Who should you use to transfer your money from NZ to Australia
Moving money through foreign exchange is something every New Zealander living in Australia needs to do at some stage. So what company should you use to transfer your money?
Find out why you shouldn’t use your bank, a comparison table of fees and charges, why use OFX (NZForex) or XE…
First things first… don’t use the banks to transfer your money to Australia
Skip the bank’s high fees so more of your money arrives — for less. We learnt the hard way not to use our bank to transfer money. They charge fees that an online company won’t charge and they add a larger margin to the currency rate.
See below a recent comparison with 3 of 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.
OFX (used to be NZForex)
We recommend OFX for transferring your money to Australia because they are cheaper than using your bank, they offer competitive exchange rates and have fantastic service channels including 24/7 access to a dedicated foreign exchange dealer.
We have been recommending OFX for over 10 years and have never received a complaint!
By using OFX (NZForex), you will enjoy:
- Zero transaction fees
- Extremely competitive foreign exchange rates across 52 currencies
- Online access 24/7
- 24/7 access to a dedicated foreign exchange dealer
- Complete exchange rate transparency
- Risk management tools through Limit Orders and Forward Exchange Contracts
- Exchange rate alerts via email
- Access to their highly regarded daily and weekly “Market Commentary”
OFX has waived the transfer fee for all transactions over $250 for Moving to Australia.co.nz visitors. Register for free here or read more on OFX here.
XE Money Transfer
We recently learnt that XE Money Transfer were expanding their presence in the Australasian region, so we did some research on them and decided you deserve to the option to use them with no fees as well. They were more than happy to partner with us too.
Here are some key facts about XE Money Transfer:
- XE is the worlds trusted currency authority used by 280+ million people a year, with 60+ million downloads of the XE app
- XE hold security trust accounts, (clients funds are held on trust in segregated client trust accounts). This ensures client funds are safe.
- XE money transfer dealers are Qualifying Financial Entity (QFE) advisers they are licensed and authorised to provide financial advice.
- XE have more than 90 local employees across two NZ offices representing both the North & South Islands (Auckland and Christchurch) as well as teams in Sydney and Melbourne in Australia.
- XE’s parent company Euronet Worldwide is a NASDAQ listed company with a current market cap of USD $5 Billion. Euronet hold an Investment Grade Credit Rating from Standard & Poors. Euronet process in excess of USD $74 billion of client funds per annum.
Register free here and find out how much money XE can save/make you!
Who should you use for your money transfer?
We have done a comparison of five foreign exchange/money transfer companies and outlined the key facts you need to know. In this comparison we have also included the average costs of using your bank to transfer your hard earned cash to Australia. See our comparison table here. On this page you will also find out how foreign exchange/money transfers work.
Still got unanswered questions?
Ask them below in the ‘reply’ section and I will get back to you asap. You might also find the answers in the questions other visitors have asked.