Anyone has experience transferring money from Singapore to NZ?

[rme]

Hi folks,

Looking for people who may have experience in transferring money from Singapore to NZ. I've read that the folks in the UK have a better alternative to doing a simple international (bank to bank) fund transfer by going through hifx (http://hifx.co.uk) - unfortunately i haven't found anything similar catering to Singapore (I can use hifx from Singapore but the net effect may be just like international fund transfer due to some overhead costs).

Appreciate any help.

Cheers.
rme

[Sun777]

Once I had to transfer small amount from Singapore to NZ, HSBC Singapore issued a international cheque which I encashed by depositing here in Westpac branch. Westpac immediately transferred the funds but the process seems like the local NZ bank pays you immediately and presents the cheque to overseas bank for clearance. It wasn't a pleasant experience for us though, lost considerable amount in bank charges, transaction fees etc.

[FromSingapore]

Carried some (not small) cash when I moved for the first time. When I need to get some Ks later, used moneygram (.com) which is almost instantaneous.

[ronakxaxis]

I have exactly the same question. I am moving from Singapore to New Zealand next month. Did you figure out the best option?

[rme]

Hey thanks for the replies, folks.

@Sun777 - thanks for the 'warning'. HSBC crossed my mind as some friend mentioned their international banking services, but haven't come across international cheques. It may be that the cheque is just a convenient method for the bearer to initiate the transfer but under the covers it's still international money transfer with the bank charging the usual fees as you have experienced.

@FromSingapore - thanks, I'll have a look at moneygram's charges...

@ronakxaxis - Right now I'm looking at checking out http://www.exchange4free.sg - it seems to have the same services as hifx.co.uk (so yeah, I actually found an alternative to it that works in Singapore). Need to check their reputation first though. If you find anything worth noting about them, please update this thread as well. Have a look at this one in particular: http://www.exchange4free.sg/emigration.html

Cheers.
rme

[nzpinas]

Hi,

I have been to one of the banks in New Zealand - ASB and asked the same question and found out that international transaction of money transfer will cost 25 NZD for any amount for them plus additional charge unknown charges from Singapore bank. I think you can ask your Singapore bank for this case. ASB offered bank opening with no maintaining balance and no initial deposit. They also provided swift code for the international bank transfer.

I have not done transfer so far as I have not found job yet. Once, I got it I will definitely transfer the money from Singapore to New Zealand considering the interest rate of New Zealand is higher.

[Jet]

hi guys i use Pay2home which works out better for me as i did some TT's earlier to NZ and i had to bear charges on both sides even NZ bank deduct certian amount on your incomming TT's , but with pay2home i found that there is no charge on the receiving side and also it is only SGD20 flat fee , also you can call and negotiate for large amounts which i find is better than the bank FX rates . hope this helps

http://www.pay2home.com/

[rme]

hi guys i use Pay2home which works out better for me as i did some TT's earlier to NZ and i had to bear charges on both sides even NZ bank deduct certian amount on your incomming TT's , but with pay2home i found that there is no charge on the receiving side and also it is only SGD20 flat fee , also you can call and negotiate for large amounts which i find is better than the bank FX rates . hope this helps

http://www.pay2home.com/

Hey Jet,

pay2home looks good... thanks for the tip!

Cheers,
rme

[heathernz]

Good to know about these!
Does anyone know of a good way to do it the other way round? i.e., sending money from NZ to Singapore

[chalky]

Hey Jet,

pay2home looks good... thanks for the tip!

Cheers,
rme

Hi rme,

have you tried pay2home yet? is it really that good and trustworthy?