Transferring money from India to New Zealand

[kramvi]

Can anyone tell me the cheapest way to transfer money from India to New Zealand please? Will it be through a bank or what?

[shawankit]

Hi we used Thomas Cook services to transfer our funds from India to Anz bank in Nz through wire transfers. Their rates were better than HDFC or ICICI Bank. In addition their conversion is straight between inr wnd nz....no intermediate conversion to usd..

[kramvi]

Hi we used Thomas Cook services to transfer our funds from India to Anz bank in Nz through wire transfers. Their rates were better than HDFC or ICICI Bank. In addition their conversion is straight between inr wnd nz....no intermediate conversion to usd..

Thanks Shawankit. Now what purpose is the easiest to be shown for money transfers? I want to sell my property in India and bring the money to New Zealand. I am looking for a way in which one doesn't have to declare too much money and still get it here. Do you know what I mean?

[shawankit]

I have sent you a private message ..see your inbox in notification section.

[nativecolo]

I've used them as well, though convenient, I lost about 5 k nz $'s, I don't think it's cheap at all.

[kramvi]

Thanks Native. I think the best way to send is by individuals who send money to India regularly. I guess if I gave them the current value of money in INR in India, they could give me the equivalent in NZD. I think this is the best option without any exchange rates or commission. I guess I will have to make contacts for this as I am new here.

[JandM]

I don't know if it has occurred to you, kramvi, that this sounds as if you're contemplating getting involved in illegal currency transfers - not declaring some sums, or misdeclaring them. This could actually risk the NZ residence visa you've just spent a lot of time and effort to gain.

[kramvi]

I wasn't aware that just exchanging currencies with someone is illegal. Will have to research into it. Right now I am only looking at the options. That's all

[JandM]

For instance... http://www.stuff.co.nz/business/mone...deadline-looms

For customers of reporting entities, the impact of the act will largely be felt through the customer due diligence required. This will generally involve customers having to provide more information including the source of funds and wealth. Trusts, an easy way to hide the beneficial ownership of funds, will come under particularly close scrutiny.

[nativecolo]

I wouldn't use that route, illegal or not Especially when you're disposing of property. That's a lot of money. Wouldn't want any problems. Probably best to use Thomas Cook or a bank like BNZ, which does have some facilities for transfers from India online.