Transferring your money from New Zealand to Australia is a big deal. It is important to use a trusted foreign exchange partner and make sure you get the most money possible from your money transfer.
From our research, online money transfer companies give you the best rates with less margin and no fees. Find out why and how…
Below you will find information on the below:
Editor’s Note: We started off using our bank to transfer money to Australia from New Zealand, but got told by a friend that it is much cheaper to use an online foreign exchange company. I compared the costs and were surprised at the difference. We got the best possible rate for every transfer, with a way lower margin than the bank and did not get charged a fee, I was paying $25 with an extra 5% margin on the rate.
We started off using OFX and successfully referred 100’s of clients to them and never received one complaint. They are a great company.
We have recently started using XE Money Transfers. They are the world’s most well known and trusted FX company. XE’s clients funds are held on trust in segregated client accounts. This is unique to XE and ensures that client funds are safe. Peace of mind! We loved this, so thought what’s the harm in offering two great companies and letting you decide who to use.
Learn how to transfer money easily without wasting a fortune of fees and charges.
International bank to bank transfers cost more and take longer. You will save at least $50 when you use an online foreign exchange specialist, like XE or OFX.
To give you an idea of how much you could save, XE have done a recent comparison with three New Zealand major banks for a $1,200,000 NZD / AUD transfer. Depending on which bank you use, XE would have saved you between $9,070 and $25,870.
**This comparison was made on 21.08.17, by speaking to the foreign exchange teams at 3 of the leading banks.
See how much you could save… Join XE now!
Online foreign exchange companies either don’t charge fees or will wave fees in our case. Banks charge fees to transfer your money overseas (usually $10-$25)
Below is a comparison of the main foreign exchange companies that transfer New Zealand Dollar and the Australia Dollar. The table compares international money transfer rates, services, speed, min transfer and the online transfer fee.
|Name||Min. Transfer||Speed||Services||Online Transfer Fee|
|XE||NZD 0||1 day||Online, Phone, Bank Account to Bank Account, APP||NZD 0*|
|NZForex (OFX)||NZD 250||1 day||Online, Phone, Bank Account to Bank Account, APP||NZD 0*|
|World First||NZD 2,000||2 days||Online, Phone, Agent||NZD 10.00|
|fc exchange||NZD 3,000||1 day||Online, Phone, Bank Account to Bank Account||NZD 10.00|
|HiFX||NZD 50||2 days||Online, Phone, Agent||NZD 15.00|
|Bank Average||NZD 0||1 day (extra $25)||Online, Phone, In-store||NZD 15.00-25.00|
|* The online transfer fee is wavered if registered through our referral link. Link on logo above.|
Get better rates from a specialist FX provider. Banks add a margin on top of the exchange rate they give you that increase’s the cost of the overall transfer by 2-5%. Money is money, it’s better in your pocket than the banks.
Rates change daily so if you want to get the most form your FX transfer, start researching the transfer rates and discover what is a good rate and average rate.
The easiest way to do this is register with a FX online provider like XE or OFX and download their app and get live exchange rates. This way you can easily check the exchange rates and get to know what is a good rate and average rate. Do this now so you know what your doing when it’s time to make the transfer.
You can also study the XE Currency Charts. The Charts let you see a pair’s currency rate history for up to 10 years! XE uses highly accurate, live mid-market rates. Below I’ve compared NZD to AUD on the XE website and got the below including low and high rates:
After you have registered with XE you can set currency rate alerts. This allows you to easily maximise the amount of Australian dollars you receive:
With OFX you can fix your FX rates. Create cash flow certainty, fix FX rates for up to 12 months and transfer later:
Please note, it costs nothing to set up accounts with XE or OFX, apart from a few minutes of your time. There is no obligation to transfer through them. However once you have, you will then easily be able to research and learn more about currency rates and keep more of your valuable funds.
There are a number of options on how to make a transfer. Different options suit different people better:
Both XE or OFX have fantastic customer support teams. They are always available 24/7 to answer any questions you have or give you advice on making the most from your money transfer. You can call them now on the numbers below. Please make sure you tell them that you heard about them through Moving to Australia.co.nz:
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 information you need.