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Thread: best way to transfer money?

  1. #1
    thedans's Avatar
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    Default best way to transfer money?

    Basically as subject says, We are looking at coming over from the US. Would it be better to leave some money in the US? or just transfer everything to NZ currency? are there better rates for more money converted, or is it basically a fixed amount per dollar?

    Any help on money is greatly appreciated!

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    You don't get better rates for more money, the rates are purely dependent on the rate on the day of exchange. Whether you leave any cash in the US is up to you, you could leave it and wait for a better rate or you can just bring it all at the time.
    Taffy

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    Is there a better place than others to exchange your money? i would guess banks are probably the best? I understand the exchange rate is a set rate, but as far as the company doing the exchange, I am sure they charge a fee (I mean people have to get theirs too!!). So anywhere you would recommend?

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    Foreign Exchange services usually make their money from the spread on the deal (the spread being the difference between the currency buy rate and the currency sell rate)

    Banks are usually the worst places to use as not only do they give you poor rates of exchange, they usually charge a transaction fee on top of that. This means they make money from taking a large spread and also the transaction fee.

    If you look in this section on the forum (Finances) you'll see World First and posts from Giles (who is the NZ branch manager). They guarantee to beat any rate available, and don't charge any transaction fees. They are also really great people to deal with, so you'll be taken care of.
    Taffy

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    Shows how much I know!

    Thanks for the help! i'll check them out.

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    Cool

    Dan

    Just see what your US bank charges fee wise to send a TT (telegraphic transfer), wire, or swift transfer. You should set up wire instructions with your us bank before you leave. Then you can have money wired to nz or anywhere else. As taffy said you will then get the current exchange rate.

    Ask your bank if they use an intermediary. This means they are not online themselves and give it to someone else to send. The intermediary will sit on your funds for a few days to make money from the float. You should be able to send funds from one side of the world to the other in hours but it can take 3 or more days depending on the players. Your exchange rate is usually established by the sending back so you won't win or lose on the rate due to any delay.
    Cheers

    Cliff

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    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."

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    Ill have to check out some banks here as you were saying. Maybe if there are some better banks ill open an account for the move there!

    Also sorry about this post as I just realized that about 5 posts down someone asked the same question!!

    That's what's great about here is no one criticizes you for being a dummy! :)

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    Quote Originally Posted by thedans View Post
    That's what's great about here is no one criticizes you for being a dummy! :)
    Darn it! You must have slipped through the net .
    Mother Bear

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