Send Money To New Zealand – Get The Best Exchange Rates Here.
To send money to New Zealand, you need to ensure you’re receiving the best currency rates UK companies have to offer. Our Currency Brokers table provides the ability to Compare the best currency exchange rates available. This makes your money travel further, not to mention the rates offered can be 3-5% better than the bank rates.
Follow the steps above and enjoy the bank beating money exchange rates. All Currency rates are indicative and used as a guide.
To benefit from the exclusive offers provided to our customers, You will need to apply through Migration Compared.
Need to know:
How Do Currency Exchange Brokers Make Money?
Like every business the company offering the service needs to make money! To understand this, you will need to know what is called the “Market Rate”.
The Market Rate (Interbank Rate) is what banks, large corporations trade at in millions. This rate is not available but is used as a market guide for Brokers to use.
As an example, lets say the Market rate is 1.9 for sending money to New Zealand Dollars. If you called your FX Provider to transfer £1000GBP, they gave you a rate of 1.9 = $1900NZD. The Company would be sending this at market rate, therefore making $0 Profit. So realistically the FX Provider will offer you a rate below the Market rate, example below;
Market Rate – 1.9
Customer Sending – £1000GBP
Customer Rate – 1.7
Funds received = $1700NZD
So you can see from the example above, the currency broker has made a profit of $200NZD. This is the difference in margins between the Market Rate (1.9) & the Customer Rate (1.7)
Fees & Charges
This fee will vary between FX providers. We have teamed up with some of the best in the business. They have exclusive offers such as “Free Transfers”.
As explained in the “How Do Currency Exchange Brokers Make Money?”. It can be more important to focus on receiving the best exchange rate possible. We only work with FX providers that are transparent and highly recommended.
Receiving Bank Fee
Although your Currency Broker charges No Fee you may receive a Fee from the Bank you’re sending to. Make sure you confirm this with your Bank before sending money to New Zealand.
The Currency Exchange provider should be regulated.This gives peace of mind that you’re dealing with a reputable company.
New Zealand’s national currency is the New Zealand Dollar that comes in denominations of $5, $10, $20, $50 and $100 notes. Coins come in10c, 20c and 50 cent pieces, plus $1 and $2 denominations.
If you plan to arrive in New Zealand with more than NZD$10,000 in cash, (New Zealand Dollars or foreign equivalent) you MUST declare it to New Zealand Customs at the airport when you land.
FX prices are negotiable, and the more you are sending the more likely it is that an FX provider will negotiate a better rate with you.
There are other tools you can use to help with changing your money from one currency to another. Ask the FX company about forward contracts, rate watches, limit orders and stop loss orders as means of managing your FX risk.