Payments - transfers

• Can I use NAB Internet Banking to make payments or transfers to accounts at other banks?
• What details do I need to make a payment or transfer to another person's (or business') account?
• Can I use NAB Internet Banking to process my payroll?
• Can I use NAB Internet Banking to make payments or transfers to overseas beneficiaries?
• What types of payroll files can I import into Internet Banking?
• Can I use NAB Internet Banking to pay my suppliers?
• Can I save the details of a Multiple funds transfer so that I can use them again?
• Is there a limit to how much I can transfer using NAB Internet Banking?
• When I transfer funds to a payee using NAB Internet Banking, what will appear on their statement?
• Which accounts can I transfer money to and from?
• How many days does it take for a payment or transfer to reach another bank?
• If I transfer money today, can I take it out at the ATM?
• Can I cancel a payment or transfer?
• Can I modify a payment or transfer?
• Can I set up a periodic payment?
• Can I transfer money overseas?
• What are the cutoff times for bill payments and funds transfers?
• Why am I receiving the error message 'Payment Rejected. The amount is greater than the maximum amount accepted for this transaction type'
• How do I create a Multiple funds transfer Payment File template?
• How many Payment File templates can I save?
• Can I modify or delete payees from my Payment File template?
• What happens to the Multiple funds transfer if it contains invalid payee details?
• How will I know if a future dated Funds transfer has been rejected?
• Can I have access to my saved payee list when creating a Multiple funds transfer?
• When initiating a new funds transfer, why does NAB Internet Banking refresh after I select 'My NAB account / My payee'?
• Are donations made via Internet Banking tax deductible?  
• Can I transfer to my MLC and General Insurance products?  
• Can i redraw funds from my NAB Loan?
• How much can I redraw?
• Is there a redraw fee?

Can I use NAB Internet Banking to make payments or transfers to accounts at other banks?

Yes. NAB Internet Banking allows Pay anyone access which allows you to transfer funds outside of your own linked accounts to other peoples NAB accounts and any Australian financial institution when you are registered for SMS security.

Customers with selected NAB Everyday Banking accounts, who are registered for SMS Security are able to transfer money from their NAB accounts to an overseas beneficiary via NAB Internet Banking.

To enable Pay anyone access and register for SMS security please call 1300 651 656.

The default "Pay anyone" access daily limit is $5000. To apply for a higher limit up to $20,000, please visit a NAB branch.

1. Visit a NAB branch to be identified. Locate your nearest NAB branch.
2. Nominate a daily transfer limit. Once your application has been approved, the changes will appear the next time you log into Internet Banking.

What details do I need to make a payment or transfer to another person's (or business') account?

You will need the following information to make a payment to another person's (or business') account at NAB or another financial institution in Australia.

If you want to make a transfer to a non-credit card account, you will need the:

• BSB number (this identifies the bank and outlet of the person you wish to pay and must be exactly six digits in length),
• account number of the person you wish to pay (this must be numeric), and
• account name of the person you wish to pay.

If you want to make a payment to a 3rd party NAB credit card (not within your own profile) or any another Australian financial institution, you will need to use BPAY® for these payments. You will need the:

• BPAY®Biller code of the institution from which the account is held, and
• the Customer Reference Number for the account you wish to pay.

 If you want to make a payment to a MasterCard or Visa Card at another Australian financial institution, you will need to use BPAY^® for these payments.  You will need the:

• BPAY^® Biller code of the institution from which the account is held, and
• the Customer Reference Number for the account you wish to pay.

Can I use NAB Internet Banking to process my payroll?

Yes. If your access level allows you to pay money to any financial institution in Australia, you can process your payroll using Multiple funds transfer.

This is a great way to save you time and money, as you can import your payroll file from your payroll software and process it via NAB Internet Banking.  The payroll file can can be future dated, up to 18 months in advance.  Alternatively, you can manually enter the individual payee details into NAB Internet Banking and then save the Payment File so that it can be used again in the future.

Can I use NAB Internet Banking to make payments or transfers to overseas beneficiaries?

Yes. Providing you are registered for SMS Security and have Pay Anyone access activated. Please visit the International Transfer feature description for more information.

What types of payroll files can I import into Internet Banking?

Using the New multiple funds transfer function, you can import a payroll file to speed up the process of submitting a multiple funds transfer. Internet Banking will accept any file which conforms to the Australian Payments Clearing Association (APCA), Direct Entry (DE) file format. These types of files can be generated using business accounting software (e.g., MYOB^®, Quicken^®) and usually take the format "filename.aba". Please note when importing the file into Internet Banking, it is not necessary to be a registered Direct Entry user with a DE User Id (also known as a "Bank ID" or "APCA Number") - this value in the file will be ignored by Internet Banking.

You can also import a previously saved Payment File that was originally created using Internet Banking. 

Can I use NAB Internet Banking to pay my suppliers?

Yes. If your access level allows you to transfer money to any financial institution in Australia, you can:

• use the Funds transfer function to directly pay into a supplier's bank account, or,
• use the Multiple funds transfer function to pay multiple suppliers from one account, at the same time.

Can I save the details of a Multiple funds transfer so that I can use them again?

Yes.  Each time you create a Multiple funds transfer you have the option of saving the details as a Payment File template, that can be imported into Internet Banking.

The "Save to file" option is available on the New multiple funds transfer-bank acknowledgment screen.  Each Payment File template can be saved with a different file name to assist you in differentiating between the purposes of each Payment File template.  For example, you may have a Payment File template that contains all of your supplier details and another that contains the details for your employees so that you can process your payroll.

Is there a limit to how much I can transfer using NAB Internet Banking?

A "daily transfer limit" applies to selected transactions performed in NAB Internet Banking.

When I transfer funds to a payee using NAB Internet Banking, what will appear on their statement?

The information you enter into the Description field when making a NAB Internet Banking transfer will appear on both your statement and the payee's statement. Use this field to help you and the payee identify the transaction.

When transferring funds to accounts at banks other than NAB, an abbreviation of the remitter name will also appear on the payee's statement. This abbreviation is up to twelve characters in length. If you wish to amend this abbreviation for one or more of your accounts to better assist payees in identifying your payments, please contact your Banker.

Which accounts can I transfer money to and from?

NAB Internet Banking gives you the ability to move money between your accounts, or even to other accounts at NAB or at any financial institution in Australia. You can transfer money from most of your transaction accounts and credit cards, as long as you have sufficient funds available.

You can transfer money "to" most NAB accounts, (with some exceptions, for example, Term Deposits, Trust Accounts and some lending accounts). This function is useful if you want to make extra payments to a Home Loan* or credit card account.

You can also transfer money to beneficiaries in selected Countries outside of Australia if you are registered for SMS Security.

Note: It is only possible to transfer money using Funds transfer to other credit card accounts,. To pay other 3rd party credit card accounts, you will need to use BPAY®

How many days does it take for a payment or transfer to reach another bank?

Transferring funds between your own NAB accounts occurs immediately.

Transferring funds to NAB accounts not within your own profile (3rd party accounts) occurs immediately provided that you are registered on SMS security. For customers not using SMS security, transfers are delayed for a minimum of 24 hours.

Transfers to accounts with other Australian financial institutions are processed overnight. As long as the transfer is completed before the cut-off time of 6:00 pm Australian Eastern Standard Time, funds at the other institution will usually be available the next business day (depending on the institution).

Transfers to accounts outside of Australia (via the International transfer option) may incur a delay of up to 24 hours. Please refer to the currency cut off times for each country.

If I transfer money today, can I take it out at the ATM?

If you transfer funds to your NAB transaction accounts, which allow access via the ATM, you will be able to withdraw any available funds immediately.

Can I cancel a payment or transfer?

Yes.  You are only able to cancel future dated and periodic Bill payments, single or multiple Funds transfers (i.e. transfers not due for payment today).

Can I modify a payment or transfer?

Yes.  You can modify Bill payments, single or multiple Funds transfers that have a status of periodic or future dated (i.e. transfers not due for payment today).

Can I set up a periodic payment?

Yes.  You can create a periodic Bill payment or Funds transfer at any time via NAB Internet Banking.

Can I transfer money overseas?

Yes. Providing you are registered for SMS Security and have Pay Anyone activated, you can transfer money to selected overseas beneficiaries through the ‘International Transfer’ option within your NAB Internet Banking.

What are the cut-off times for bill payments and funds transfers?

NAB Internet Banking is available 24 hours a day, seven days a week.

Bill payments and single Funds transfers

The following table indicates the cut-off and processing times for Bill payments and Funds transfers.

NB You have until 1am AEST on the day a future dated or periodic Funds transfer or Bill payment is due to be processed, to modify or cancel it.

Multiple funds transfers

The following table indicates the cut-off and processing times for Multiple funds transfers.

NB You have until 1am AEST on the day a future dated or periodic Multiple funds transfer is due to be processed, to modify or cancel it.

If you submit a Multiple funds transfer before 10pm AEST, the debit will have a statement date of today, if submitted between 10pm AEST and midnight, the debit will have a statement date of the next business day.

Why am I receiving the error message 'Payment Rejected. The amount is greater than the maximum amount accepted for this transaction type'?

Most billers using the BPAY^® payment scheme have a transaction limit applied. 

How do I create a Multiple funds transfer Payment File template?

Each time you create a Multiple funds transfer, you have the option of saving the details as a Payment File template that can be imported into Internet Banking.

You must first create a Multiple funds transfer either manually or import a Direct Entry/payroll file.  Once the file has been created, authorised and submitted for payment, you can save the details as a Payment File template that can be imported into Internet Banking.

The Payment File template must be saved with the file extension .ibf.

How many Payment File templates can I save?

There is no restriction to the number of Payment File templates that you can save. The Payment File templates can be saved on your PC or onto a disk.  The number of files you can save is dependent on the amount of free space you have on your PC or disk.

Can I modify or delete payees from my Payment File template?

Yes.  Once you have imported your Payment File template, the New multiple funds transfer screen will display all your imported payee details.  You can then modify, add or delete payees from your list before processing the transfer.

To modify your payee details, type over the existing information in the cells. 

To add payees, simply enter the payee details on the next available line.  You may need to click on the "Add more credits" button if you require more lines.

To remove a payee from your list, use the delete button on your keyboard to remove the characters from each of the cells for that payee.

Then select the "Next" button to proceed with your transfer.

Once you have processed the transfer, you have the option to save the file again.  You can either overwrite your previous Payment File template or save it with a new name to keep a number of different templates.

What happens to the Multiple funds transfer if it contains invalid payee details?

NAB cannot verify details of accounts at other financial institutions in Australia.  Before making the first transfer to an account holder, you should confirm the account holder's details, as many institutions will reject a transfer if the account number is incorrect.

Transactions with invalid payee account details may be rejected by the receiving financial institution and the transaction will be returned as a credit back to your bank account. 

Transactions with invalid payee account details may take a few days to be returned to your account.

How will I know if a future dated Funds transfer has been rejected?

You will know that a future dated Funds transfer has been rejected after the nominated transfer date.  All single and multiple Funds transfers will appear on you funds transfer list.  The status column will display any rejected funds transfers with the status "rejected".  To view the reason for the transfer being rejected, click on the transfer date. 

You will also receive a message via the Internet Banking Secure Messaging service to advise you that the transaction has been rejected.

When conducting a single or multiple Funds transfer:

• Please take care to ensure that you enter all the correct account details into NAB Internet Banking.  Many institutions will reject the transfer if the account number is incorrect.
• You should check to ensure that your account has sufficient funds to prevent Funds transfers being rejected.
• You should obtain the payee's permission to make a transfer using NAB Internet Banking.  This may be especially relevant if the payee requires specific information to help them identify your payment.

Can I have access to my saved payee list when creating a Multiple funds transfer?

You do not have access to your saved payee list when creating a Multiple funds transfer.  However, you can create a Multiple funds transfer Payment File template that contains all of your saved payees, so that you can simply import it into Internet Banking whenever you want to process a payment. 

There are six easy steps to create your Multiple funds transfer and template:

1. Wait until the next time you need to process a Multiple funds transfer.
2. Have available the payee account details that you need to create the Multiple funds transfer.
3. Create the Multiple funds transfer.
4. Select when you want the payment to be processed, ie. immediately, on a specified date in the future or periodically.
5. Authorise the payment to be processed.
6. Select the "Save to file" button to save the details of the Multiple funds transfer as a Payment File template.

The next time you want to process a Multiple funds transfer, you can simply import your saved Payment File template, which will have all the details of your payees. 

When initiating a new funds transfer, why does NAB Internet Banking refresh after i select 'My NAB account / My payee'?

We have enhanced the Internet Banking funds transfer page to limit the number of pages required to complete a funds transfer. When selecting a predefined account or payee the page refreshes to import the description and remitter name that you have previously setup.

Are donations made via Internet Banking tax deductible?

Donations to your preferred charity can be made via NAB Internet Banking.

The Australian Tax Office has confirmed that your Internet Banking Funds Transfer Acknowledgement should be sufficient evidence to support an income tax deduction for the amount you donate.

It is recommended that you print your New funds transfer - bank acknowledgement at the time of payment. You can use the print feature of Internet Banking from the utility bar above the main menu.

If you don’t print at the time of payment, the Funds transfer Bank acknowledgement details can be printed by accessing your Funds transfer list. To access this list, click on the ‘Funds transfer’  main menu selection and the full menu list will appear in the frame on the left hand side of your browser window.

Please note: The Funds transfer Bank acknowledgement details are only available for up to 90 days from the date of payment.

Further information is available from the ATO website.

Can i redraw funds from my NAB Loan?

Yes. Loan Redraw via NAB Internet Banking allows you to access Personal or Home Loan funds that you’ve paid ahead of your scheduled repayments.

How much can I redraw?

You can only redraw amounts that you have paid ahead of your repayment schedule. The minimum redraw amount for your unsecured variable-rate NAB Personal Loan is $500.00; the maximum redraw amount is $15,000.00. The minimum redraw amount for your NAB Home Loan is $2000.00; the maximum redraw amount is $80,000.00

Is there a redraw fee?

Redraw fees are not applicable however standard NAB Internet Banking fees for transfers between accounts will apply.

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and other countries.
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