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Thread: Best way to transfer money to NZ

  1. #1
    prem80uk is offline Junior Member
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    Default Best way to transfer money to NZ

    Just got PR approved in principle. Thinking of selling our house but don't know what is the best way to transfer the money to NZ. A few agents been calling regarding this but we are not sure how to go about doing it . Can anyone help??

  2. #2
    Taffy's Avatar
    Taffy is offline He who shall be ignored
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    Hi, the best way is usually through an FX company such as WorldFirst. They can offer better rates than the banks and can usually process the transactions pretty quickly. Send an email to giles.smallwood@worldfirst.com and he'll be able to give you some great advice.
    Taffy

    The greatest mistake you can make in life is to be continually fearing you will make one.

  3. #3
    Cliff's Avatar
    Cliff is offline Oh Masterful One
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    Any bank can send a wire to an NZ bank via SWIFT. The thing is check the rate as on big sums this can amount to a lot. It is basically sent electronically overnight or can be in a few hours if the banks are online to swift or uses an intermediary. They may change you 10 pounds or less. The fee isn't the issue the rate is. Most will only quote you a rate good for the next few minutes. The longer the rate is good you can bet the worse the rate. You could send it in GBP and receive it in GBP at the nz bank if they support it (not all NZ banks do) and then convert it to NZD when there is a favorable exchange rate. I'm a day trader have traded currencies/forex so I could pick a better time to convert it.
    Cheers

    Cliff

    Nelson, New Zealand
    NZ Citizenship in 2000, been in NZ 15 years now
    Arrived NZ in 1997 from Las Vegas, Nevada, USA

    "New Zealand isn't just a physical place it is a state of mind."

  4. #4
    Aubry is offline Junior Member
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    Default money transfers

    Banks and brokerage houses such as Forsyth Barr allow you to set up foreign currency accounts so the money can stay in the home currency but be shifted to NZ. You can then set a rate on the board that will trigger the transfer when that rate is hit. This gives you greater power over the rates, and ensures you'll be happy with the rate you receive.
    If you need the money right away and are shifting over $100k NZD, any bank will allow you to be quoted the wholesale rates.

  5. #5
    nickydwuk's Avatar
    nickydwuk is offline God like figure
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    We used Hifx - they are able to give you a rate on the phone and you can set that or set a rate further in advance but run the risk of it getting worse. They do not charge a fee but it can take about 5 days for the money to arrive the other end.
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