Marklar

I'm moving back to NZ in June. I've got about 50K GBP in savings but I'm torn about transferring that much back to NZ given the current exchange rate.

I'm looking to buy a house before end of the year, does anyone know if any banks will do an offset mortgage against a foriegn currency account?

And does anyone have any advice for transferring that amount of money to NZ?

Sherlock Holmes

Hi there and welcome to the forum.

The exchange rate. Crystal ball time. As much to do with the strength of the dollar as the weakness of the pound. The pound fell again yesterday due to poor figures released in the UK. Apparently, if the dollar falls, it can do so quite spectacularly but I don't see much change in the situation in the next few months.

I use www.tranzfers.com to move smallish amounts regularly. There are plenty of reputable companies out there who will handle any amount, usually for a fixed fee and at a better exchange rate than the banks.

I'm sure that others will be along with other FX company names.

Enjoy B.E.

ANye

I suggest you shop around for currency transfer quotes and make sure that you are getting the best rate from a FCA authorised foreign exchange provider when sending money overseas as well. Typically, a foreign exchange broker's rate can be up to 4% better than the banks.

There really doesn’t appear to be much good news out there for people buying New Zealand Dollars at the moment, so sooner rather than later seems to be the order of the day. If you’re keen to place orders, I would consider targeting rates in the 1.79-1.82 region.

Hope that helps