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Moving money to NZ

Moving money to NZ

Old Sep 15th 2008, 7:12 pm
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Default 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?
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Old Sep 15th 2008, 8:31 pm
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Default 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
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Old Sep 15th 2008, 8:34 pm
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Default Re: Moving money to NZ

We used Hifx too. Had no probs at all.
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Old Sep 15th 2008, 10:22 pm
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Default Re: Moving money to NZ

Originally Posted by Ash1 View Post
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
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????????????????????
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Old Sep 16th 2008, 3:00 am
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Default 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.
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Old Sep 16th 2008, 5:02 am
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Default Re: Moving money to NZ

Originally Posted by MrCFD View Post
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.
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.
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Old Sep 16th 2008, 5:18 am
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Default 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
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Old Sep 16th 2008, 5:38 am
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Default Re: Moving money to NZ

Originally Posted by Genesis View Post
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.
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.
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Old Sep 16th 2008, 7:50 am
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Default Re: Moving money to NZ

Originally Posted by MrCFD View Post
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.
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.
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Old Sep 16th 2008, 8:57 pm
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Default Re: Moving money to NZ

Originally Posted by Windsor2 View Post
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Old Sep 16th 2008, 11:40 pm
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Default 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.

Last edited by Rete; Dec 12th 2008 at 9:11 pm.
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Old Sep 17th 2008, 12:44 am
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Default Re: Moving money to NZ

Originally Posted by MrCFD View Post
Hi Dom,

If you call 0800 TRICOM, dial 2 for the Wellington dealing desk and ask for Graham Parlane, he will be the best person to help you. Graham 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


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