Money transfer to NZ when moving permanently

[s_zahmak]

I’ve got my residence visa and I’m moving to New Zealand soon.
I have a question regarding cash money with customs and money transfer.


1. As mention on the internet: “Anyone carrying NZ$10,000 or more (or foreign equivalent) in cash on their person or in their baggage, into or out of New Zealand, must complete a NZCS 337: Border Cash Report (PDF 46 KB) as part of their entry or clearance procedures.”

My question that is it per family or per adult or per air ticket?
Are we allowed to bring more but with proof of origin and need to declare it? Or they may not like it and it’s better to avoid it?


2. What is the best practical option to transfer money from my country to NZ when moving permanently?

[JandM]

1. The NZ$10,000 or more (or foreign equivalent) mentioned is per PERSON (of any age). If you look at the form https://www.customs.govt.nz/globalas...ash-report.pdf, it is asking for the source of the money and the intended use, and is part of the international initiative to stop money-laundering. Yes, you are entitled to bring more (it says "or more"), with proper explanations.

2. I think probably most people use international banking to transfer their funds. Sometimes people hesitate about their choice because of doubts over the best exchange rate, least amount of fees to pay, etc., but getting banks to move your money has the advantage of not having a large amount of money on your person when travelling (possible danger of theft etc.).

[scrabbleplayer]

I agree totally with JandM. For small amounts, less than $1000, I get cash out of ATM in NZ, but I have credit cards that do not charge cash advance fees, currency exchange fees, or ATM fees, and they give very good exchange rates and I pay them immediately or in advance so I do not pay interest either. However, most people don't have such great credit cards.

So your best bet, especially for large sums, is to use a money transfer company like XE which will give you very good exchange rates for larger sums, but you've got to call and ask them for the better rates. They charge no fees for larger amounts either. I had no difficulties with them, but you have to have an account in NZ to move the money into. So bring a little money with you, then open an account here, and then transfer the money in.

I originally brought $9999 in cash with me to help buy a car the day after I arrived, and that was a mistake. The banks would not exchange that much money, and they were giving awful rates anyway. I had to go a specialized money changer to change it, and they charged big fees compared to my credit card or XE. But that specialized changer was not available near where I bought the car, so I had to use multiple credit cards to buy the car, which was fine (as long as I paid it off when due).

Hope this helps.

[s_zahmak]

Thank you very much JandM and scrabbleplayer,
you were really helpful.

Best Regards,

[ross-bal4]

I've just used Transferwise to transfer money from UK to NZ. Super simple with limited charges and exchange rates seemed better than banks.