National Bank money transfer review & guide

Exchange rates, payment options, step-by-step guide, transfer fees, and all you need to know about .

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Everything you need to know

National Bank 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 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.

Payment Methods Available with National Bank

National Bank of Canada offers various payment methods to suit customer needs for both domestic and international transfers. Here are the available payment methods: </li>

Bank Transfers (Wire Transfers)

Interac e-Transfer

International Transfer by Mastercard

Credit and Debit Cards

Bill Payments

How much can I transfer with National Bank?

At National Bank of Canada, the maximum amount you can transfer varies based on the transfer method and whether you're sending money domestically or internationally

Online Transfers via Mastercard

The maximum amount is $70,000 per month

Interac

The maximum amount is $125,000 per month

Business Transfers

The maximum amount is $25,000 per day and $100,000 per week.

How long does a transfer usually take with National Bank?

The time it takes for a transfer with National Bank of Canada depends on the type of transfer and the destination. For domestic transfers within Canada, such as Interac e-Transfers, the process is usually instant or completed within a few minutes. Wire transfers within Canada may take 1 to 2 business days to process.

Pros and Cons of using National Bank

Pros

Low flat fee for transferring to Europe

Easy and fast online transfer option

Offers a special bank account for customers new to Canada

Cons

High fees for wire transfer

High fees which vary according to the country you’re sending to.

Can only transfer to European countries when using the online option

How it works

How does National Bank make money?

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.

National Bank exchange rates

National Bank Money Transfer's exchange rate is competitive. But, there are better services out there. The company's rate is under the interbank rate. This is good for you, the sender. But it is still not the lowest rate among National Bank's competitors. As an example, take a transaction where a customer wants to send pounds from Great Britain, converting it to dollars in Australia. For sending pounds National Bank usually charges a 1-1.5% margin on the mid market exchange rate.

Best rates with RemitBee

RemitBee makes sending money abroad simple, fast, and affordable. With transparent fees and no hidden charges, it offers competitive pricing for international transfers. You can choose from multiple payment methods and benefit from the mid-market exchange rate, which ensures you get the best value for your money.

Transfers are secure, with top-level encryption protecting your data and funds. Whether you're sending money to family or handling business transactions, RemitBee ensures a smooth, reliable experience every time.

Safety and security

Is National Bank money transfer secure?

Yes, National Bank of Canada is considered a very secure and trustworthy option for money transfers.

The bank is federally regulated by the Office of the Superintendent of Financial Institutions (OSFI) and is a member of the Canada Deposit Insurance Corporation (CDIC). It operates under strict compliance and consumer protection regulations.

Security features

All customer accounts are secured with advanced security technologies, including 256-bit SSL encryption to protect data during transfers.

Multi-factor authentication (MFA) is used for online banking and money transfers to ensure only authorized access.

Identity verification is required for certain transactions, adding an extra layer of protection against unauthorized activity.

The bank employs both automated fraud detection systems and manual monitoring to detect and prevent suspicious or fraudulent transactions.

Other Money Transfer Providers

Frequently asked questions

Have questions? We have answers!

How much can I send abroad with National Bank?

What countries can I send an international money transfer to with National Bank?

Is it possible to send a transfer using my credit card?

When will my recipient get their transfer?