Transferring your hard-earned 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 a great exchange rate and pay as little in fees as possible.
From our research, online money transfer companies give you the best rates with less margin compared to banks and no fees. Save money. Find out why and how…
In this post you will find helpful information on:
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 love XE Money Transfers. Their customer service is fantastic! Their exchange rates are extremely competitive! And they are the world’s most well known and trusted FX company.
Learn how to transfer money easily without wasting a fortune on 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.
To give you an idea of how much you could save, XE has done a 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 waive 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 the New Zealand Dollar and the Australia Dollar. The table compares international money transfer rates, services, speed, min transfer and 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*|
|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. |
Get better rates from a specialist FX provider. Banks add a margin on top of the exchange rate they give you, which increase’s the cost of the overall transfer by 2-5%. Money is money, it’s better in your pocket than in the banks.
Rates change daily so if you want to get the most from 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 to register with an FX online provider like XE, 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 you’re doing when it’s time to make the transfer. You can also get rate alerts (see below).
You can 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:
Please note, it costs nothing to set up accounts with XE, apart from a few minutes of your time. There is no obligation to transfer through them. However once you have registered, you will then easily be able to research and learn more about currency rates, set currency alerts and keep more of your valuable funds.
2021 Outstanding Value Award Winner
Canstar is the biggest financial comparison site in Australia.
Canstar recognized the 2021 Outstanding Value Award winners for having the best exchange rates, low to no fees, and who can save customers the most money. Learn more >
Great rates – access competitive exchange rates for your international business payments.
Trusted brand – over 330,000 people and 2,000 businesses trust us to make global payments.
Easy to use – make international transactions online in just a few minutes.
Market expertise – 25+ years in the currency business and a team of FX specialists ready to help.
XE has a fantastic customer support team. They are always available 24/7 to answer any questions you have or give you advice on making the most of your money transfer. You can call them now on 0800 932 66400. Please make sure you tell them that you heard about them through Moving to Australia.co.nz:
Read more in my XE Money Transfers post.
If you’ve read the above content and the answer to your question isn’t there, please write a comment below and I’ll research the answer for you. Please note, if the answer to your question is in the content above, I will not reply. Sorry, I just get too many questions these days and I can’t keep up.