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Small money transfer UK - NZ

Small money transfer UK - NZ

Old Mar 7th 2013, 8:49 pm
  #1  
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Default Small money transfer UK - NZ

Hi,
I have a couple of bills to pay in NZ and want to know the easiest and best way to transfer small amounts !
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Old Mar 7th 2013, 9:03 pm
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Default Re: Small money transfer UK - NZ

Send them a cheque. It will be a pain for the NZ receiver to cash, but thats hardly your problem.

Otherwise you can use your bank, but expect to shafted on the exchange rate, but if it is for a small amount it should not make a huge difference.
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Old Mar 7th 2013, 9:53 pm
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Default Re: Small money transfer UK - NZ

Originally Posted by Catchafire View Post
Send them a cheque. It will be a pain for the NZ receiver to cash, but thats hardly your problem.

Otherwise you can use your bank, but expect to shafted on the exchange rate, but if it is for a small amount it should not make a huge difference.
But how do you work out exchange rate ? Fees etc
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Old Mar 7th 2013, 11:07 pm
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Default Re: Small money transfer UK - NZ

My Grandson is coming to the UK on holiday and he wanted me to book him something for when he is here. Wanted to transfer £500, it cost him $25 to transfer it from his bank to mine and then I was charged £12 to get it. No wonder these bankers are on good bonuses. So to be honest I don't know what the answer is. I got an email from his bank to say £500.06 had been transferred to my account but all I got was £488.06, but no explanation.

Last edited by Margaret Parkinson; Mar 7th 2013 at 11:10 pm.
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Old Mar 8th 2013, 12:28 am
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Default Re: Small money transfer UK - NZ

Originally Posted by nelsonpom View Post
Hi,
I have a couple of bills to pay in NZ and want to know the easiest and best way to transfer small amounts !
Tranzfers.com are good for transferring small amounts between a UK and NZ bank account. The minimum amount you can transfer is £50 and the fee is £7 - although I believe the first two transfers are free. It's the best way I know of avoiding bank charges and you would probably get a better exchange rate as well.
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Old Mar 8th 2013, 1:20 am
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Default Re: Small money transfer UK - NZ

Have a look at paypal too. I have used them for very small amounts. They do tell you the fees somewhere on the website. I didn't think it was too bad at the time.
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Old Mar 8th 2013, 5:52 am
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Default Re: Small money transfer UK - NZ

We were quite surprised by the (good) rates we got when withdrawing cash from a UK account from an ATM in NZ. Not sure if this is an option for you, though.
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Old Mar 8th 2013, 8:21 am
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Default Re: Small money transfer UK - NZ

Originally Posted by Margaret Parkinson View Post
I was charged £12 to get it.
You're not with the bank once known at the National Westminster bank are you, June?

Must be a flat rate. I got sent £100 worth of NZD's in 2010 and only recived £88 of it.



To the OP;

The people I bank with will be obivous to you, as above ... I transferred a couple of hundred £'s to Australia a couple of weeks ago. Easy peasy it was on thier online banking tool.

Can speak for any other UK banks, I'm afraid.
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Old Mar 8th 2013, 8:26 am
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Default Re: Small money transfer UK - NZ

Originally Posted by gcr View Post
We were quite surprised by the (good) rates we got when withdrawing cash from a UK account from an ATM in NZ. Not sure if this is an option for you, though.
Some UK cards have very good rates and no fees for this - you have to check though. Some are terrible.
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Old Mar 8th 2013, 9:18 am
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Default Re: Small money transfer UK - NZ

I suggest you shop around for currency transfer quotes and make sure 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.

Hope that helps
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Old Mar 8th 2013, 5:31 pm
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Default Re: Small money transfer UK - NZ

Originally Posted by TommyLuck View Post
You're not with the bank once known at the National Westminster bank are you, June?

Must be a flat rate. I got sent £100 worth of NZD's in 2010 and only recived £88 of it.

.
It was Lloyds TSB.

June
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Old Mar 8th 2013, 7:03 pm
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Default Re: Small money transfer UK - NZ

In addition to the cash withdrawals:
We've received a couple of cheques in GBP for Miss, sent by her grandmother back in the UK.
We pay them into the NZ account and generally they charge ~$15 for the currency conversion.
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Old Mar 9th 2013, 12:52 am
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Default Re: Small money transfer UK - NZ

Originally Posted by nelsonpom View Post
Hi,
I have a couple of bills to pay in NZ and want to know the easiest and best way to transfer small amounts !
Originally Posted by nelsonpom View Post
But how do you work out exchange rate ? Fees etc
I'm presuming that you are out of NZ and don't have a bank account there anymore.

Three choices I think.

One, use www.tranzfers.com - all the charges will be at your end, so won't be deducted from that amount that you send at the other end. But, as you point out, you don't know on any given day just what you will get for your pound. All you can do is make sure that you send a tad more than necessary.

Two, use paypal. Choose the amount to pay in NZ dollars. That way, the exact amount will arrive in the correct currency at the recipient's end.

Three, do you know anyone in NZ well enough to send them some dollars and get them to pay the bills.

===

You can do a transfer from your bank to theirs but this is probably the most expensive way of doing it.
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