How to send money to New Zealand using a money transfer service or foreign exchange broker.
Transferring Money To New Zealand
When transferring money to NZ, either to relocate or purchase a residential or commercial property. There is a series of ways to improve your chances of getting an ultra-competitive NZ dollar exchange rate, receive exceptional service, and guarantee you send out cash to New Zealand securely.Â
Ways to Send Money to NZ
- Debit Card â€“ when obtaining products on New Zealand web sites or using an internet merchant, you might be offered the ability to pay with a debit card. Internet websites are not likely to give affordable foreign exchange rates when sending money to NZ or to buy things on an international debit card. You are probably to be charged an admin fee from your bank to make the NZD settlement, as well as possibly be charged by the seller’s financial institution. Those needing to transfer cash to New Zealand to buy a house or pay a lawyer expense could be required to transfer money to NZ. They will require to move NZ dollars using their banks or, ideally, a foreign exchange specialist. Numerous FX brokers accept debit cards as a payment form. This facility leaves you to make payment with ease whilst avoiding charges and acquiring a far better NZD currency exchange rate.
- Credit Card â€“ Appropriate for leasing holiday accommodation before arriving in New Zealand. Bank credit cards supply simplicity and the likelihood of compensation from your card firm if all isn’t as it appears. Nonetheless, please understand that credit cards use uncompetitive NZD currency exchange rates and charge fees. Occasionally, air miles or credit card points can offset this.
- Bank Transfer â€“ Many will elect to transfer money straight to New Zealand from their international savings account. Usually, the foreign exchange rate to transfer money to NZ will not be as competitive as the fx broker will use. On top of this, you could need to stop by your bank to move a substantial amount to New Zealand. When sending out money to NZ via an overseas financial institution, you will need to pay a transfer charge or cost corresponding to â‚¤ 10-30 or international currency equivalent.
- Swift â€“ Swift settlements relate to money transfers outside the EU. Within the EU and therefore not applicable when sending cash to New Zealand is the SEPA settlements system. As a result of not using the quick SEPA system, money transfers to New Zealand can take a couple of days longer than transfers within the EU.
Required Bank Details to Transfer Money
Identification â€“ when you send money worldwide using a financial institution, you will be asked to provide 1-2 examples of a photo ID. You will need to have your bank account charge card on your person. Transfers to New Zealand typically will have to be made in your local branch. Suppose you have the option to send cash to New Zealand using your online account. In that case, you will probably require your debit card reader and also log in to hand to access your online account.
When utilising an FX broker, your ID documents will indeed all have been maintained when you opened the account. Your currency account manager will ask you some elementary questions to validate the account over the phone. Their online trading systems resemble those of retail banks with better online NZ dollar currency exchange rates.
Swift code â€“ A New Zealand Swift code will begin with a four-letter bank code, followed by a two-letter country code, then a 2-letter area code, concluded by a 3-digit branch code. New Zealand doesn’t use the IBAN system.
Time Needed to Transfer Money to NZ
- Typical time â€“ For an fx broker to obtain your global currency, change to NZD, and send your money transfer to a New Zealand account or recipient, you need to allow between 2-4 working days. Typically, the recipient’s financial institution may take a while to assign funds sent from abroad. If utilising a bank to send funds to New Zealand, you should permit 1-2 days extra as their handling is typically slower.
- Same-day transfer â€“ If funds are located in your foreign exchange transfer account. You have a chance of moving your NZ dollars to New Zealand and them clearing the following day. A same-day transfer to New Zealand is extremely unlikely when making use of the swift payments system. It can take the recipient bank account one day or more to allocate funds. Financial institutions will take a lot longer, typically 2-4 working days.
Cost of Making a Money Transfer New ZealandÂ Â
- Commission â€“ FX commissions that international banks take differ from one organisation to the next. However, one common similarity is they continue to be uncompetitive when compared to foreign exchange brokers. An Fx broker will commonly be able to save their clients around 1-4% when sending money to New Zealand and various other places outside of Europe.
- Transfer Fees â€“ An overseas bank will typically charge anywhere between â‚¤ 10 -â‚¤ 40, or local currency equivalent to transfer your money to NZ. A lot of forex brokers do not charge transfer charges. As an example, none included on Foreign Exchange Live do.
- Exchange Rate â€“ A bank will typically utilise a ‘day FX rate’, calculated when the branch opens in the morning. To decrease any FX market volatility affecting profitability. The NZ dollar rate will include a large margin, or spread will cover any daytime NZD volatility. Foreign exchange brokers contrarily work from live market currency exchange rates. Allowing you to make the most favourable trends and offer guidance if the NZ dollar rate weakens.
Fees for Receive Money in New ZealandÂ
New Zealand adopts the swift settlement service, which, when compared to SEPA, Swift can be costly and slow-moving. If you are sending cash to New Zealand, you will likely be charged an intermediary expense or fee. An fx broker will typically absorb the fee, yet financial institutions will charge.
Limits on Money Transfers to New Zealand
Customers should not be restricted on how much money they can move to New Zealand, providing you or the business can verify the NZD money transfer. If your money broker authorises the money transfer, there is no restriction on how much you can trade.
Usually, suppose a transfer goes beyond â‚¤ 500,000+ or local currency equivalent. In that case, your international currency broker can ask for a copy of a bank statement to confirm your ability to please the NZD currency trade. They might additionally ask for records to show the reason for the transfer (e.g., New Zealand property purchase).
Transfer a Deposit to Open a New Zeland Account
Worldwide banks or foreign money broker will be happy to assist with moving funds to transfer a New Zealand bank account. Just make sure any documents, along with your New Zealand account info, is to hand. After that, your financial institution or broker can help with your bank deposit transfer and send your money to MZ.
New Zealand financial institutions will typically expect you to credit your account rapidly. Some banks open the account with zero deposit but usually charge between NZ$ 5-25 monthly, including a debit card fee.
Do Foreign Exchange Brokers Transfer Money to all Kiwi Banks? Â
Providing the institution is regulated in New Zealand by the FMA. You have the correct details for the NZ bank you wish to credit. There will be no issue. Just ensure you have the bank details to hand, including the swift code and the NZ account number. Â
Safely Send Money to New Zeland
Luckily, foreign exchange brokers are aware of international payments scams. They will be diligent in your place, run recipients through their systems, and flag any suspicious payments.
FCA â€“ Always verify your UK foreign exchange provider is financial conduct authority (FCA) accepted. A UK foreign exchange specialist must never hesitate to share their FCA enrolment number or a link to the FCA’s register. They must also advertise info concerning their policy on their internet site.
Guarantees â€“ Whilst even the most legitimate foreign exchange broker will have no room to provide guarantees. Their segregated client accounts need to be held with tier 1 banking organisations. All consumer funds are contained within these ringfenced accounts and distinguished from their working capital if something was to occur to the foreign exchange specialist. This ringfencing permits you to obtain the funds directly from the tier 1 banks.
Protection â€“ Reliable foreign exchange services abide by substantial anti-money laundering procedure. Ensuring they are only taking care of the transfers of respectable customers and businesses. This compliancy is continued when they exchange money and transfer funds to New Zealand. To ensure standards remain high, currency exchange brokers might request details on transfers whose recipients look questionable. Money broker’s FX trading systems are electronically safeguarded. They furthermore utilise high levels of web security to avoid the possibility of their customer’s information being obtained.
Fraud â€“ Despite these preventative procedures, unsavoury money transfers can happen within the global transfers’ market. You can, however, take measures to decrease your opportunities of ending up being a transfer scams sufferer. Never send your password or security logins over email or be pressurised to make a money transfer by a forex broker. Ensure communication with your broker is from their business email address. If you are telephoned out of the blue by an unidentified member of the broker’s team or brand-new currency account manager. Agree to call them back to ensure they are an employee of the foreign exchange broker you work with.
Reasons to send money to NZ
- Bills â€“ Your New Zealand residence or company will have regular associated costs. These can include regional state real estate tax, renovation costs, or utility prices. An Fx broker will undoubtedly be happy to arrange settlements to cover your New Zealand account and look after any New Zealand cash transfers.
- Loans â€“ If you have been lent money from a good friend or family member in New Zealand, you could want to clear the financial debt if NZ dollar rates move in your favour. Conversely, suppose you have a home mortgage on your New Zealand property, and the NZ dollar rate is in your favour. In that case, you could think about sending money to NZ to clear part of your NZD residential or commercial property home loan.
- Family â€“ Birthday parties, as well as family gatherings, are never far away. Your forex brokerage account can be an excellent means to send out financial presents to family members in New Zealand.
- Property â€“ When the NZ dollar currency exchange rate jumps in your favour, you might think about capitalising and renovate your residence.
- Inheritance â€“ Regretfully, numerous people experience loved ones passing away overseas. You might need to repatriate inheritance to New Zealand. A broker can sensitively manage the transfer.
- Car â€“ If relocating to New Zealand, you might want to rent or purchase cars to commute or discover the country.
- Holiday â€“ If renting a residence or condominium for a trip to New Zealand, your fx broker will offer a better NZD fx rate than your bank or debit card.
- International wholesalers â€“ When buying overseas items or materials. You can use an fx broker’s solutions to alleviate the FX risk associated with purchasing items from wholesalers that market in NZD.
Foreign Exchange Brokers
Considering the services of a credible foreign exchange specialist is the best way to save money when sending money to New Zealand. Savings between 1-4% are feasible, significant on regular transfers and NZD property purchase money transfers. They can also provide you with several solutions to maximise the amount of currency you receive in New Zealand.
Finding a reputable Foreign Exchange Broker
Clients can compare the offerings of transfer services and foreign exchange brokers in many ways when they need to transfer money to NZ.
- Regulation â€“ always ensure the foreign exchange specialist you use is regulated. In New Zealand, for example, brokers must be authorised by the FMA (financial markets authority)
- Length of time in business â€“ typically indicating knowledge of the market, number of clients they’ve helped, stability in the market. They are most likely to have helped many other clients transfer money to New Zealand and deal with many different scenarios.
- Transfer fee or no transfer fee â€“ especially worth considering when the payments being transferred to New Zealand are small. A transfer fee can typically outweigh the advantages of sending the money to NZ via a bank or broker, even if the rate offered is competitive. All brokers promoted on Foreign Exchange Live work on a fee-free basis.
- Online transfer, telephone transfers or both â€“ online Apps are great for small transfers to New Zealand. Recourse can be slow if the money goes astray. Customer service when dealing solely online can vary. Much of this service is via a chat/text box or email. An established foreign exchange specialist will operate both an online and telephone dealing service. Meaning you speak directly to an account manager who will be assisted by a back-office team or customer service division.
Find The Right Broker To Transfer Money To NZ
Specialists such as Moneycorp and Rational FX have vast experience in advising and assisting clients worldwide and saving them thousands of pounds in the process.
- Customer Service â€“ Banks are cumbersome and hard to contact from overseas. Transfer apps can be convenient for smaller payments but don’t offer prompt customer support if an issue arises. Foreign exchange specialists offer a consistent service. All clients receive a personal account manager with a direct email address and phone number to enable easy contact and customer service if required.
- Safety and Security â€“ All top foreign exchange brokers will hold client funds in segregated accounts. All transactions are conducted following the FCA regulations and guidelines. We strongly advise checking with your broker on the exact details.
- No Expensive Fees or Charges â€“ Depending on the bank, it could cost anywhere from Â£10 to Â£4o or local currency equivalent for each transaction. A foreign exchange broker will process your transfer to New Zealand with no transfer fees and a narrow margin (or spread).
- Better Exchange Rates â€“ A bank will, as a rule, be making a spread of between 2-6%, whereas the rates on offer from leading providers will be around 1%. Once your trade is executed, you will be provided with a deal notification showing clearly the base currency amount and the number of Euros purchased.
Foreign Exchange Contracts
A foreign exchange specialist offers several supplementary services not available in banks or on many money transfer apps. These include:
- Spot contracts â€“ Arranging a transfer and agreeing on a rate, and sending the money to New Zealand shortly after.
- Forward contracts â€“ fix today’s exchange rate for payment up to 2 years in the future. Forward contracts guarantee the cost of your purchase and avoid foreign exchange volatility.
- Stop-loss â€“ If your currency pair is trending lower, a stop-loss protects your currency from depreciating too much. The money is traded automatically when it hits the agreed level.
- Firm order â€“ target a rate superior to the current foreign exchange market rate. Once the desired exchange rate is reached, the currency is purchased automatically day or night.
- Option contract â€“ as with the forward contract and having the ability to opt for a superior rate is the market rate improves. Typically for businesses rather than private clients.
- Regular international transfers â€“ A payment plan to send money overseas regularly.
Documents needed for a foreign exchange broker account
The application to open your foreign exchange account can be completed within minutes. The first step is to apply online, giving personal details and a brief overview of transfer needs. Once complete, you will typically need to supply the following to get your account approved
- Â·Â Â Â Â Â Â Â Â A valid form of photo ID
- Â·Â Â Â Â Â Â Â Â Recent utility bill or address proof (less than three months old)
List of Foreign Exchange Brokers
- Boutique brokerages such as Newbridge FX offer tailored services to cater to their clients’ needs and work tirelessly to limit their FX risk.
- Midsize brokerages such as Rational FX operate both corporate and private client operations, focusing on critical markets such as France and Spain.
- Large multi-Geographic operations such as Moneycorp operate in multiple jurisdictions. They have many local offices to best serve their global clientele.
Arranging a transfer to New Zeland
Once you have opted to use a currency exchange specialist and set the account up, you can proceed and book a foreign exchange transfer money to NZ. Agree on an Kiwi Dollar foreign exchange rate with your currency exchange broker or retail bank, then transfer the money to pay for the deal.Â
You’ll need to provide the Kiwi beneficiary details for the currency exchange provider or retail bank to pay the NZ dollars. When trading online, the process will follow a similar pattern. However, you’ll be prompted online rather than over the phone by your Currency exchange advisor.Â Â
Large Money Transfer to New Zeland
When making a sizable money transfer to New Zealand, the timing of buying your NZ Dollars will be key. On a transfer of Â£1000 to Australia, if the exchange rate moves by 3%, this represents a Â£30 difference. However, on a larger transfer of Â£100,000, this same 3% currency movement represents a difference of Â£3000, meaning you could receive fewer or more NZD in your Kiwi bank account, dependant on how good the timing is.
Instant Money Transfers to New Zeland
A handful of companies will offer instant money transfers to New Zealand. These companies will typically charge a transfer fee to send the money instantly. The Kiwi dollar exchange rate will be less competitive than those offered by a foreign exchange specialist. Typically, the NZD currency exchange rates offered are comparable to those found in airports and train stations.Â Â
When should I use an Instant Money Transfer Service?
Instant money transfer services to NZ should only be used out of complete necessity. For example, if a friend or family member is stranded with no NZD money or credit cards.Â Â Â
BanksÂ in New Zeland
Many banks are operating in New Zealand, offering a variety of services. International banks such as Rabobank, Deutsche Bank and Citibank have a presence. Still, New Zealand based banks or those with strong Antipodean links dominate the market. The Bank of New Zealand (BNZ) is a wholly-owned subsidiary of National Australia Bank. Still, it had operated in the country since 1861 when a branch was opened in Dunedin. Other significant banks include
Â·Â Â Â Â Â Â Â Â ANZ Bank of New Zealand
Â·Â Â Â Â Â Â Â Â Westpac New Zealand,
Â·Â Â Â Â Â Â Â Â ASB Bank.
ASB Bank is majority-owned by Commonwealth Bank and has a strong Australian presence. Kiwi bank is a wholly-owned subsidiary of New Zealand Post. It offers banking service through a national network of post offices and book stores. Once you have selected your bank, you need to open an account before sending money to New Zealand. Please find the process below.
Opening a Bank Account in New Zeland
To open an account in New Zealand, you will need to supply a few details relating to your move to New Zealand
The date you arrive in New Zealand â€“ you may need to activate the account or confirm you have arrived when you get there
In many cases, the address you plan to reside in is you won’t be aware of exactly where your next home will be there. Banks are aware of this and may just request the state you plan to live
The type of visa you have applied for and the professional sector you’re planning to work in upon your arrival
Â·Â Â Â Â Â Â Â Â Your projected salary or household income
Â·Â Â Â Â Â Â Â Â Copies of proof of identity â€“ Banks will almost certainly require a passport number or copy upon application
Naturally, all banks work on different criteria and eligibility. Still, generally, the following rules will apply to whether or not you can successfully open a bank account.
If opening an account before arriving in New Zealand, you should look to do so between 3-12 months before you land in the country
The majority of banks will only accept applications from applicants over the age of 18. There are exceptions but do your research well in advance as these compliance and KYC criteria change constantly
Applications can be made online or via phone; make sure you know the time zone you’re calling before dialling.
New Zeland Account Details
Once you have your new bank account application approved, you will need to send money to NZ to credit your account. Global bank account formats can differ significantly from those in other parts of the world. New Zealand is no different. Therefore, the following details will be required.
When transferring money from your home bank account to your New Zealand bank account, you will need to provide the following information:
Â·Â Â Â Â Â Â Â Â Bank account name (your name)
Â·Â Â Â Â Â Â Â Â Your physical address in New Zealand
Â·Â Â Â Â Â Â Â Â Your full NZ bank account number (found on your bank statement or online banking account)
Â·Â Â Â Â Â Â Â Â Your NZ bank address details
Â·Â Â Â Â Â Â Â Â Branch identifier, if available (i.e., IBAN, NCC, sort code or BSB number)
From Your Local Account, You May Need:
Â·Â Â Â Â Â Â Â Â IBAN and BIC or home bank credit/debit card details
Â·Â Â Â Â Â Â Â Â Some banks in the US require a US phone number (check with your bank)
When approaching your foreign exchange broker, you will need to give the following details to send money to New Zealand. Similar information will be required for payments to third parties; these might include your visa agent, rental property owner or agent or car hire company.
Â·Â Â Â Â Â Â Â Â BSB number
Â·Â Â Â Â Â Â Â Â Account number
Â·Â Â Â Â Â Â Â Â Account name
Â·Â Â Â Â Â Â Â Â Bank name
Â·Â Â Â Â Â Â Â Â The amount being sent in NZD
As previously mentioned, the New Zealand Dollar (NZD) can fluctuate due to several scenarios. Whilst this volatility can occasionally be a source of frustration. It can, in many cases, provide an excellent opportunity to maximise your base currency and gain more NZD Dollars when transferring money.
Sending Bank Deposits to New Zealand
Foreign exchange specialists and banks will be pleased to send bank deposits to Kiwi banks. You’ll need your NZ bank details, including a swift number, to do so. Â
Can I Send Money from a Kiwi Account to the UK? Â
Absolutely a transfer from NZ to the UK should take between 2-3 days when sent via a currency broker and slightly longer from a Kiwi bank. The i bank is likely to charge a transfer charge to make the payment. The NZD to GBP rate won’t be a competitive as that offered by the currency exchange broker.Â Â Â
Can I Send Money from a NZ Account to a US Bank Account? Â
Your Kiwi bank and currency exchange provider will be pleased to assist with an NZ dollar to USD overseas money transfer. Just ensure you have the US bank details, including the ACH number and swift code, to make the transfer to the US.Â Â
Benefits of UsingÂ AÂ Foreign Exchange Broker â€“ Send Money to NZÂ
Whilst many banks will be more than capable of helping you transfer money to NZ, they remain far from experts in the fields. Banks are large, slow and fragmented and offer various services that dilute their knowledge of private client’s foreign exchange requirements. More importantly, they have many liabilities that customers can default on, like mortgages, and are quick and easy to profit off the convenience. Therefore, foreigner exchange brokers will not only have a greater understanding of your scenario but excellent pricing when you need to send money to New Zealand. Here just a few of their core benefits.
Give yourself ample time to open an account with a foreign exchange specialist. You will need to send a copy of your photographic ID (usually your passport or driver license) for security reasons. Accompanied by a proof of residential address to open an account. This documentation should be reviewed within a couple of working days as KYC and compliance checks are performed as standard. Once your account is activated, you can transfer money to NZ immediately.
Excellent Customer Service LevelsÂ Â
International payments providers and Foreign exchange brokers work with key partners and networks, meaning their services are recommended. They often come highly recommended and can be quickly followed on sites such as Trust Pilot and Feefo. Whilst Banks will offer a very limited telephone and online service. Currency specialists will offer a suite of services, including online dealing platforms and apps, to ensure your transfer money to New Zealand is as hassle-free as possible.
They will also have dealt with thousands of clients who have also made a similar journey and will be more than aware of the process. The timelines involved and your specific aims will also be able to deal with you once you have moved to New Zealand.
Those located in the US will require the services of a US regulated Foreign Exchange specialist. The documents required will be very similar to those needed by a London based foreign exchange broker.Â Once your account is activated in the US, you can transfer money to New Zealand at ease.
Far Better NZD Dollar Exchange Rates on OfferÂ Â
While banks and other institutions still trade the most significant foreign exchange volume, the ultra-competitive pricing they receive is rarely passed down to the consumer. Put, Banks still dominate the market and make more than enough money from their market share, which makes them reluctant to improve pricing. Whilst some banks are trying to be more competitive at pricing currency. It is far from their most profitable products, with insurance, savings accounts and other sophisticated investment products proving far more lucrative.
In comparison, Foreign exchange brokers work from similar rates to the bank and process so many international payments. Despite this, they are no way near banks’ size. Meaning that currency brokers are much more agile, processing payments quickly and effectively whilst remaining competitive in pricing.
No Transfer Fees or Hidden ChargesÂ Â
Another key advantage of using a specialist is that many will process your money transfer to New Zealand with no international transfer fees. Their segregated account networks can also ensure no charges or fees are taken along the way. However, this will differ from a provider. Banks will, however, charge to send money to NZ. If you make regular international transfers, this will quickly add up.
Secure Payments Provide Ease of MindÂ Â
All payments facilitated through reputable foreign exchange specialist will be sent via secure segregated accounts and kept away from their operating funds. You should, however, ensure that they have the proper regulation and their accounts are held with Tier 1 institutions such as Barclays. Providers such as those mentioned in this article fit the bill nicely and perform quick, easy transfers to New Zealand daily.
Transfer Money to New Zealand â€“ Advice Is JustÂ AÂ Call AwayÂ Â
Another Key Advantage Is That You Will Receive A Personalised Service. Your Account Will Be Proactively Managed by An Expert Rather Than A Bank Clerk Who Won’t Be Familiar with The Process or Currency Pairing.
The expert guidance on offer from a specialist is unrivalled with the live Foreign exchange market at your adviser’s fingertips. They will also be able to structure a strategy that complements your time frame and requirements. Even offering the ability to fix a rate for a future deliverable date allowing certainty and eliminating the risks associated with Foreign Exchange rate fluctuation.
A Word of Financial Warning: Things to AvoidÂ Â
Expensive and ordinarily hard to redeem. The length of time to sort out how to use traveller’s cheques in New Zealand makes traveller’s cheques an absolute no-no when transferring money into your kiwi account.
Travel Money And “No Fee” Credit Cards
The option of multiple currencies, travel money cards claim to be usable like a credit card anywhere in New Zealand. However, we have found that they are not accepted everywhere, and credit card usage fees incur each use. Plus, the exchange rates are usually pretty poor.
Many credit cards offer “no fees” when using them overseas. However, this comes at a much worse exchange rate than if you were to transfer your money simply. Credit cards also often incur extra fees (2-5% extra) on many transactions in New Zealand. Over a whole trip, this can add up.
Cash Tip: for safety reasons, don’t carry too much cash (enough for the first week). When arriving in New Zealand with your home currency, make sure to shop around to exchange your money. You will find huge differences from one money exchange place to another. Forget using an airport or bank to get or exchange cash!