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Money conversion query?

Money conversion query?

Old Jan 1st 2008, 2:48 pm
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Default Money conversion query?

Debbie in Cornwall again
another pressing question - do any of you out there have any advice/ experiences on the best way to transfer the large lump sums of money ie: from my house sale from UK £'s to NZ $'s
Are there companies you can recommend - pitfalls to avoid - will I be able to re-open my old NZ bank account closed 8 years ago without actually residing in NZ?
Please Help my brain hurts!!!
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Old Jan 1st 2008, 4:27 pm
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Default Re: Money conversion query?

Originally Posted by debbieincornwall View Post
Debbie in Cornwall again
another pressing question - do any of you out there have any advice/ experiences on the best way to transfer the large lump sums of money ie: from my house sale from UK £'s to NZ $'s
Are there companies you can recommend - pitfalls to avoid - will I be able to re-open my old NZ bank account closed 8 years ago without actually residing in NZ?
Please Help my brain hurts!!!
Wrong forum but ... international bank transfer?
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Old Jan 1st 2008, 4:43 pm
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Default Re: Money conversion query?

It is generally best to use a specialist: get a couple such as Moneycorp, HIFX and why not NZforex (since I see it advertises here) to quote you at a specific time for a dummy conversion. You will probably have to register with them first which is easy enough. Then ring around within a few minutes (since rates can change quite quickly) and see who is offering the best rate. For peace of mind you can compare to whatever rate your bank is offering at the same time.

You simply go with the best rate when you are ready.

I did this and saved loads vs high st bank offerings but HIFX and Moneycorp were fairly similar to each other.

I can recommend HIFX having used them several times, they simply deliver the agreed rate with no further costs such as telegraphic transfer fee (which is included). Plus there are a few options such as forward buying by 3, 6, 9 12 months etc which may be useful to you.
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Old Jan 1st 2008, 4:48 pm
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Default Re: Money conversion query?

Oh and National Bank allowed us to open an account before we'd arrived in NZ. Gave us a mortgage before we'd got jobs, too - branch mgrs have (or used to have) reasonable discretion.
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Old Jan 1st 2008, 7:56 pm
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Default Re: Money conversion query?

Hi Debbie. We moved here from the US and opened a US dollar account here. Then we did a simple wire transfer into that account of our house sale proceeds and kept an eagle eye on the exchange rate. When the time came close for us needing the funds, we picked when to exchange and just instructed our bank to move the funds from the US$ account to our NZ$ one. That meant it also didn't take days like they sometimes take. Instead it took 15 minutes. Actually the wire transfer from the US was remarkably quick too, just 12 hours!

Best of luck!
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Old Jan 1st 2008, 8:39 pm
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Default Re: Money conversion query?

It's worthwhile getting a UK/NZ bank account set up before you leave as well as registering with the companies already mentioned. Then on the day you can compare rates and fees and see who offers the best deal.
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Old Jan 2nd 2008, 9:12 am
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Default Re: Money conversion query?

Originally Posted by choccydog View Post
It is generally best to use a specialist: get a couple such as Moneycorp, HIFX and why not NZforex (since I see it advertises here) to quote you at a specific time for a dummy conversion. You will probably have to register with them first which is easy enough. Then ring around within a few minutes (since rates can change quite quickly) and see who is offering the best rate. For peace of mind you can compare to whatever rate your bank is offering at the same time.

You simply go with the best rate when you are ready.

I did this and saved loads vs high st bank offerings but HIFX and Moneycorp were fairly similar to each other.

I can recommend HIFX having used them several times, they simply deliver the agreed rate with no further costs such as telegraphic transfer fee (which is included). Plus there are a few options such as forward buying by 3, 6, 9 12 months etc which may be useful to you.
Thank you for the great advice - you gave me lots to check out - I am really grateful!
Debbie
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Old Jan 2nd 2008, 9:14 am
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Default Re: Money conversion query?

Originally Posted by Maz View Post
Hi Debbie. We moved here from the US and opened a US dollar account here. Then we did a simple wire transfer into that account of our house sale proceeds and kept an eagle eye on the exchange rate. When the time came close for us needing the funds, we picked when to exchange and just instructed our bank to move the funds from the US$ account to our NZ$ one. That meant it also didn't take days like they sometimes take. Instead it took 15 minutes. Actually the wire transfer from the US was remarkably quick too, just 12 hours!

Best of luck!
Thanks Maz ~ feel less stressed reading positive emails like yours
Debbie
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