee | Free | Free |
Opening a multi-currency account | Unconfirmed – no information online | Free |
Receiving funds | Deposited to NAB account: $15 | Free |
Holding funds in multiple currencies | Interest charges may apply when funds exceed the threshold amount set for different currencies | Free |
Sending payments to other accounts | [Fixed transaction fee] + up to 0.6% currency conversion fee (Up to 0.8% for 1688 payments |
Sources:
- https://www.nab.com.au/business/business-bank-accounts/specialised-accounts/nab-foreign-currency-account
- https://www.nab.com.au/content/dam/nabrwd/documents/rates-and-fees/investment/fc-holding-fee-thresholds-pdf.pdf
- https://www.nab.com.au/business/business-bank-accounts/specialised-accounts/nab-foreign-currency-account/terms-conditions
- https://www.nab.com.au/important-information/business/banking-fees-charges#5-nab-foreign-currency-account
Disclaimer: The information contained is general only and largely our views. Before acting on the information you should consider whether it is appropriate for you, in light of your objectives, financial situation or needs. Although information has been obtained from and is based upon multiple sources the author believes to be reliable, we do not guarantee its accuracy and it may be incomplete or condensed. All opinions, estimates, mentioned products/services and referenced material constitute the author’s own judgement as of the date of the briefing and are subject to change without notice. WorldFirst shall not be responsible for any losses or damages arising from your reliance of such information.
Airwallex review 2025: Features, fees and alternatives
Check out our review of the Airwallex business account, a digital payments and financial platform. See how it compares to WorldFirst for business needs
Jun / 2025WorldFirst vs Wise Business: Fees and features comparison
WorldFirst and Wise both allow businesses in Australia to make secure international transfers. But which one is better for your bottom line?
Jun / 2025WorldFirst vs Airwallex: Features, fees and account comparison
Compare WorldFirst and Airwallex for your business. See how their features, fees and strengths stack up.
Jun / 2025Choose a category below for more business, finance and foreign exchange support from WorldFirst.
- Almost 1,000,000 businesses have sent USD$300B around the world with WorldFirst and its partner brands since 2004
- Your money is safeguarded with leading financial institutions