which money transfer company?

[kara_m]

hi guys
im in the process of trying to decide what company to use to transfer our money to nz, because of the current exchange rate we will not be transfering our money before we go but i would like to have an account all set up ready
at the moment the companys i have found are worldfrst, hifx and moneycorp has anyone used any of these companys or have a recommendation of a company they did you use
thanks
kara

[James 1077]

We've used HiFX a few times now and have been very pleased with their service and speed of transfer. Their rates have been good too!

[IanW99]

hi guys
im in the process of trying to decide what company to use to transfer our money to nz, because of the current exchange rate we will not be transfering our money before we go but i would like to have an account all set up ready
at the moment the companys i have found are worldfrst, hifx and moneycorp has anyone used any of these companys or have a recommendation of a company they did you use
thanks
kara

Have you set up a NZ bank yet? If not then consider some of their migrant banking sections who can set up everything for you and also transfer your funds for you at a very good (business) rate.

Are you going to be regularly transferring money, or just once or twice?

If it is only a couple of times then I would just stick with the migrant banking section, much simpler and less hassle.

For banks, we used ASB and they were excellent.

For money transfer companies we used xe.com, few hiccups at the start but get a good rate and no longer charge transfer fees.

Most decent companies will provide you an online quote so you can use this to see which gives you the best deal and remember to include transfer fees that may be charged either end. Also, those that don't charge transfer fees still make a profit so they do this by lowering the rates that they offer so need to check this out as well especially if you are transferring a lot of money.

Ian

[nickiware]

I have used ozforex and found them very good

[langers]

The other alternative is to also setup an sterling foreign exchange account here and transfer cash in sterling and then change to dollars when you are ready.

We used HSBC to do this as I worked for them before we left the UK but most of the local banks here offer one. Trouble with HSBC is they're only Auckland based but you can still use them and just transfer to your regular account when ready.

We have one with National Bank now that we dabble with to be mini George Soros, pound has not been this low for years vs $ so we have bought pounds recently.

[ricky1981]

I've used World First and they have always been good but to be honest I think most are pretty reliable so just stick to big names and shop around for the best rate.

[giggyten]

Hi, Have our residency and fly out on the 14th Feb. Horray...
Now the difficult bit. We are set up with Eldridge Lynch, but our banks are not telling us how we actually do the transaction when we are not in the country to sign a CHAPS. They have suggested "Can't you come back and sign one when you need it" Obviously geography wasn't their strong point.
I am sure you know the answer. Please share it with us before the stress gets too much.
Thanks

[IanW99]

Hi, Have our residency and fly out on the 14th Feb. Horray...
Now the difficult bit. We are set up with Eldridge Lynch, but our banks are not telling us how we actually do the transaction when we are not in the country to sign a CHAPS. They have suggested "Can't you come back and sign one when you need it" Obviously geography wasn't their strong point.
I am sure you know the answer. Please share it with us before the stress gets too much.
Thanks

How much are you planning on transferring? If it is just small amount upto £10,000 at a time then you should have this facility in your UK bank already via internet banking - check with the specific bank.

If you are talking a larger sum e.g. the sale of your house which won't be completed until after you have left for NZ, then we had a talk with the bank manager and arranged a pre-signed form already filled in with the details that they would process once we approved it i.e. by a phone call.

No idea how Eldridge Lynch fits into this equation as we transferred via migrant banking who just move any funds transferred into the UK account automatically to our NZ bank - no need to agree amounts etc.

Ian

[Kiwi Mac]

Hi Fx are good.

They have UK-based sterling accounts you can pay into (Barclays) direct from your UK accounts (as well as Euro accounts etc.) so the money never actually transfers from UK to here - saving a lot of costs.

It just shows up in your client account balance here and gets converted at your instruction - no BACS/CHAPS/IBAN messing about at all.

[IanW99]

...
They have UK-based sterling accounts you can pay into (Barclays) direct from your UK accounts (as well as Euro accounts etc.) so the money never actually transfers from UK to here - saving a lot of costs.

It just shows up in your client account balance here and gets converted at your instruction - no BACS/CHAPS/IBAN messing about at all.

I don't actually think any of the money exchange companies actually send any money any where, so not sure how this would be any different.

How do you transfer funds greater than £10,000 without using something like BACS / CHAPS?

AFAIK, most UK banks won't let you transfer more than this via their internet banking options (although you can of course do multiple transactions).

Ian