Avoiding International Bank Transfer Fees

simond83

Hi all,

So first off, i've read though the Sending Money Abroad article.

So, let's say i want to transfer 500NZD from WestPac in NZ to a Halifax account in the UK and get some GBP's. After reading the MSE article, i search and find a good deal with Currencies Direct (CD). However, i still have to pay WestPac in NZ a transfer fee to get the NZD from NZ to CD's NZD account based in the UK!

For small sums, this isn't really cost effective. So, i re-read the about article. I haven't got any accounts with HSBC or Citi, but i have an idea.....

Are there any companies like CD that have their accounts based local to the currency? So, the money would flow like this;

1: 500 NZD from Me to CD account in NZ
2: CD receive funds in NZ account
3: CD transfer GBP from UK account into my nominated payee account in GBP cutting out the banks?

Sounds too easy right?! They'd still make money on the ForEx exchange price and the banks at either end wouldn't be involved in 'international' transfers, so all quick and easy.

TransferWise seems to come closest at the minute, but currently, doesn't support incoming NZD locally.

Any other ideas?? Thanks, Simon

grumbler

Try CurrencyFair

https://www.fxcompared.com/money-transfer/New%20Zealand-UK?amount=500&ref=filter

simond83

Thanks grumbler,

This is exactly what i'm after. I've saved $30 on the international transfer fee that my bank would have charged me, let alone the FX rate they would have given me compared with CurrencyFair.

Much appreciated and highly recommended to others!

The big plus with CF here for me, was that they have a local account in NZ for NZD, so i could make a local transfer from my bank there, then another local transfer from England, GBP to GBP, the way it should be!