Business owners can now track their international money transfers, thanks to NAB’s new technology

Most business owners will tell you that stress and uncertainty are just a part of the job. But thanks to big bank, NAB, making an international money transfer just became a little more stress-free.

In an Australian first, business owners will now be able to track their international payments anywhere in the world through their NAB Connect Account Summary, providing greater clarity and transparency than ever before.  

“Until now, business customers sending money overseas have had no visibility of where their money travels, what fees have been deducted by overseas banks or when their payment has been received by the recipient,” said NAB General Manager of Payments, Paul Franklin.

In the past, if a NAB customer wanted to check the status of an international payment, they’d need to order a payment trace, at an additional fee of $25. With the new technology, they can do this for free.

“This is a game changer for small and large businesses who are amongst the world’s first to have visibility of their international payment information, at no extra cost,” said Franklin.

While there is no change to how a NAB customer issues an international money transfer, aside from the tracking feature, they will also be able to view the processing time and any fees associated with their transfer.

Franklin also mentioned that the bank has plans to expand this service to other areas later in the year.

“This is about giving our business customers greater control and confidence in the payment process and we’re proud to be at the forefront of this innovation. We look forward to rolling this service out to all customers through other channels in the coming year,” he said.

Since 2017, NAB has been sending payments via SWIFT gpi and have seen payments arrive within minutes when sent to banks in the same time zone.

And with NAB adopting the SWIFT gpi’s real-time tracking function, business owners will be able to calculate the amount of time needed for payments to be credited.  

“This end-to-end real-time payment tracking will add tremendous value to NAB customers by offering more visibility and furthering automating these functions,” said SWIFT General Manager, Bill Doran.

So if you’re a business owner looking to find out how NAB’s rates compare, check out our business international money transfers comparison tool.