Wessa

Hello All,
So after two years of being here and having split from the ex who is still in the UK, i need to send say 60k GBP over to NZ.
I will be going back in a few months to bring my Lad back to NZ with me.

How is the best way to send it out?
I don't need it in one go, So would that allow me to not be taxed etc when moving it.
How did you do it if you have?

Im not sure how it all works so the more advice the better.. Thanks.

Thanks all.

Regards, Gary.

MrsFychan

we used HiFx, very easy, quick and free on amounts over ??? (can't remember but think it was 5K). we could only move 10k a day as that was all Barclays would allow us to take out. HiFx use Barclays Bank in UK to transfer over to your own bank in NZ.
Can not fault them and they were extremely efficient when I neglected to put the reference in the email for the transfer and called me back within 10min to say they had found the transaction and all would good ahead as planned.
Highly recommend

jmh

I've used xe.com. There will be a trade limit, so you may have to contact them to negotiate a higher amount. I have a vague recollection that my trade limit was about GBP8000, but that was because I hadn't supplied ID. I just did two smaller trades. It was very easy transferring between my bank account in the UK and in NZ. When I first looked into this a few years back it was way cheaper than using banks (and easier).

I can't see why it would be taxed if it is not income. I'm assuming it's sale of assets.

jmh

Thinking about it, my first trade was through HiFx and the beauty of it was you could just use your UK debit card to pay for the amount you are sending. With xe.com you have to actually transfer them the money. It's an extra step if you are unsure. But subsequently xe.com's rate was better so worth the extra effort to me. I had to talk to them over the phone over an issue (their staff error) and they were fine.

Sherlock Holmes

Or you can try www.tranzfers.com - or any of the associated companies.

MRam

Hi there,

When shopping around ensure that you are getting the best rate from an FSA authorised foreign exchange provider. Typically, a foreign exchange broker's rate can be up to 4% better than the banks.

I'm from Halo Financial, a British Expats vendor/advertiser, so if you are interested in finding out how we can help you then send me a private message. Otherwise, just ensure you use a trusted broker with segregated client accounts, that is FSA authorised.

You can find our FX news and emigration forum area HERE

Hope that helps
Mark

Mark Smith

I've used Halo a few times, I've twice moved some money over from the UK to NZ and it was easy. Although peed off when having to move a little back the other way to purchase something from the UK as ANZ hit me with charges to send the money electronically. Added to the fees from Halo, was I any better off than just using a bank for the whole process?

BEVS

Hi Wessa.

Lovely that your lad is coming to NZ with you on your return.

I've used NZ forex several times now& would recommend their service.

Quick . Easy . Very competitive.

julesnye

over 3k

julesnye

I never saw that option and had to transfer after I'd bought, with HIFX, so maybe it's changed

Freshhorizons

Hello All, I am reading this thread for future reference but I would say before you use your bank debit card for sending money just check your banks fee. I have worked for many years in a UK bank and can tell you that these transactions ( buying money) can equate to charges for the transaction by the bank. Can't comment on all banks but would advise you to check. It's the same as buying foreign currency at an exchange in your own country, they can apply fees like an ATM withdrawal. Better to withdraw the cash or transfer then no unnecassary charges (obviously I am not telling you to withdraw large amounts of cash just pointing out its the same as buying currency in your Uk from your current account, most banks charge you for the privilage)

jmh

Could well have done. I'm talking of about 3 years ago, so they may have changed the rules.

Charismatic

Would a UK bank do a rate shave on an IMT for 60k?

Wessa

Thanks all for the advice.
Im guessing i ill have to sort it out soon. Just I've got a few options now eh.

So is there some trick to getting the best transfer rate?
Also would you shift the money in one go or do a few transfers?.

Thanks again.

Oh Bevs.. Can't wait.. The bigger picture is finally working out.

Regards, Gary..

BEVS

Can only speak for myself Gaz.
I'd shift in one go. One fee and all your dosh in one place.

Getting the best rate can mean a few phone calls to the banks and forex people. Usual best price bargaining. So-and-so offered me this . Can you best it?

With online NZforex the fee is set there on the site for you to see. You can still phone them though.

Right pain innit .