National Bank Money Transfer Review

Are you looking to send money overseas from Canada? If so, you may want to consider National Bank’s international money transfers. National Bank is one of the most recognised banks in Canada, and their transfer service is used by many. In addition to wire transfers, they also offer a special International Transfer by Mastercard option.

But is this the right option for you? What are the pros and cons of using this bank, and are the fees and exchange rates offered good? If you have questions, this guide will show you everything you need to know about National Bank’s money transfer services.

National Bank’s wire transfer fees vary according to the type of account you hold and the method you use, whether in-branch or online. However, a flat fee applies to the International Transfer by Mastercard no matter which account or package you have.

The wire transfer fee for sending in branch to Canada or the United States is $15.00. For all other countries the fee is $20.00.

Online international transfers using International Transfer by Mastercard cost a flat fee of $5.95. If applicable, account withdrawal transaction fees will also be deducted.

National Bank also applies service charges in addition to the above fees. These depend on the type of account held. Line of Credit and Chequing Accounts fees are $1.25. For the High Interest Savings Account the fee is $5.00.

For the All-In-One home equity account, there is no extra fee charged to the customer. This is because most transactions are included in the account’s monthly fee.

Here are the two options you have to send money overseas using National Bank. The first is the International Transfer by Mastercard. National Bank was the first Canadian bank to offer this service. It works through the Interac transfer platform. Millions of Canadians already use Interac to send transfers to Canadian accounts. The second option is wire transfer.

1. If you have an online banking account already, sign in using your email and password. If not, create a new profile.
2. Click on the Send Money button and choose International Transfer.
3. You’ll then be asked to either select a recipient or add a new recipient.
4. You must provide the recipient’s full name, International Bank Account Number (IBAN), and their mailing address including their country of residence.
5. The money will be transferred directly to their account.

A wire transfer can be completed by visiting your local National Bank branch. At the branch a bank representative will assist you in sending the transfer. The same information required for an online transfer will be needed to send in branch. For most countries, you will also need the SWIFT number for your recipient’s account. The bank staff can also locate the SWIFT number if you do not have it.

In addition to transfer fees, National Bank also makes money on the exchange rate. The way they do this is similar to many other banks and services where currency is exchanged.

A quick search online will show you the mid-market exchange rate. This rate is the one that banks use to exchange currencies among themselves. The average bank customer, however, isn’t quite as lucky.

In order to make money on their transactions, banks add a margin to the exchange rate. This is why the rate that a bank gives you will never match the “real” mid-market rate shown on a search engine. National Bank is no exception. When you check the bank’s rate online, compare it to the mid-market rate to see how much of a markup is added.

Methods to contact National Bank include:

1-888-835-6281

By signing into online banking or using the contact form if you do not have an account

Find your closest branch on the bank's website.

The current National Bank group dates back over 160 years. Its current form today started in the 1980s. That was when Banque Canadienne Nationale and The Provincial Bank, in one of history’s largest-ever bank mergers, came together. Since then the National Bank group has been through several mergers and acquisitions. The bank even expanded into America with a branch in Florida.

Today, the bank has over 20,000 people working for it at all its locations. It also manages $263 billion in assets as of 2019. It is the sixth largest commercial bank in Canada.