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So sorry..Money transfer question..

So sorry..Money transfer question..

Old Apr 21st 2013, 5:46 am
  #1  
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Default So sorry..Money transfer question..

Hello All,

I've sold my house in the UK and will want to shift the funds from Barclays to my BNZ account.. How would you guys do it?...

I will be back in the UK in a few weeks for a week..

Im thinking just bacs it over.. What are the pro's and cons in doing that?

Thanks..
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Old Apr 21st 2013, 5:52 am
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Default Re: So sorry..Money transfer question..

Ha Ha appears you've bought another bike in the last 5 mins...

I use Moneycorp back in the UK. Its easy to sign up for a private account. You can do the transfers online but you will get a better rate if you ring and do it over the phone.
You can send them the money via internet banking and they email you instructions and confirmations along the way, plus you are fully covered.
A few days later it appears in your NZ account. No fees as it's all included in the exchange rates they offer you.
Done 3 or 4 up to press without any issues.
Don't use the bank they rip you off with fees and the exchange rate.
Cheers
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Old Apr 21st 2013, 8:03 am
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Default Re: So sorry..Money transfer question..

I'm happy with xe.com - you can do it online and the rates are good - no fees. I used hi-fx once and they were good too. For a large amount you will need to provide additional id, and it may involve a phone call. Whichever route you choose, you should be able to negotiate better rates and low or no fees for larger transfer amounts.
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Old Apr 21st 2013, 8:38 am
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Default Re: So sorry..Money transfer question..

We use HiFx, not sure on the transfer amount for large sums per transition though. we just moved 10thousand across each time until we had it all, wasn't in a hurry to get it all across in one go. They used Barclays themselves in the UK so very quick for us.
If you want to move it all across in one go I personally would call round a few and get quotes.
Would advise to leave some in the UK bank account to pay for presents etc for rellies left over there.
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Old Apr 22nd 2013, 9:21 am
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Smile Re: So sorry..Money transfer question..

Originally Posted by MrsFychan View Post
We use HiFx, not sure on the transfer amount for large sums per transition though. we just moved 10thousand across each time until we had it all, wasn't in a hurry to get it all across in one go. They used Barclays themselves in the UK so very quick for us.
If you want to move it all across in one go I personally would call round a few and get quotes.
Would advise to leave some in the UK bank account to pay for presents etc for rellies left over there.
Agreed - I suggest you shop around for currency transfer quotes as most banks charge commission when you send money overseas and make sure that you get the best exchange rate from an FCA authorised foreign exchange provider. Typically, a foreign exchange broker's rate can be up to 4% better than the banks.
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Old Apr 23rd 2013, 1:20 am
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Default Re: So sorry..Money transfer question..

Travelex are pretty good, I used them. First transfer is free and the rate is about the best I could find .
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Old Apr 23rd 2013, 7:56 am
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Default Re: So sorry..Money transfer question..

Thanks all.
So I can set these up from here?

I will be in the UK in a couple of weeks anyway..

I was just going to get Barclays to transfer it straight to my BNZ.

Would i lose alot on 60k GBP - NZD ?.
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Old Apr 23rd 2013, 7:57 am
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Default Re: So sorry..Money transfer question..

Yes you will - most FX companies will save you up to 4-5% on the exchange rate compared to the bank!
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Old Apr 23rd 2013, 8:00 am
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Default Re: So sorry..Money transfer question..

Originally Posted by ANye View Post
Yes you will - most FX companies will save you up to 4-5% on the exchange rate compared to the bank!
Ok, so looks like i will go for a FX comp then..

Thanks everyone.
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Old Apr 23rd 2013, 3:57 pm
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Default Re: So sorry..Money transfer question..

I've used Halo to transfer money from the UK to NZ and HiFX to transfer from NZ to the UK. I just contacted them via phone or email and set up an account.
All very easy to do and the better rate is definitely worth it.
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Old Apr 23rd 2013, 8:15 pm
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Default Re: So sorry..Money transfer question..

Originally Posted by Persephone View Post
I've used Halo to transfer money from the UK to NZ and HiFX to transfer from NZ to the UK. I just contacted them via phone or email and set up an account.
All very easy to do and the better rate is definitely worth it.
Ive just set up an account with Hifix, yeah, it was easy to do.

Why do you use Halo and Hifix? I just need to send from UK to NZ. So should i Use Halo? Im guessing they give you a better rate from UK-NZ ?.

Thanks again guys.

Gary
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