International money transfer resources

Send money to New Zealand

Article by Mozo

New Zealand may be Australia’s greatest sporting rivals and it’s fair to say we definitely want to keep the Kiwis at bay after a Bledisloe win! But this doesn’t mean we won’t send money across the ditch! Here’s a list of reasons why you may make an international money transfer to NZ.

  • Purchasing goods and services for your business
  • University fees to support a child studying in New Zealand
  • Gift to friends or family living in NZ
  • You may need to transfer emergency funds to a relative
  • Buying property across the Tasman

If you’re actually planning on jetting setting to New Zealand for a holiday or business trip, this guide isn’t for you - head over to our travel money section where you can compare everything from prepaid travel cards, exchange rates, holiday insurance to overseas debit card fees and travel credit cards.

Options for transferring money to New Zealand

Back in the day there weren’t many options for sending money to New Zealand but now with thousands of Australians choosing to live over there and thanks to the close relationship between the two countries there are more options for transferring funds.



  • If you need to send money in a hurry your bank can be a good option
  • For a one off small amount a bank can be convenient and reliable


  • The bank's exchange rate is often a lot more expensive than a foreign exchange provider
  • There’s no shortage of fees, banks charge a high conversion fees as well as a sending and receiving fee

Foreign exchange specialist:


  • Usually the cheapest option for making an international money transfer
  • They offer the best value for money, with attractive exchange rates
  • Fees are a lot more modest compared to the banks


  • Some providers have a minimum and maximum transfer limit which may not work in your favour
  • Technical problems could slow down the transfer speed

Standard wire transfer


  • Convenience of bank to bank transfers
  • Recipient can access funds within minutes of the transfer being processed
  • The recipient can pick up the funds in cash from a branch


  • The exchange rate is generally pretty poor compared to a bank or foreign exchange specialist
  • For larger amounts greater than around $5000 you may have to visit a branch to make the transfer

Before booking a transaction make sure you’ve compared the day’s best exchange rates on our international money transfers page!

How money transfers work

Step 1: Register (online or by phone) and set up an account with a foreign exchange provider

Step 2: The broker may contact you to confirm your details and to discuss the transfer

Step 3: Confirm and make sure you are happy with the costs and exchange rate of the transfer

Step 4: Book the transaction and give the personal and account details of the recipient

Step 5: Pay the agreed amount for the transfer; this is usually done by electronic transfer

Step 6: Once the provider has received the funds, they will send the money electronically to your recipient.

Regular or one off transfers

For any regular transfers to NZ you will save yourself money and time by establishing a long term relationship with a foreign exchange specialist. For example, if every month you need to pay school fees for your child’s education in New Zealand then an international money transfer provider is your best option rather than going with a bank. Becoming a regular customer and transferring over a certain amount has its benefits including;

  • Lower commission fees
  • Ability to negotiate a transfer limit
  • Some providers may give you the option of locking in an exchange rate if your transfers remain fixed
  • Quick and efficient transfers

With a one off transfer, exactly how much money you need to send will depend on what type of provider you choose. If it’s a large amount of money say for a deposit on a home in Christchurch then you are better off going with an international money transfer provider. The slightly better exchange rate you’ll receive from an IMT specialist will save you thousands on a large one off transfer to New Zealand.

For small, one off transfers around $200 or less, PayPal is a safe, trusted and affordable method for sending money overseas. The transfer is simple, can be done electronically and only takes a couple of minutes. Remember though, that both you and the recipient will need a PayPal account. It may also be convenient to just use your local bank to transfer a small amount but don’t forget, banks don’t offer a very attractive exchange rate.

Comparing IMT providers: what to look for when exchanging to NZD

With the international money transfer industry growing, the market is now a lot more competitive. So when you shop around and compare providers there are plenty of features to consider.

  • Limits: Some international money transfer providers have a maximum and minimum transfer amount. The minimum limit could be as much as $1000, so you’ll have to hunt around to find one that suits the amount you need to transfer.
  • Rates: The current exchange rate is one of the most important factors to consider. A few cents difference in the rate could make a huge difference as to just how much NZD your recipient receives. Banks and agencies will offer different rates on the NZD so take the time to compare and calculate how much you will get for your Aussie dollar. Remember, the higher the exchange rate, the more money you will get!
  • Transfer speed: This is the time it takes from the moment your transaction has been processed to the time your recipient receives it. Gone are the days of waiting weeks to get a transaction cleared, these days the transfer speed can range from 1 to 5 days. If you need to send it quickly, talk with your provider and see if they can speed up the process but it may cost you. Some providers allow you to track the transaction online.
  • Fees: You might find your funds may shrink en route to New Zealand! Banks and agencies will charge a fee for converting your money, you may also be hit with a sending and receiving fee. Some providers may waive these fees if you transfer over a minimum amount.
  • Transfer Options: You can make your international money transfer online, on the phone or in person. Different providers may offer different financial benefits for each option.

What will you need to set up an international money transfer

Setting up an international money transfer to New Zealand couldn’t be easier and the whole process can be done in just minutes from the comfort of your own home. Here’s a list of the details you’ll need to provide:

  • Personal details including: name, address, date of birth, country of birth, occupation, phone number
  • You’ll have to set up a username, password and security question
  • Details of the account where the transfer money will be deposited from
  • Full name and address of the recipient's bank
  • Recipient's name, address and account number
  • SWIFT/BIC Code
  • The amount and currency you wish to send

IMT must know terminology

Spot deal: This refers to an arrangement where you lock in the current exchange rate immediately with a legal binding of converting one currency for the other within 24 hours of booking the deal.

Limit order: A limit order lets you set the exchange rate that you would like your money transfer to happen in. The provider will lock in the deal for you when the rate hits your goal.

SWIFT or BIC code: The Society for Worldwide Interbank Financial Telecommunications (SWIFT) or a Bank Identifier Code (BIC) is an 8 or 11 digit code that identifies banks around the world. This code is used to transfer money between banks via international wire transfers.

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