• Australia
    • Moving to Australia Process
    • Become an Australian PR then Citizen
    • Australian Age Pension and Benefits
    • Buying a house in Australia
    • Having a baby in Australia
    • Which city to move to in Australia
    • Pre-schools and Kindergartens
    • Schools in Australia
    • Driving and Licences in Australia
    • Moving to Adelaide (SA)
    • Moving to Canberra (ACT)
    • Moving to the Gold Coast (QLD)
    • Moving to New South Wales
    • Moving to Sydney (NSW)
    • Moving to Tasmania
    • Moving to Victoria
    • Moving to Melbourne (VIC)
    • Moving to Perth (WA)
  • Health
    • Australian Health Care System
    • Medicare Australia
    • Having a baby in Australia
    • Australian Age Pension and Benefits
    • Private Health Insurance
  • Jobs
    • Jobs in Australia
    • Australian Tax
    • NZ Student Loan?
    • Increase Your Success in the OZ Job Market
    • Things you shouldn’t put on your resume
  • Money
    • Everything Money
    • Open an Australian Bank Account
    • Foreign Exchange/Money Transfer
    • Australian Mortgage
    • Australian Tax
    • Buying a house in Australia
    • First Home Owners Grant
    • Australian Age Pension and Benefits
    • NZ Student Loan?
    • XE Money Transfer
    • Currency Converter
  • Moving
    • Moving Company to Australia
    • Moving to Australia Checklist
    • International Pet Transport
    • Moving to Australia Process
  • Real Estate
    • Renting and accommodation
    • Buying a house in Australia
    • Australian Mortgage
    • First Home Owners Grant
    • New Utility Connection Service
  • Visas
    • Australian Visa
    • Become an Australian PR and Citizen
    • SCV Visa Exclusions
    • Criminal Conviction?
    • Moving to Australia FAQ
Moving to Australia

XE vs OFX (NZForex)!

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.

XE-BankRateComparison**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.

Compare currency exchange companies/Foreign Exchange/Money Transfer/OFX Global Money Transfers (NZForex)/Open an Australian Bank Account/XE Money Transfer – connecting the world through foreign exchange

You Might Also Like...

UNO home loans

Australian Mortgage

Documentation Needed when you move to Australia

Documentation needed when moving to Australia

Australia borders open

Australia opens to international tourists after Covid Pandemic

NZ buying property in Australia

NZ buying property in Australia

2 Comments

  1. Johannes Berends

    December 5, 2020 at 12:22 am

    Hi,
    Can you move money from the Australian Commonwealth Bank to the ASB in New Zealand? I am looking to transfer about $AU30,000
    Thanks

    Reply
    • JJ Smith

      December 6, 2020 at 11:12 pm

      Hi Johannes,
      Thank you for your comment.
      Yes it is easy to transfer from one bank to another through either XE or OFX and save yourself transfer fees and extra margin the banks add.
      Simply chose one of the companies and register:
      – XE Money Transfer https://www.movingtoaustralia.co.nz/xe-money-transfer-connecting-the-world-through-foreign-exchange/
      – OFX Global Money Transfers https://www.movingtoaustralia.co.nz/ofx-global-money-transfers-nzforex/
      I’m happy to put in contact with a representative from either company if you want further help.
      Thanks

      Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

About MTA Editor

Moving to Australia Editor

Hi… I’m JJ Smith.

I’m the creator and editor of Moving to Australia and have been for 10 years! I know everything there is to know about New Zealanders moving their families and life to Australia. Either from first hand experiences and research or through the questions from visitors to this website… and I’m here to help!
Continue Reading

Join Our Monthly Newsletter
Please wait...

Thank you for subscribing!

Categories
  • Blog
  • Destinations
  • Driving and Licences
  • Health
  • Jobs
  • Money
  • Moving
  • MTA Info
  • Must Have Services
  • News
  • Real Estate
  • Schools
  • Visas
Recent Posts
  • Australian Mortgage
  • Documentation needed when moving to Australia
  • Australia opens to international tourists after Covid Pandemic
  • NZ buying property in Australia
  • Filing your Australia Tax Return
Connect
Help Others

Share your experiences with other kiwis planning the move to Australia.

Email any advice, tips and experiences to help@movingtoaustralia.co.nz.

Connect

Blog Categories

  • Blog
  • Destinations
  • Driving and Licences
  • Health
  • Jobs
  • Money
  • Moving
  • MTA Info
  • Must Have Services
  • News
  • Real Estate
  • Schools
  • Visas

Latest Posts

  • UNO home loans

    Australian Mortgage

    by
    JJ Smith
    , on
    Apr 4, 2022
  • Documentation Needed when you move to Australia

    Documentation needed when moving to Australia

    by
    JJ Smith
    , on
    Mar 3, 2022
  • Australia borders open

    Australia opens to international tourists after Covid Pandemic

    by
    JJ Smith
    , on
    Feb 23, 2022
  • NZ buying property in Australia

    NZ buying property in Australia

    by
    Taxback
    , on
    Aug 15, 2021
  • Filing Your Australia Tax Return

    Filing your Australia Tax Return

    by
    JJ Smith
    , on
    Jun 15, 2021

About MTA Editor

Hi… I’m JJ Smith.

I’m the creator and editor of MTA. I started this blog in 2008 when my family and I moved to Australia. I know everything about New Zealanders moving their life to Australia. Either through our research, first hand experiences or the questions I've helped visitors with.

I learnt so much when we moved our family from Auckland New Zealand to the Gold Coast (short term accommodation x 3) and then Brisbane (family friends, then long term rental). I sold my website business in NZ before the move. I was pregnant when we moved, so it was easy for me to setup this site and share my knowledge to help others, save them time, money and make their move stress-free.

© 2008 - 2020 Copyright Cybersmith Ltd. All content is copyright.

Design by ThemeShift.