MrsFychan

Have you had to pay for the money to go into your NZ bank account?

last transfer I made was over a year ago, was over the £3000 so did not pay HiFx and as far as I am aware, I have never paid for the money to be deposited into my ANZ bank account.

can anyone shed any light?

nikkijane88

We get charged at both ends when transferring money from UK account to NZ account 😁

BEVS

I've transferred money with both HiFx and NZforex. THe NZforex transfer was just a couple of months ago. I have not been charged by our receiving bank this end . Nor have we been charged by the exiting back in the UK.

janiejones

I used NZForex a few weeks ago, and a similar company a few years ago, to go from Nationwide to ANZ, no charges. Someone did a swift transfer (bank to bank) from the UK to our bank, we got charged and so did they. Companies like HiFix incur those landing charges on your behalf, so they're cheaper in the long run.

poppy10

I used UKForex (same company as ozforex and nzforex) - no charges either end. You transfer your money from your UK bank account to their UK bank account in sterling (so no charges there) and then they transfer the money from their NZ account to your NZ bank account in NZD (so no charges at the other end).

I looked into other companies but not all have NZ branches so there could be international payment fees imposed by your NZ bank to receive money from abroad

jmh

I've used xe. com, moneycorp and hifx and never been charged, either by my UK bank (Halifax) or NZ Bank (Kiwibank). This is because I send pounds from my UK account to the exchange company, and they send dollars to NZ, so no exchange rate fees apply. I don't really understand why you would be charged unless there is some misunderstanding and you have sent pounds to NZ by mistake. Can't explain it.

MrsFychan

so it seems direct bank to bank incurs charges but if you use a middle man, exchange company, and are transferring an amount over their criteria to pay fees to them then its free.

jmh

Having considered it, I wonder whether there is some confusion between currency conversion and a bank transferring money overseas. I can see how both would incur a fee, so if dealing with banks, your UK bank charged you for sending pounds abroad and the receiving bank charged you for converting to NZ dollars. When I send money to an intermediary their bank account is in the UK. By the time the money gets to NZ it has already been converted into dollars, so no bank fees.

462

Seems you cannot be sure whether you will get charged or not - ANZ said there would be a charge and the following is quoted from the HiFX FAQ on their website:

"Charges

Whilst we always send the exact amount of money you specify in the transaction, the bank receiving your funds, or an intermediary bank, may deduct fees when crediting the payment. Unfortunately we have no control over these charges and therefore we won't reimburse you, should you be charged."

And this from TorFx Terms and Condition:

"16.1 TORFX will send the full amount of currency converted to the Payee in accordance with the Payment Instruction. However TORFX cannot guarantee the Payee's payment service provider will not deduct a charge for receiving any Onward Payment. It is the responsibility of the Client to confirm with the Payee's payment service provider the details of any charges."

desmondo84

I use HiFx. Kiwibank charge me on this end - can't remember how much - 12 bucks or something I think.

moving2NZ2013

I always transfer money every few weeks with hifx. I pay $12 to transfer it. I have no costs the other side

MOSO

Companies like Hifix or Moneycorp give you a slightly lower rate which is where they take their commission from. They certainly don't do it for nothing!

462

We have done a comparison HSBC/HiFx with my daughter in NZ and we in the UK using Facetime. The exchange rate for HiFx was better than the bank.

The rates are obviously all lower than the 'million' rate as used in various Apps and other programs.

462

More information. We decided to do an initial test - our UK bank - HiFX to Westpac. We only used the minimum 50GBP for this test. We had to pay HiFX the minimum under £3k transaction charge of £9, but that is normal and accepted. HiFx were paid by debit card.

Westpac charged 27NZD for the transaction/landing fee !!

moonie2011

We used a company, Torfx, for a large sum and smaller sum and each time ANZ charge us $15 for money going in to our NZ account