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Thread: Buying/changing currency

  1. #1
    Dawn's Avatar
    Dawn is offline All Knowing Deity
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    Default Buying/changing currency

    I know there have been other threads on this subject but can I find them?

    Any advice please on when, where and how to change money, companies used, good or bad experiences. Do we change it all, change some, leave some behind?

    Thx ;)
    Passionate about the unfathomableness opportunities of kiwi-a-gogo-land

  2. #2
    justNoZi is offline Member
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    Default Re: Buying/changing currency

    hi Dawn,

    i used hiFx. see www.hifx.co.uk


    i think everybody is different, i.e. how much they have, do they think they may be back and need their "home" country account with funds. but hey here is what i did.

    when
    - this is kinda down to when you need the amount in the NZ account and do you have time to "play" with the exchange rates.
    - i transferred about 2 weeks before i flew out.
    - didnt get best rate - seems to be a time of year thing - but rate suited me and hey what can you do about it. i.e. when i first thought of moving the the rate was 1 = 2.50 NZ dollars. thru the year it went to 3.07 and when i actually transferred it had gone back down to 2.82.
    - i reckon people wait on the rate hitting a value then go for it. For me it wasnt 100s of thousands but if it were that kind of money then the rate is even more important i'd say.

    who with
    - Hifx
    - they were helpful and very easy to use.
    - also, there are exchange rules which they explain very well with re. to the rate you can and will get in future.
    - its an account you have so you could transfer some money and then later transfer more.

    how
    - my steps were to open an NZ account
    - talk to Hifx or similar company and get your plan of when you want to.
    - if happy become a customer and let them transfer from you home account to your NZ one.

    experiences
    - well only dealy with them for one transfer but what can i say except prioor to it i was confused and maybe a bit nervous of letting someone deal with my savings. However, they helped me go through process and i had what i expected in my NZ and UK accounts pretty much overnight.


    hope ive not confused even more but finances aint my strong point :-? but it al went smoothly and as i say my 2 accounts had the amounts i needed/expected after the transactions.

    just check out a few companies, ask for help and choose which one is best for you i'd say.

  3. #3
    kokopeli is offline God like figure
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    Default Re: Buying/changing currency

    Hi Dawn,

    We've used HiFX, Money Corps and a sterling account with our NZ bank to transfer money from the UK in the last few months. ?

    Generally speaking, we've got a better rate with the brokers than the bank. HiFX have been faultless, dead easy to deal with and we used their office in Auckland, so didn't have to phone in the middle of the night to speak to them. ?Their minimum transaction is ?5,000, which made me gulp a bit!

    Money Corps were okay the first time I used them. ?Their minimum transaction is ?2,000 which I liked. ?Unfortunately, they had a 'telephone malfunction' when I rang to make a second transaction. ?I was put on hold when I asked to speak to my named broker. ?They didn't press the mute button properly and I heard every word of the conversation. ?It wasn't derogatory or anything, but the bloke was clearly in the office so I was surprised to be told he wasn't in and could I ring back tomorrow...

    The bank option needed an international money transfer, which costs about ?25. ?Our UK bank has a maximum limit of ?10,000 per transaction unless you go into the bank in person, which isn't really an option when you live in NZ. ?We were told that we could deposit a stirling cheque in NZ, but it will take 30 days to clear. ?

    We've transfered relatively modest amounts so far, but I'd love to know what people do when they transfer lump sums to buy a house! ?I'm half tempted to try PayPal....

  4. #4
    Glenda's Avatar
    Glenda is offline All Knowing Deity
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    Default Re: Buying/changing currency

    Hi Dawn,

    We opened an account with the ASB in New Zealand through the Commonwealth Bank of Australia based in London (a stone's throw from the NZ Embassy). http://www.migrantbanking.co.uk/

    This meant we could have pounds sterling deposited or transferred to them with and then forwarded to our ASB account with the minimum of delay. There is a charge of GBP15 for transactions under GBP30,000.

    No problems with them at all.

    :)
    Glenda
    In NZ since June 2005
    Better to light a candle than to curse the darkness - Chinese proverb

  5. #5
    missvee's Avatar
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    Default Re: Buying/changing currency

    I have a question, I am opening a bank account in NZ. I am going to be transferring my money over. Do you think it is adviseable to do what you did Glenda?
    Vee

  6. #6
    Glenda's Avatar
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    Default Re: Buying/changing currency

    Hi Vee,

    It is hard to give concrete advice on what route to take when one has only experienced the one route. ?:) ?

    If you read the info given in the link I gave you will be able to download application forms. ?The Commonwealth Bank of Australia/ASB route does the same thing as Hifx (and similar exchange rates) but quicker if there are several amounts to be exchanged at different times, or you have an income coming in from the UK which can be cleared there and be in your NZ account within three days. ?Both this and Hifx will want a certified copy of your passport, amongst other usual documents.

    You will be given an account in London and an ASB one in NZ. ?They will ask you to activate the ASB one by going into their main office in Auckland - you don't have to go to this office and can activate in Whakatane as long as you let them know.

    I am a little unsure whether they will be able to process in time for your move. ?They say five working days in their FAQs, but I would give them a ring to make sure.

    I am pretty sure quite a few NZ banks have accounts which can be opened via the internet, and activated when you get there. ?Since there is really not that much difference between all of them (maybe a percentage rate difference) I think you will be OK with whatever you chose.

    :) ?

    ? ?
    Glenda
    In NZ since June 2005
    Better to light a candle than to curse the darkness - Chinese proverb

  7. #7
    macfod's Avatar
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    Default Re: Buying/changing currency

    Hi Dawn
    We used HIFX iwith no problems and found it ran smoothly.
    We were lucky and bought some last MAY AT $3.02 and defferred the payment until December when we arrived in NZ.
    All we had to do was pay 10% at the time with the balance when nzd was required.

    A good bank though is Nationwide.
    We have used them to take currency out whilst travelling and they always give a good rate.
    Currently they are giving ?2.79 - $2.83 on a ATM withdrawels which is great compared with the current $2.77 from HIFX

    ;)

  8. #8
    kokopeli is offline God like figure
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    Default Re: Buying/changing currency

    The best thing about Nationwide is that they don't make a charge for overseas transactions, unlike the Big 4 UK banks who typically charge around ?3 for every overseas ATM withdrawal and ?1 for shopping transactions. Think about opening a Nationwide account before you leave the UK though - it's harder if you're out of the country and near impossible if you don't have a UK address....

  9. #9
    macfod's Avatar
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    Default Re: Buying/changing currency

    good point..YES
    Nationwide like you to have a Uk adress and luckily we still have one where our mail is forwarded from.

    But, they have been great with all currency...$2.82 currently on atm

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