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Thread: Best way to transfer overseas funds (non-uk) to nz?

  1. #1
    Join Date
    Feb 2006
    Location
    Wellington, New Zealand
    Posts
    17

    Default Best way to transfer overseas funds (non-uk) to nz?

    I have read various discussions here on how to transfer over funds into nz. However, we are not from the uk, so would not benefit from using ASB's sterling account. What are the other means we could transfer large amounts of funds (6-digit figures) then? Or rather, what is the best way?

    I vaguely know of the following means:
    1) banks
    2) TT (telegraphic transfer)
    3) cheque(??)
    4) HIFX/XE

    I have briefly spoken to a few bank consultants over the phone, but couldn't glean much from them in terms of ensuring that we have secured the best rates from them if we decide to choose that bank. They always claim it all depends on the going rate on the day of transfer. Where did I go wrong?

  2. #2
    Join Date
    May 2006
    Location
    North Shore
    Posts
    171

    Default

    If you're aiming for the best rate then I suggest HIFX/XE because you will have the option to book a future rate (& hope it climbs to reach it) with them. This is useful if you are in no rush for your money. Otherwise you are watching the market yourself and deciding when to transfer at your banks rate.

    Whether you use direct bank to bank transfer or go through an intermediery like HIFX/XE you will still have to make a payment for either SWIFT or TT.

    As for the consultants comments, they are covering themselves because they can never predict the future and they are basically gambling every day of their lives and like all punters - some days you win, some days you lose.

  3. #3
    Join Date
    Nov 2005
    Location
    Canada->USA->Auckland
    Posts
    295

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    We used xe and really liked the service. It's a bit of a pain to set up as they need lots of details to show that you're not using them for money laundering. The rate (the spread they use) is negotiable, depending on how much you're going to send. You should get a good rate. We had no issues at all. As others have said, you can set it up to only trigger the transaction when you hit a certain number. It's not super speedy, especially since it can take a while for your bank to get them the money. It took them a day or two to send the money on when it got to them, I think, though it's hard to be sure which institution had the money when. Don't send it the day before it needs to be there.

    I actually know the owner of xe personally (my wife and his were very good friends in university), so I guess my opinion isn't unbiased. He's a really good guy and I wouldn't hesitate to trust his organization with my money. They have a nice house in Toronto, but they don't seem to be insanely wealthy, so his rates must be pretty competitive.

    Chris

  4. #4
    Join Date
    Jan 2006
    Location
    John Day, Oregon
    Posts
    146

    Default

    I've done one transfer to my KiwiBank account and one to my Euro account using XE and both went without a hitch with them.

    The wire transfer folks at my bank here have an obsession with bank buildings and wanted street addresses for every step in the process, but that's not XE's fault. I gave my bank aerial photographs from Google Earth, that should shut them up

  5. #5
    Join Date
    Aug 2006
    Location
    UK
    Posts
    16

    Default

    Quote Originally Posted by Howie
    We used xe and really liked the service. It's a bit of a pain to set up as they need lots of details to show that you're not using them for money laundering. The rate (the spread they use) is negotiable, depending on how much you're going to send. You should get a good rate.

    Chris
    Hello Mate - can you clarify this point please?
    How would one go about negotiating the spread they use and what would be considered a sum large enough to try?
    I'm going from UK -> NZ at the end of this year.

    Thx

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