Bank of Sydney, also known as BOS, is a local Australian retail bank with several branches around Sydney. BOS offers both personal and business financial...
National Australia Bank, usually shortened to NAB, is one of the Big Four Australian Banks. If you’re a business customer looking to manage your bank account 100% online, you might be interested in what NAB has on offer, especially with NAB Connect.
In this guide we’ll explore what the NAB Connect online platform is. We’ll also let you know how Wise could become a part of your business banking solution.
|💸 Looking for a stress-free international business account, with multiple cards, bank and accounting integration as well as mass payments?|
While NAB does not offer fully online business account, it provides two types of online business account management services, Internet Banking and NAB Connect.¹
NAB Business Internet Banking is a basic online business account platform which enables you to manage your data, accounts and payments online.
NAB Connect is a more advanced solution with greater capabilities. It’s tailor made for businesses with more management tools and functions than the Internet Banking account.
There are a few features which make NAB Connect a good option for people looking to manage the business account online.¹
- The payment limit can be as high as your account balance
- Business owners can create and manage different user profiles and levels of authorisation for staff to use when accessing the accounts
- You can make up to 25,000 domestic transactions using a single payment file upload
- It’s possible to book foreign currency exchange deals and view the applicable exchange rate before you transfer any money
The NAB Connect Business Account platform comes with some fees and charges for using the service. The table below outlines some of these. Keep in mind that for international transfers, the NAB fees don’t include any charges levelled by overseas banks.
|Service||NAB Connect Fee in AUD²|
|Account monthly fees||None|
|Direct Debit Payments||$0.25 per payment|
|Bpay® payment||$0.25 per payment|
|RTGS payment||$12.00 per payment|
|International transfer fee from the connected business account — for a sample amount of $1,000 AUD to GBP|
To sign up for NAB Connect you’ll need the following information.³
- Your business name
- Your contact details
- Your NAB Business Transaction Account details
If you don’t have a NAB Business Transaction Account then you’ll need to apply for one before you can have a NAB Connect account.³
|Read more: Business bank account with NAB: The Lowdown|
As there could be up to a 3 day window³ during which the NAB representative could call you back, it’s a good idea to have your company information and NAB Business Transaction Account details somewhere that’s easily accessible.
To apply for a NAB Connect account you’ll need to go online and**fill out the sign up form**. A representative from NAB will then call you back within 5 business days depending on the account complexity, to confirm your eligibility and finish setting up the account.³
The initial call back takes up to 2 business days with a standard NAB Connect account, and 3-5 business days for more complex cases³. After that NAB doesn't mention wait times, but it likely depends on how busy they are and if they request any additional documentation.
If you need help, it’s possible to directly contact the NAB Connect Client Centre.⁴
- Call 1300 888 413 from within Australia
- Call +61 3 8641 9930 if you’re overseas
- Visit your local NAB branch
Before you make any final decisions about which business account is best for you, it’s a good idea to have a look at what’s available outside of the Big Four banks.
Wise is an alternative financial services provider that is fully authorised by the Australian Prudential Regulation Authority (APRA). They offer a business Multi-currency account that has been especially designed for Australian and Multinational companies and traders, which has a few features that NAB Connect doesn’t.
With a Wise Business account you can get account details for AUD, as well as for accounts in several major global currencies. These accounts allow you to manage payments like a local, potentially allowing your business to reach new customers.
The account also enables you to send and receive money, process invoices and pay staff in over 50 different currencies. The currency exchange is based on the mid market exchange rate and you’ll know any fees and charges upfront, before you make a payment.
With a Wise Business account you can order multiple linked debit cards and easily manage them through the Wise app or your Wise online account.
To find out more about how Wise can benefit your business, take a look at the Wise Business account for yourself. You can easily sign up online, no need to wait for a call back.
- NAB - Online Business Banking
- NAB - NAB Connect fees and charges schedule
- NAB - How to Apply for NAB Connect
- NAB - NAB Connect: Contact Us
Sources checked on: 3 February 2022
This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from Wise Payments Limited or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date.
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