It could be just a 2-year working contract or a full-on, permanent relocation of your family and life to a country that has more sheep than people, New Zealand. The task of finding the best way of transferring your money into New Zealand Dollars will be far from the top of your priority list.
The Zealand Dollar is heavily affected by large macro factors like the Chinese economy and oil prices but is mainly reliant on soft commodities such as dairy, food (meat), grains and wood amongst other things. The key when transferring money to New Zealand is to seek adequate guidance long before your visa is approved. Specialist brokers in New Zealand will offer a convenient and cost-effective service when you need to transfer money to New Zealand and companies such as TorFX offer a local service once you are settled.
Many of these specialist providers allow you the ability to exchange funds on their app’s, online platforms or via telephone at your convenience.
Way before you consider transferring money to New Zealand you will need to find a bank account which suits your needs and has a presence in the area you are looking to move to. The largest banks in New Zealand in are The Co-Operative Bank of New Zealand, Bank of New Zealand (BNZ), Kiwi Bank and ANZ. Fortunately, many of these banks provide great coverage so your needs should be well services once you are located in New Zealand.
In order to open an account in New Zealand, you will need to know supply a few details relating to your move to Australia.
Naturally, all banks work on different criteria and eligibility but in generally the following rules will apply to whether or not you can successfully open a bank account.
Applications can be made online or via phone just make sure you are aware of the time zone you’re calling before dialling.
Once you have your new banks account application approved you will need to transfer money to New Zealand in order to credit your account. Global bank account formats can differ significantly from those in other parts of the world, New Zealand is no different and therefore the following details will be required.
When transferring money from your home bank account to your New Zealand bank account, you will need to provide the following information:
When approaching your international payments provider, you will need to give the following details in order to transfer money to New Zealand. Similar details will be needed for payments to third parties, these might include your visa agent, rental property owner or agent or car hire company.
As previously mentioned, the New Zealand Dollar (NZD) can fluctuate due to a number of scenarios (here’s why) whilst this volatility can occasionally be a source of frustration and can, in many cases provide a great opportunity to maximise your base currency and gain more NZD Dollars when transferring money.
Whilst many banks will be more than capable of transferring funds to New Zealand they remain far from experts in the fields. Banks are large, slow and fragmented and offer a variety of services which dilute their knowledge of private client’s foreign exchange requirement. More importantly, they have a lot of liabilities that customers can default on like mortgages and FX is a quick and easy way to make a profit off the convenience. Therefore, specialists such as TorFX, Currencies Direct or Foremost Currency Group will not only have a greater understanding of your scenario but excellent pricing on the New Zealand Dollar. Here just a few of their core benefits.
Give yourself ample time to open an account with a foreign exchange broker. For security reasons, you will need to send a copy of photographic ID (usually your passport or driver license), as well as proof of residential address to open an account. This should be reviewed within a couple of working days as KYC and compliance checks are performed as standard.
International payments providers and Foreign exchange brokers work with key partners and networks meaning their services are recommended. They often come highly recommended and can be easily followed on sites such as Trust Pilot and Feefo. Whilst Banks will offer a very limited telephone and online service specialists will offer a suite of services including online dealing platforms and apps to ensure your transfer to New Zealand is as hassle-free as possible.
They will also have dealt with thousands of clients who have also made a similar journey and will be more than aware of the process. The timelines involved and your specific aims, they will also be able to deal with you once you have moved to New Zealand.
Whilst Banks and other institutions still trade the largest volume of Foreign Exchange the ultra-competitive pricing they receive is rarely passed down to the consumer. Put simply Banks still dominate the market and make more than enough money from their market share which makes them reluctant to improve pricing. Whilst some banks are trying to be more competitive at pricing currency it is far from their most profitable products with insurance, savings accounts and other sophisticated investment products proving far more lucrative.
In comparison currency specialists work from similar rates to the bank and process so many of these international payments. Despite this, they are no way near the size of banks meaning they are much more agile, processing payments quickly and effectively whilst still remaining competitive in terms of pricing.
Another key advantage of using a specialist is that many will process your transfer to New Zealand with no transfer fees. Their segregated account networks can also ensure no charges or fees are taken along the way although this will differ from a provider.
All payments facilitated through reputable international payments specialists will be sent via secure segregated accounts and kept away from their operating funds. You should, however, ensure that they have the correct regulation and their accounts are held with Tier 1 institutions such as Barclays. Providers such as the ones mentioned in this article fit the bill nicely and perform quick easy transfers to New Zealand on a daily basis.
Another key advantage is that you will receive a personalised service, your account will be proactively managed by an expert rather than a bank clerk who won’t be familiar with the process or currency pairing.
The expert guidance on offer from a specialist is unrivalled with the live FX market at your adviser’s fingertips. They will also be able to structure a strategy which complements your time frame and requirements and can even fix a rate for a future deliverable date allowing certainty and eliminating the risks associated with Foreign Exchange rate fluctuation.
Expensive and hard to redeem, the length of time to sort out how to use them in New Zealand makes traveller’s cheques an absolute no-no when transferring money into your New Zealand bank account.
The option of multiple currencies, travel money cards claim to be usable like a credit card anywhere in New Zealand. However, we have found that they are not accepted everywhere and credit card usage fee incurs on each use. Plus, the exchange rates are usually pretty poor.
Many credit cards offer “no fees” when using them overseas. However, this comes at a much worse exchange rate than if you were to simply transfer your money. Credit cards also often incur extra fees (2-5% extra) on many transactions in New Zealand. Over a whole trip, this can really add up.
Cash Tip: for safety reasons don’t carry to much cash (enough for the first week). When arriving in New Zealand with your home currency, make sure to shop around to exchange your cash, as you will find huge differences from one money exchange place to another. Forget using an airport or bank to get or exchange cash!