Transferring £4000 to New Zealand bank account

tersus_slate

I've opened a bank account with Bank of New Zealand to use across there when I am travelling around.

I bank with Clydesdale Bank 'at home' - opened up a BNZ account because they're both part of the National AUstralia Bank Group and I thought transferring funds would be straightforward enough...

Well, it seems straightforward enough but they want to charge me £49 for the pleasure! And when the money arrives in the BNZ account, I'll get charged for that too.

Does anyone know of any alternative means of transferring funds that won't cost so much??

dogpants

Check out ANZs Internet acount very east to use.

ajb69

Have you looked at currency traders like Travelex or HiFx
(http://www.hifx.co.uk/personal/money_transfers/overview.aspx)/

I've no personal experience (and 4k may be too small an amount for them to be interested) but I understand they will usually guarantee the exchange rate in advance (at a better rate than your bank) and also avoid fees like receiving bank payments etc. Might be worth a call?

Drew

Voyager2002

Simple solution: https://www.xe.com

tersus_slate

Voyager2002 wrote: »

Simple solution: www.xe.com

Exactly what service do they offer? I can't find any currency transfer service on their site.

tersus_slate

ajb69 wrote: »

Have you looked at currency traders like Travelex or HiFx
(http://www.hifx.co.uk/personal/money_transfers/overview.aspx)/

I've no personal experience (and 4k may be too small an amount for them to be interested) but I understand they will usually guarantee the exchange rate in advance (at a better rate than your bank) and also avoid fees like receiving bank payments etc. Might be worth a call?

Drew

Good stuff - I'll give these guys a try.

Voyager2002

tersus_slate wrote: »

Exactly what service do they offer? I can't find any currency transfer service on their site.

They exchange currencies, not for cash but bank deposits. You would transfer a sum in sterling to them by electronic transfer, and they would transfer a corresponding sum in NZ dollars into an account in New Zealand. They do not charge for moving money, but earn their profit on the margin between the exchange rate they offer you and the market rate.

I used them to exchange US dollars held in my bank account in the USA for pounds sterling paid into my British account, and was happy with them. (There were some hickups, but these happened because I didn't understand exactly how my US bank operated and were not the fault of XE, and in any case everything was resolved quickly and easily.)

Cheester

Hello,

try https://www.interchangefx.co.uk

they are much better than western union for money transfers and much cheaper than high street banks.

I buy currency from them and have some friends that use their money xfer to NZ and China