VELOCITY TRADE
Transfer your money to Australia without the cost

Fast, easy & secure transfer of your money to Australia.

Velocity Trade is a New Zealand-based foreign exchange service specializing in reducing the overall cost to transfer your money to Australia. We have established a reputation for saving businesses a lot of money when making and receiving international payments and have extended this same money-saving service to individuals. Our secure online transfer platform is fast, easy to use and allows you to have control when transferring your money overseas. We are regulated by the New Zealand Financial Markets Authority and by the Australian Securities & Investment Commission.

Why shouldn't I just use my bank to transfer my money to Australia?

We know what it's like to move to a foreign country- many of us have done it ourselves. Using a bank to transfer your money can cost you a lot of money and leave you wondering if and when your money has arrived. If you are moving to Australia, don't settle for bad rates and large fees – take control of your currency transfers!

Why us?

Velocity Trade can save you money- it's as simple as that.

  1. We charge absolutely no fees.
  2. Our platform lets you choose your rate, transfer your own money, and monitor the transaction from start to finish.
  3. We offer better exchange rates.

Don't believe us? Get a quote from your bank on the cost to transfer your money to Australia. Then, use our online rate comparison system to see how much money you could save. (http://velocitytrade.co.nz/goingoverseas)

How does it work?

Our service is similar to making an online payment, but payments can be made on a global scale.

  1. You'll need an Australian bank account. We can arrange this for you or you can easily set this up through MovingToAustralia.
  2. We'll set you up with a free account with our secure online LatitudeGT transfer platform. This only takes a few minutes.
  3. Enter the details of your New Zealand and Australian bank accounts, choose the rate you want, then simply click transfer! We can also make the transfer for you when the rate you want is achieved so you don't have to worry about a thing.

Want more information? Give us a call and we'll set you up with free demo access to our platform to compare our rates and see for yourself just how easy it is to use!

Give us a call on

  • New Zealand 0508 CURRENCY (0508 287 736 Free call)
  • Australia 1800 257 712 (Free call)
  • United Kingdom 0808 234 3476 (Free call)
  • International +64 9 918 8312

Or send us an e-mail at: This e-mail address is being protected from spambots. You need JavaScript enabled to view it

Visit our website to find out more about our currency transfer service and compare our rates with your banks' rates (http://velocitytrade.co.nz/goingoverseas?).

 

Moving to Australia? Then you will need to open an Australian Bank Account.

Moving from one country to another has its complications. Fortunately, one Australian bank can help smooth the way.

For people contemplating a move to Australia, there's a lot to think about — from transporting your belongings, to accommodation in a new city, and all of the requirements of a new job.

You also need to get your finances organised, whether that means opening a new Australian bank account, or looking for extra funds to cover the expenses that inevitably crop up.

That's why the Commonwealth Bank has created an International Customer Services team to support people moving to Australia. Their fast, streamlined service helps you open up an Australian bank account(s), credit cards and other accounts before you move, so that everything is ready and waiting when you arrive. They can also put you in touch with financial specialists who can help you with everything from insurance to investments.

Opening a Commonwealth Bank Account

To open a Australian Commonweath Bank account please fill in the simple form on the right and a Commonwealth representative will be in touch with you to complete the account opening process and make sure you get the right accounts to suit your needs.

It's as simple as 1, 2, 3:

  1. Complete the form in the box to the right.
  2. Someone from the Commonwealth Bank will contact you to help you set up the right accounts for you.
  3. Your account to be opened within 48 hours. Once your account is opened, you can use it to deposit funds but you cannot withdraw funds until you have presented ID at any branch after you arrive in Australia.

About Commonwealth Bank of Australia

The Commonwealth Bank of Australia is one of Australia's leading financial institutions

In 2011, we have been named Bank of the Year, by Money Magazine, that makes it two years in a row!. So you can feel reassured that your finances will be in great hands.

International customer Services

Moving to a new country can be as stressful as it is exciting. But it doesn't have to be. Our aim is to help you set up your banking in Australia, before you leave, so it's as simple as possible. To assist you, we've created an International Customer Services team (ICS). We'll take the complexity out of opening bank accounts and transferring funds whilst you are still overseas.

Why choose the Commonwealth Bank?

With over 1000 branches and 4000 ATMs the Commonwealth Bank has Australia's largest retail network. The International Customer Service team is available 24 hours a day, 7 days a week so you can contact us at a time that suits you.

The International Customer Services team speaks your language, with multilingual sales and service representatives dedicated to helping people moving to Australia. The team is the single point of contact for international customers so you don't have to know who does what in each area of the Bank – we look after all that for you. With a wide range of products, we can assist you with all your banking needs. Within 24-48 hours of submitting your application your account will be opened and you will be contacted with your account details.

For more information Commonwealth Bank please visit our website: http://www.commbank.com.au/.

What New Zealanders say about Commonwealth Bank

We recently talked to some new arrivals to find out about their experiences. Here's what they had to say.

"The experience was easy and seamless"

"I moved to Australia from New Zealand to further my career", According to the customer , moving has allowed him to broaden his experience and become involved in areas of medicine that he would have otherwise been unable to access.

Before he moved, his bank arranged for a member of the International Customer Services Team to contact him and help him set up his new Australian bank accounts.

"This was an easy process," he says. "I arranged all the set up over the phone."

"A week before I arrived in Australia I transferred money into the account and the account was activated. I also was pre-approved for a credit card."

After arriving in Australia, a brief visit to the bank was all it took to have everything up and running.

"I went to the bank, collected my banking cards and signed several documents, and I was done," he says.

Like many of us, the customer is time-poor, so speed and convenience were important to him: "All the hard work was done for me — that was especially useful since I lead a busy life." But cost savings also played a part in his decision to bank with the Commonwealth.

"Another advantage of coming to Commonwealth Bank was less fees," he says.

"Can't ask for more"

Another New Zealander, said she contacted the Commonwealth Bank to set up a new bank account before she left.

"[The] process was extremely quick and easy," she says. "Everything can be done online."

The International Customer Services team contacted her and took the time to understand her needs, then suggested services to match.

"[I] wasn't expecting to be offered credit cards," she says. She was also "introduced to the NetBank Saver account, which was good for me."

Asked how she would describe his experience, the customer says it was fast and easy — "[they] helped every step of the way." In fact, she liked it so much, she's recommended it to a number of friends who are considering a similar move.

Smoothing the way

If you're planning moving to Australia, the Commonwealth Bank's International Customer Services team is ready to help smooth the way. Simply fill in the form to the right and you will be one step closer to your dream of living in Australia.

 

Moving to Australia? Find below helpful information on moving money to Australia from New Zealand.

When you are moving to Australia from New Zealand, there are a lot of things you have to think about. When it comes to money there are two things you should do which will save you a lot of time and money:

  1. Setup an Australian Bank Account before you go. This will save you time and stress.
  2. Use a foreign exchange company to convert your money. Most banks will charge you a great deal to transfer and convert New Zealand dollars into Australian dollards.

Also on this page you will find general information on:

Australian Banks

Currently, the Australian banking sector is dominated by four major banks: Commonwealth Bank of Australia, Australia and New Zealand Banking Group (ANZ), National Australia Bank (NAB) and Westpac Banking Corporation.

Editors Note:"My husband and I have only used Commonwealth Bank and found them fantastic! They are very customer focused and regularly keep in touch, which is very refeshing for a bank. Their fees are very competitive, so they are an all round good choice. We both recommend Commonwealth to any friends heading to Australia."

Commonwealth Bank of Australia - http://www.commbank.com.au/

The Commonwealth Bank is Australia's leading provider of integrated financial services including retail banking, premium banking, business banking, institutional banking, funds management, superannuation, insurance, investment and sharebroking products and services. The Group is one of the largest listed companies on the Australian Stock Exchange and is included in the Morgan Stanley Capital Global Index.

Australia and New Zealand Banking Group (ANZ) - http://www.anz.com/ 

Our history dates back over 175 years. We are committed to building lasting partnerships with our customers, shareholders and communities in 32 countries in Australia, New Zealand, throughout Asia and the Pacific, and in the Middle East, Europe and America.

We provide a range of banking and financial products and services to around 8 million customers. We employ 48,000 people worldwide.

National Australia Bank (NAB) - http://www.nab.com.au/

National Australia Bank is a financial services organisation with over 40,000 people, operating more than 1,800 branches and service centres, and responsible to more than 460,000 shareholders. We operate major financial services franchises in Australia, as well as businesses in New Zealand, Asia, the United Kingdom and the United States. Each of our brands is uniquely positioned but built on a common commitment to providing quality products and services, fair fees and charges, and relationships built on the principles of help, guidance and advice.

Westpac Banking Corporation - http://www.westpac.com.au/

Westpac Banking Corporation (Westpac) was founded in 1817 and was the first bank established in Australia.

The Westpac Group has branches and controlled entities throughout Australia, New Zealand and the near Pacific region and maintains offices in key financial centres around the world including London, New York, Hong Kong and Singapore.

Setting up an Australian Bank Account

Setting up an Australian bank account is best done before leaving New Zealand so you can ensure it is set up before your arrival. Having an Australian bank account to transfer your money to before your departure will help you avoid carrying a lot of cash with you and avoid the hassle of traveler's cheques. This is also the best way to ensure that your funds will be in your account before you arrive and all you will have to do is grab your bank card from a branch when you arrive.

Australian Bank Accounts are made up of an Account Number and a BSB, unlike our bank accounts which is one account number. Please see below:

  • Australian Bank Account
    Account Number: **** **** (two lots of four numbers)
    BSB:  ** **** (one lot of two numbers and then four numbers)
  • New Zealand Bank Account
    Account Number: **-****-*******-***

Editor Note:'When my husband and I moved to Australia he setup a bank account through Commonwealth Bank before we left. The process was very simple and the customer service department were fantastic. I however left it until I got to Australia, as I thought it would be just as easy and one less thing to do before we left. This was a big mistake. Once you get to Australia there is so much more information they want from you. In the end I setup my bank account using the Commonwealth form as if I was still in New Zealand.

Therefore I seriously recommend you setting up a bank account before you go, as it will save you time and in my case stress!'

Find out more about getting an Australian Bank Account here.

Foreign Currency Exchange & International Currency Transfers

It is best to use a foreign exchange company to exchange your Kiwi Dollars into Australian Dollars and to transfer your money to Australia for you. Most banks will charge you a great deal to convert and transfer your money.

  1. Banks charge fees to transfer your money overseas (usually $15-$25)

  2. Banks apply a margin on top of the exchange rate they give to you which can increase the cost of the overall transfer by about 2.5%. This may seem small but it adds up fast!

Editor Note:"We started off using our bank to transfer money between New Zealand and Australia, but got told by a friend that it is much cheaper to use a foreign exchange company. I compared the costs and were suprised at the difference. We used Velocity Trade for our transfers because they give the best possible rates and do not charge you a fee, which I was paying $25."

Find out more about transferring your money here.

Exchange Rates

Most people don't pay enough attention to the exchange rates they are getting but exchange rates can make a very large difference when exchanging New Zealand Dollars into Australian Dollars. For the last 15-20 years, the Australian Dollar has been worth more than the Kiwi Dollar however the Kiwi has been strengthening since the start of 2011. Since exchange rates change every second, knowing where these currencies stand can help you choose the best time to exchange your currency. Exchanging your money at the right time can end up saving you a lot of money.

Find out more about exchanging your money here.

Pension Schemes

Australia has a very good superannuation scheme which requires employers to contribute a mandatory 12% of an employee's annual salary to his or her pension. This amount is not deducted from the employee's salary but contributed by the employer on top of salary. This differs from the superannuation KiwiSaver plan to which New Zealand employers only contribute 2% of your pay if the employee himself contributes from his pay.

Find out more about Australian Super here http://www.australiansuper.com/ and more about KiwiSaver and withdrawing funds from KiwiSaver here http://www.kiwisaver.govt.nz/already/get-money/early/moving/.

BPAY (how you will pay most bills)

Paying bills in Australia is made safe and easy with BPAY. BPAY allows you to receive and pay bills quickly and securely through your internet or phone banking service 24/7. Each bill you have is assigned a unique payment ID that allows you avoid the rest of the details and just use this reference ID which is checked for correctness before the payment is made.

Editors Note:"It tool me a little while to get my head around the Australia banking system, but it is straight forward. You access BPAY through your internet banking and the majority of invoices include the BPAY option. You can also pay at your local Post Shop using BPAY."

Find out more about this system on their website: http://www.bpay.com.au/.

Regulation

The Australian Securities and Investments Commission (ASIC) is the major governing body that looks over financial regulations in Australia. They regulate businesses involved in finance and foreign exchange and deal with complaints relating to money, superannuation, insurance and financial advice.

Their website is http://www.moneysmart.gov.au/?referrer=fido.gov.au.

Taxation

If you are going to be working in Australia, you will need to apply for a Tax File Number (TFN) with the Australian Taxation Office (ATO). To apply for this you will need a valid passport and an Australian address. It is best to apply for this at least a month before you being your employment since your employer will ask you to supply your tax file number upon commencement. If you don't have a TFN, your employer must take from your payments the maximum amount of tax.

It will take about 2 or 3 weeks to receive your tax file number after you submit your application, depending on whether you apply online or not. You can find out more about this on the Australian Taxation Office's website http://www.ato.gov.au/.

Further Information

If there is anything else you would like to know about, please ask me a question using the below comment system and I will do my best to find the inforation you need.

 


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