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.
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.
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.
Before booking a transaction make sure you’ve compared the day’s best exchange rates on our international money transfers page!
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.
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;
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.
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.
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:
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.Country guides for transferring money internationally