Moving money to NZ
 

Hi, How have you all moved your funds from the UK to NZ? We are looking at HIFX....has anyone used them?

Re: Moving money to NZ
 

Hi,

Hifx are good and so are Moneycorp.
Alternatively , if you don`t need to change your money up now, open a foreign currency account here and change it when the rates are better. You`ll find that the banks offer pretty good exchange rates, even on small amounts.
Good luck
Ash

Re: Moving money to NZ
 

We used Hifx too. Had no probs at all.

Re: Moving money to NZ
 

My understanding is that re foreign currency you have to pay to start it (something like 1-2% at Westpac so I beleive) and you only get about 3.75% interest in NZ whereas we are getting about 6.5% in the UK.

Obviously I have to pay my 19.5% IRD on either as I am liable to both overseas and internal NZ taxation. However if you arrived after April 2006 my understanding is that you have 4 years grace on any foreign income (UK interest namely) thus it is way better to keep it in the UK. You will become a 'tax resident' after 183 days and thus you will be charged at whatever tax rate you are on re the interest on your savings.

I have money in the UK and I am waiting for the kiwi 4 to get to about 34p a $..its around 36.7p at present. The word is interest rates are looking on a downward trend here which normally equates to a weaker $.

I am normally wrong however with my punts on foreign exchange!!!!!! But its just a waiting game...one day it WILL be 33p = a kiwi $....when is the question...and can my NZ debt wait that long????????????????????

Re: Moving money to NZ
 

Bank exchange rates are criminal and it shouldn't cost you anything to open up a foreign currency a/c. Set up an a/c with a trading firm and trade in the physicals when the rate is better. You should be able to negotiate zero commission and a spread within a few pips of interbank rates. If you are changing the proceeds of a house this will save you thousands.

Re: Moving money to NZ
 

Thank you for the info. Can you please recommend a good NZ based trading firm as I live in NZ with £s in the UK?


Cheers in advance.

Re: Moving money to NZ
 

hi

Like you I have residual income in the UK

I personally use NZFOREX at www.nzforex.co.nz to transfer money about every 2 or 3 months.

I find their rates very competitive and their service first class

Re: Moving money to NZ
 

I work for a company called Tricom. We trade a lot more than just FX, but FX is a large component. I haven't been accepting any more clients, but can always recommend an experienced dealer to help you out. What I did when i moved out from the UK is set up an account for myself in GBP and a sub-account in NZD, so that I can keep any spare/residual cash in the account and move the funds back and forth when the market is in my favour.

There are a couple of key questions you need to ask trading firms to make sure you are getting the best deal and best protection. (i) Do they offer client segregated accounts; (ii) do they put on 'dealer spread' (this is when the dealer gets a great price, but only gives you a good price) - not too ethical, but does happen A LOT!; and (iii) what is the target spread + commission (distance from the interbank rates).

Hope this helps,
Steven.

Re: Moving money to NZ
 

Thank you Steven, very helpful. Please could you recommend a dealer?

Thank you again in anticipation. The way the dollar is going I think I will trade sooner than later.

Kind regards, Dom.

Re: Moving money to NZ
 

Thank you!

Re: Moving money to NZ
 

Hi Dom,

If you call <snipped> for the Wellington dealing desk and ask for <snipped>, he will be the best person to help you. <snipped> is Associate Director and a very friendly chap. He can also give you advice on when the best time to trade is and can give you a call if the rate is particularly good at any stage during the day.

Hope this helps,
Steve


Steven O'Donnell.

Re: Moving money to NZ
 

Thank you very much for your help and speedy response..karma on way!!!!!!!