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Thread: Euro - NZ Dollar, best way without losing too much

  1. #1
    NevilleSummers is offline Junior Member
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    Default Euro - NZ Dollar, best way without losing too much

    Hi,
    I am probably moving to NZ next month (if my visa gets approved). However, now I am thinking of the best way to get some money to NZ without paying too much of fees.
    I actually wanted to take around 10000 Euro with me in cash and put them in a NZ bank account. I was wondering if there might be a bank that does not charge me any fees if I open up a bank account with them.
    But maybe its better to transfer some money from my European bank account to a NZ bank account. I am just inquiring the fees my bank would charge.
    For the beginning it might be even cheaper to pull out some money from an ATM with my European Maestro card or even pay with a Credit Card
    Does anybody know the current exchange rates for Euro that are used in most common NZ banks (eg Kiwi Bank)

    Any suggestions for my plan?

  2. #2
    till is offline Senior Member
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    Hi Neville,

    I was facing the same question a few months ago, and here is what I did.
    I opened a foreign currency account (with ASB Bank) in New Zealand, where I transfered a similar Euro amount to. My bank at home charged something like 25 Euros, whereas the Bank in NZ didn't charge anything (since the Euros arrived on a Euro account). The foreign currency account has no monthly fees, however minimum opening balance is 10,000. I'm sure other banks have similar offers, sometimes refered to as "migrant banking" packages.
    Current exchange rates:
    ANZ
    ASB
    BNZ
    National Bank
    Westpac

    HTH,
    Till
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  3. #3
    Taffy's Avatar
    Taffy is offline He who shall be ignored
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    Hi Neville,

    You should try a transfer specialist like World First rather than a bank, no fees and a best rate guarantee.
    Taffy

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

  4. #4
    till is offline Senior Member
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    From here:
    2) Payment Costs
    World First will give you one free international payment with every transaction over 5,000. Fees for payments under 5,000 or additional payments on transactions over 5,000 are 15/22/$29.

    And, you will presumably have to transfer your funds to World First, which could incur further costs, since they are located in UK or Ireland.

    Happy New Year!
    Till
    04/11/09 - EOI selected (125 points, no job offer)
    30/11/09 - Decision successful
    09/12/09 - ITA received
    23/12/09 - Application submitted
    03/03/10 - Case officer assigned (requested more documents)
    05/03/10 - Job offer secured (IT)
    12/03/10 - Work permits issued (1 year ISSL, 1 year partnership)
    13/04/10 - INZ Interview (re relationship)
    22/05/10 - Approved in Principle
    04/06/10 - Residence Permits issued

  5. #5
    1happywoman's Avatar
    1happywoman is offline Senior Member
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    Talking

    I have used World First to transfer funds from NZ to the US, and there is only one fee. I was very, very happy with the service I received from them and would use their services again. I received a lot of communication and reassurance before, during and after the transaction. (Admittedly, it is a bit scary to transfer your money to another account, even if it's only a small amount, so they can to what they need to do to get your money where it needs to go!) I have to say the service was also very, very fast. My funds were in my US account the next day.
    Arrived in Auckland on August 6, 2008.Now live in Kawakawa with my kiwi partner.
    I just started working at Bay of Islands Hospital at the beginning of December 2009.
    Work permit renewed and good until June 2010
    EOI submitted and selected, case manager assigned and ITA received. PR application submitted 28/08/09
    approved in principle 26/01/10, PR granted and received 19/03/10

  6. #6
    Taffy's Avatar
    Taffy is offline He who shall be ignored
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    Quote Originally Posted by till View Post
    From here:
    2) Payment Costs
    World First will give you one free international payment with every transaction over 5,000. Fees for payments under 5,000 or additional payments on transactions over 5,000 are 15/22/$29.
    And, you will presumably have to transfer your funds to World First, which could incur further costs, since they are located in UK or Ireland.

    Happy New Year!
    Till
    So in Nevilles case as it will be an international payment worth more than 5k there would be no fees charged by them, I can't vouch for his bank though! Worth speaking to them as they may operate local accounts to avoid such fees - I'm not sure on that one.
    Taffy

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

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