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Transferring Money

Transferring Money

Old Oct 31st 2006, 8:50 pm
  #1  
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Default Transferring Money

Hi

Would anyone be able to advise me on the best way to take money to New Zealand. I am emigrating next week and haven't exchanged any money yet. Should I wait until I get to NZ and then set up a bank account and then wire my money across?? My fear is that the money will get exchanged at a poor rate in England, and then transferred across to NZ. I'm sure the rates are much better over there?? Any advice appreciated.

Regards

G
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Old Oct 31st 2006, 9:01 pm
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Default Re: Transferring Money

Originally Posted by UKGrant23
Hi

Would anyone be able to advise me on the best way to take money to New Zealand. I am emigrating next week and haven't exchanged any money yet. Should I wait until I get to NZ and then set up a bank account and then wire my money across?? My fear is that the money will get exchanged at a poor rate in England, and then transferred across to NZ. I'm sure the rates are much better over there?? Any advice appreciated.

Regards

G

set up a hifix account, but you'll need to do it quickly, i think, ring them they are really helpful. we bring our money over like this in £5000 lumps, rate is quite good about 2.8 at mo i think (better rate as its not a tourist rate
http://www.hifx.co.uk/
you can set up a NZ account from Uk if you want we did it with Westpac
good luck
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Old Oct 31st 2006, 9:17 pm
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Default Re: Transferring Money

Thanks for your reply. So does this account work by exchanging my GBP into NZD, and then am I able to transfer it into my bank account in NZ? Do I get charged? I will ring them tomorrow, but I'm inpatient, sorry
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Old Oct 31st 2006, 9:21 pm
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Default Re: Transferring Money

Originally Posted by UKGrant23
Thanks for your reply. So does this account work by exchanging my GBP into NZD, and then am I able to transfer it into my bank account in NZ? Do I get charged? I will ring them tomorrow, but I'm inpatient, sorry
I believe Hifx don't charge you for the transfer - which makes it unusual. The rest you are correct about. Should shop around for rates if you are exchanging a large sum of money too, but Hifx are highly rated in this field.
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Old Oct 31st 2006, 10:01 pm
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Default Re: Transferring Money

Originally Posted by UKGrant23
Thanks for your reply. So does this account work by exchanging my GBP into NZD, and then am I able to transfer it into my bank account in NZ? Do I get charged? I will ring them tomorrow, but I'm inpatient, sorry

no theres no charge, they just knock a tiny bit off the rate i think iis somethig like 0.025, but its minimal, they will transefer from your UK account to your NZ account, takes about a week if i recall (sorry hubs usual does it all!, but he's at work at the mo). They do it all on your say so, (you have to do authorisation emails ) & as i said are very helpful, but yeah give them a ring in th emorning & get account set up, i think you may need to send proof of address, but can't quite recall - sorrry!!
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Old Nov 1st 2006, 7:31 am
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Default Re: Transferring Money

Originally Posted by UKGrant23
Hi

Would anyone be able to advise me on the best way to take money to New Zealand. I am emigrating next week and haven't exchanged any money yet. Should I wait until I get to NZ and then set up a bank account and then wire my money across?? My fear is that the money will get exchanged at a poor rate in England, and then transferred across to NZ. I'm sure the rates are much better over there?? Any advice appreciated.

Regards

G
We set up an off shore sterling account into which you transfer your pounds - then you can choose how much and when you convert into NZ$ and transfer into your NZ current account. You will be able to negotiate a better than published exchange rate, dependent on how much you are transferring - the bigger the transaction, the better the rate.
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Old Nov 1st 2006, 8:51 am
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Default Re: Transferring Money

Originally Posted by cottageinthesky
We set up an off shore sterling account into which you transfer your pounds - then you can choose how much and when you convert into NZ$ and transfer into your NZ current account. You will be able to negotiate a better than published exchange rate, dependent on how much you are transferring - the bigger the transaction, the better the rate.
Hello! Do you still have your offshore account? Trying to find one with a competitive rate that beats 'onshore accounts' (c.5%+) but sadly haven't found one yet. So if you know of any, would appreciate your help. Thanks.
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Old Nov 1st 2006, 6:01 pm
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Default Re: Transferring Money

Originally Posted by uk+kiwi
Hello! Do you still have your offshore account? Trying to find one with a competitive rate that beats 'onshore accounts' (c.5%+) but sadly haven't found one yet. So if you know of any, would appreciate your help. Thanks.
No - closed it several years ago - will ask around for rates - going to Sydney early tomorrow morning, so may not reply til next week.
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Old Nov 1st 2006, 7:47 pm
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Default Re: Transferring Money

We used Moneycorp http://www.moneycorp.com/
Ages ago now though, but I don't think they charged either. They didn't when we used them.
Worth a look at the link but may be a bit late for you cos you have to fax them household bills etc to prove you are who you say you are etc and then set up with your bank in the uk
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Old Nov 1st 2006, 7:49 pm
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Default Re: Transferring Money

Forgot to say, we thought they were very good and they were very efficient at dealing with the money we transferred over
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Old Nov 2nd 2006, 7:23 am
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Default Re: Transferring Money

Originally Posted by uk+kiwi
Hello! Do you still have your offshore account? Trying to find one with a competitive rate that beats 'onshore accounts' (c.5%+) but sadly haven't found one yet. So if you know of any, would appreciate your help. Thanks.
Spoke to my guy at Westpac - Hifix seems to be the way to go - he reckons none of the major banks can match them for rates and you get a personal manager to bounce off.
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Old Nov 2nd 2006, 5:55 pm
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Default Re: Transferring Money

I spoke to HiFX today and they told me that its not worth opening one of their accounts unless your transferring over 5000 GBP, which in my case I'm not. The exchange rate differs from changing in the UK to changing in NZ, so I will probably just open a foreign currency account with the bank in NZ and then wire it across and let them change it for me.....used to work for the national bank so sure I can negotiate a decent rate.
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