HiFX Transfer to BNZ - Charges at NZ end

[Eephus]

Following several threads I've read on this forum, I decided to use HiFX to transfer money to my newly opened account with BNZ. I was happy with the HiFX setup, and found it all very clear and easy to use. I wanted to do a test transaction first, just so I could see how the process worked. I wanted to send 100 Euro. HiFX would charge me 10 Euro for this as it's below their threshold, and I was okay with this. This allowed me to purchase 156.85 NZD. My expectation was that this was the amount that would arrive with my account at BNZ. However, only 129.88 NZD has hit my BNZ account, a difference of 26.97. This just happened last night, and I've mailed BNZ to ask what they have charged me for, so hopefully I will hear back from them tonight (I'm still in Europe)

I just wanted to ask here if anyone with experiences with this kind of transfer knew what might have caused this difference? I can understand being charged if i send Euros to BNZ, but in my mind sending NZD to a BNZ Account is no different to them receiving my monthly pay check from my NZ employer. And I wouldn't expect to be charged for receiving my monthly pay check

I'm a little confused and curious as to what has happened, as I have more money to transfer. If any light can be shone on this for me, I'd be most grateful. Thank you!

[rogercruse]

The money typically goes via an Australian bank and its what they charge.

[eternalkiwi]

International payments can travel through a number of 'middle' organisations who each can charge a fee.
Banks usually also charge a receiving fee for overseas payments even in the local currency.

BNZ would usually provide transaction information that identifies any fee they have charged.
This should also indicate if any other fees have been charged before BNZ received the funds.

[JennyG]

Bnz charge $15 per telegraphic transfer received this comes off the amount before it hits your account so you don't see it as a charge as such. Looking at the current exchange rate the hifx fee of 10 euro looks to be being taking off the transaction amount too. E.g 100 euro equated to 156 nzd hifx then said a fee of 10 euro (15.6 nzd based on prev rate) and bnz charge 15 nzd meaning roughly 126nzd credited.
All depends though on how and when hifx took their 10 euro charge.

[Eephus]

Thanks for the feedback everyone. The latest is that HiFX say they sent the full amount to BNZ. I'd already paid them their fee separately. They indicated that perhaps BNZ don't receive the money directly, but from another bank, that has been suggested by some of your responses

BNZ say that HiFX didn't send it direct and that they sent it via an expensive way. BNZ tell me that they haven't actually charged me anything, as I'd already been charged more than their regular charge (15 NZD if sent directly to them, 25 NZD if via another bank).

So actually the difference in my sent money and received money is still a mystery. HiFX didn't take it, BNZ didn't take it. I'm now making a test transfer with my bank here in The Netherlands, as I now have doubts about HiFX. I've asked BNZ to check if they can see where the money has been and who charged me for handling it

[catt]

I have been using HiFX for over 5 years. The first two years I did a fixed exchange rate which I had no charges from either end made against me but now I do adhoc transactions depending on exchange rate. If the transaction is under £3k they charge £9 .........when it reaches the ANZ Bank here is NZ they charge me $15 of which I get written notification from ANZ listing what the transfer was and the charges.

If I were you I would ask HiFX who they transferred to and if not direct why not? I would be interested to hear the result to that question although I have had no problems with them myself.

[Eephus]

So I have a further update. I asked BNZ to check if they could see the route the money took to them. I had already found out that the bank HiFX use in the UK is Barclays. BNZ were able to tell me that the money had come to them from ANZ, which apparently is Barclays corresponding bank in New Zealand. So the money went from Barclays, to ANZ, who nibbled 27 NZD from it. They then sent it to BNZ, who didn't charge me, and the result is that I got the amount specified in my first posts in this thread.

Therefore, if you use ANZ as your NZ bank anyway, then there is probably no issue with using HiFX.

As an aside, I conducted another test transaction with my bank here in the Netherlands. That has resulted in 156.32 arriving with BNZ. The current HiFX rate for the same amount is 155.02. So it would seem to me that I'm better off with my Dutch bank, which doesn't really compute, they're normally terrible!

For clarity, both test transactions were for 100 Euro. HiFX quote me in euro, I pay them in euro. Maybe their euro rate isn't as good as their GBP rates

Still a little confused as what is my best course of action moving forward, but feeling happier I now know exactly what has happened