Jane_wl

Hi
We are moving to Tauranga from the UK, arriving on 7th October 2016. A sale is going through on our UK house and fingers crossed it will complete before we leave. Following the sale and repayment of various bits and pieces, we will have a largish sum which will at some point need to be changed into NZ dollars.
The exchange rate is currently poor and we have accepted this. My question is though, which company to use for the currency exchange??

We have been pointed in the direction of several fx companies, TorFX, iFX, etc by removal companies, but to be honest, they all seem much the same and I'm having real difficulties choosing one over the other?

Does anyone have any recommendations as to who they have used? And are they really that much cheaper than the banks as they claim to be? Apart from this one off lump sum from the property sale, we are unlikely to be transferring any other amounts back and forth.

Many thanks!

poppy10

TransferWise get suggested a lot and seem to have good feedback - I've not used them personally.
I've been using UKForex (part of the OFX group, they have an NZ branch NZForex). Rates are pretty much in the middle of the pack, not world-beating but usually reasonable. Transfers have been quick and I've been able to send money back the other way to the UK now that I'm here.

As you've pointed out, the rate at the moment is abysmally poor - I think it's the lowest it's ever been . I got $2.39 to the pound when I came over, now it is around $1.85. If you can afford to wait, do so

Lisa Maree

The shipping companies offered us various deals but we aren't ready to transfer yet, we sent some money from UK to NZ last night just £200 for a gift but the rate was 1.79 HORRIFIC we came NZ to UK 14yrs ago when it was close to 3 so we have been shafted both directions! We use HiFX

DH is coming out to NZ in April 17, the kids and I in Oct 16 so we are going to leave the cash here and cross fingers the rate increases

LittleGreyCat

We have used Transferwise several times to transfer to NZ and Oz with good results.

They seem quick and the rates have looked better than the standard offerings.

Of course past performance is no guarantee of future performance but when(if) we get to move they will be first in line to transfer our money.

Kotare

I use xeTrade for large amounts (£5k+) and Transferwise for smaller as it is merely a few mouse clicks. Both good.

Clappy

I have always used the company that is OZForex/NZForex/UKForex when I have made transfers over the past eight years. They have always been great to deal with.

But bear in mind that I have never used any of the other ones so the other ones might be better for all I know.

j19fmm

I use TorFX, they have been fantastic. Nothing is too much bother for them. And you can either have a 'real' person to deal with it do it all online

escapedtonz

We used Moneycorp for the bigger transfers. Seemed to offer slightly better rate than others with a lower commission element which is built in to the rate they offer - 0.05 % I think it was. Also always gave use free transfer fees. Using an FX company like this you'll also benefit from zero bank fees.

Used transferwise for smaller transfers a few times.

No problems with either.

ReturningKiwi14

I've been sending money to NZ to buy the property and renovations for over Two years (renovations started July and are now in full swing) and have always used Smart Currency - people on the phone, helpful, rates always been reasonable. We had one glitch and Smart were really helpful and supportive (HSBC in NZ mucked up).

I contacted a couple of the transfer sites noted here as a contrast but then the exchange rates plummeted (thanks Brexit!) so have held off sending anything back for the last couple of months so can only vouch for Smart

The rates are horrific right now (I watch them several times daily as have money ready to go) ...fingers crossed they improve!!!

Good luck

moving2NZ2013

hifx are pretty good. the gbp to nzd exchange rate isnt great your end

BEVS

Me too.