money transfer
Jun 13th 2009, 1:23 pm
#1
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Thread Starter
Joined: Mar 2009
Location: Christchurch
Posts: 2,077
money transfer
If, in the very unlikely event that we actually manage to sell our house 
we will have to transfer a sum of money to NZ to buy a house over there.
I was looking at some places on tinterweb like XE, and they do better rates than tourist rates, but we don't want to do something silly and obviously, as we've never emigrated anywhere before, dont't know the best thing to do.
Any stories? tips?
Cheers
Jan
we will have to transfer a sum of money to NZ to buy a house over there. I was looking at some places on tinterweb like XE, and they do better rates than tourist rates, but we don't want to do something silly and obviously, as we've never emigrated anywhere before, dont't know the best thing to do.
Any stories? tips?
Cheers
Jan
Jun 13th 2009, 1:31 pm
#2
BE Enthusiast
Joined: Apr 2007
Location: Waikato
Posts: 525
Re: money transfer
If, in the very unlikely event that we actually manage to sell our house we will have to transfer a sum of money to NZ to buy a house over there.
I was looking at some places on tinterweb like XE, and they do better rates than tourist rates, but we don't want to do something silly and obviously, as we've never emigrated anywhere before, dont't know the best thing to do.
Any stories? tips?
Cheers
Jan
we will have to transfer a sum of money to NZ to buy a house over there. I was looking at some places on tinterweb like XE, and they do better rates than tourist rates, but we don't want to do something silly and obviously, as we've never emigrated anywhere before, dont't know the best thing to do.
Any stories? tips?
Cheers
Jan
Very easy to set up and can all be done online
Jun 13th 2009, 6:29 pm
#3
Newbie to NZ
Joined: Apr 2009
Location: CHCH
Posts: 223
Re: money transfer
I had to pay for an assessment a couple of months ago and that went through Money Corp but I have also been contacted from Halo Financial who do similar and who advertise in the Emigrate Now magazine (online). HTH, regards, LB
Jun 13th 2009, 8:30 pm
#4
NZ ways is best ways :0)
Joined: Oct 2006
Location: Christchurch, NZ
Posts: 1,109
Re: money transfer
We have used Halo Financial several times now with no issues. If you are moving more than, say, 10 or 15 thousand UK pounds, I always try to shop around a little for rates. Then, when it comes to the crunch you are sure that you are getting the best on the market.
You can do it one of 2 ways:
1) Make a 'buying order'. This is when you direct a foreign exchange company (like FX or Halo) to buy at a set excahnge rate - such as $2.75 to the pound. You then hang fire until this comes around. Advantages to this are that you won't miss the boat if rates suddenly peak and then drop over a 2 hour period whilst you were out of contact with the company making the buy for you. Disadvantage is that your desired exchange rate may not come come along for quite some time - so you need to be patient.
2) Just get the best deal at the time. For us, we have always HAD to move the money, and so have had to take the best offer on the table, dictated by the exchange rates. Companies like Halo make their money by adding on a slight % in their favour when doing the deal, and if you are changing a large amount of cash then you can squeeze this back in your favour by pushing the deal as hard as possible. I have done this to the point of them saying they wouldn't drop any further, so I said I would go elsewhere - to another company I was signed up with. 10 minutes late I had a call back and the deal was done. If you like negotiating it's great fun
Finally, whatever you do, DO NOT LOOK BACK. I try to ignore looking back at exchange rates AFTER having made the deal, as they always get better immediately!
You can do it one of 2 ways:
1) Make a 'buying order'. This is when you direct a foreign exchange company (like FX or Halo) to buy at a set excahnge rate - such as $2.75 to the pound. You then hang fire until this comes around. Advantages to this are that you won't miss the boat if rates suddenly peak and then drop over a 2 hour period whilst you were out of contact with the company making the buy for you. Disadvantage is that your desired exchange rate may not come come along for quite some time - so you need to be patient.
2) Just get the best deal at the time. For us, we have always HAD to move the money, and so have had to take the best offer on the table, dictated by the exchange rates. Companies like Halo make their money by adding on a slight % in their favour when doing the deal, and if you are changing a large amount of cash then you can squeeze this back in your favour by pushing the deal as hard as possible. I have done this to the point of them saying they wouldn't drop any further, so I said I would go elsewhere - to another company I was signed up with. 10 minutes late I had a call back and the deal was done. If you like negotiating it's great fun
Finally, whatever you do, DO NOT LOOK BACK. I try to ignore looking back at exchange rates AFTER having made the deal, as they always get better immediately!
Jun 13th 2009, 9:13 pm
#5
Account Closed
Joined: Mar 2008
Posts: 0
Re: money transfer
We used HiFX too & they were excellent Good luck with the house selling.
Good luck with the house selling.
Jun 16th 2009, 8:44 am
#6
BE Enthusiast
Joined: Dec 2004
Posts: 524
Re: money transfer
Jan n Neil
You're not alone in wondering what the best way to transfer your hard earned cash is.
People often want to know how they can compare the banks and the various currency brokers.
Suggest you visit Moneysavingexpert.com run by Martin Lewis. No doubt you've seen him on TV being interviewed about how to save money on all aspects of personal finance.
The link below will take you to his website where he examines the whole foreign exchange market and tells what you should be aware of and who the main players are regardless of the amount you're sending.
http://www.moneysavingexpert.com/ban...rency-exchange
Hopefully this is useful.
Best Regards
Mark Bodega
Director - HiFX
You're not alone in wondering what the best way to transfer your hard earned cash is.
People often want to know how they can compare the banks and the various currency brokers.
Suggest you visit Moneysavingexpert.com run by Martin Lewis. No doubt you've seen him on TV being interviewed about how to save money on all aspects of personal finance.
The link below will take you to his website where he examines the whole foreign exchange market and tells what you should be aware of and who the main players are regardless of the amount you're sending.
http://www.moneysavingexpert.com/ban...rency-exchange
Hopefully this is useful.
Best Regards
Mark Bodega
Director - HiFX
Jun 16th 2009, 9:13 am
#7
Just Joined
Joined: Jun 2009
Location: Devonshire - Dunedin
Posts: 17
Re: money transfer
Sorry for being thick, but I can't get that link to work to the Moneysaving expert site. Any alternatives?
Jun 16th 2009, 9:21 am
#8
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Joined: Apr 2007
Location: Waikato
Posts: 525
Re: money transfer
Jun 16th 2009, 9:36 am
#9
Joined: Aug 2006
Posts: 7,208
Re: money transfer
Jun 16th 2009, 9:40 am
#10
Just Joined
Joined: Jun 2009
Location: Devonshire - Dunedin
Posts: 17
Re: money transfer
Jun 17th 2009, 4:22 am
#11
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Joined: Sep 2006
Posts: 4,298
Re: money transfer
Finally, whatever you do, DO NOT LOOK BACK. I try to ignore looking back at exchange rates AFTER having made the deal, as they always get better immediately![/QUOTE]
Wel bugger me! I thought the above JUST happened to me....and it has done for the past 30 odd years on ALL currency exchanges that I have entered into!!!! My motto is buy high, sell low.....okay yah?
[/QUOTE]Wel bugger me! I thought the above JUST happened to me....and it has done for the past 30 odd years on ALL currency exchanges that I have entered into!!!! My motto is buy high, sell low.....okay yah?
