Money conversion query?
Jan 1st 2008, 2:48 pm
#1
Just Joined
Thread Starter
Joined: Dec 2007
Posts: 8
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!!!
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!!!
Jan 1st 2008, 4:27 pm
#2
Retired
Joined: Apr 2004
Posts: 34,649
Re: 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!!!
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!!!
Jan 1st 2008, 4:43 pm
#3
Banned
Joined: Sep 2006
Posts: 89
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.
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.
Jan 1st 2008, 4:48 pm
#4
Banned
Joined: Sep 2006
Posts: 89
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.
Jan 1st 2008, 7:56 pm
#5
Joined: May 2005
Posts: 5,763
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!
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!
Jan 1st 2008, 8:39 pm
#6
Joined: Nov 2006
Posts: 2,225
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.
Jan 2nd 2008, 9:12 am
#7
Just Joined
Thread Starter
Joined: Dec 2007
Posts: 8
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.
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.
Debbie
Jan 2nd 2008, 9:14 am
#8
Just Joined
Thread Starter
Joined: Dec 2007
Posts: 8
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!
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!
Debbie
