[JulesB]

I’ve been monitoring exchange rates and the differences between banks. It’s clear to me that it’s better to send GBP/US$ and have the NZ bank exchange them to NZ$. My research so far shows National Bank give a better rate than BNZ.

My question is … do you know of an exchange company in NZ that can improve on the high street bank rates that day and quote the spot rate, so I know what I'm getting? Moneycorp.co.uk do this from UK but is there someone in NZ? Or which bank do you think is best?

If anyone has experience of this I’d appreciate it.
Jules (planning to move in June)

[Trigirl]

you'll never get a good rate from a high st bank. who don't you try contacting a currency broker like hifx (who are based in both the uk and australasia)

[JulesB]

Thank you - I had googled but didn't come across Hifx. Have you used them?

[Trigirl]

yes we used hifx to transfer three lots of money over, including one before we moved. their service was extremely good.

[constablechuck]

The actual exchange rates as shown on the xe currency site are always discounted by the bank, I think when we wired our money from the U.S. the exchange rate was .67 U.S. = 1.00 NZD, and the National Bank gave us around 1.00 NZD per .69 U.S.

If your exchanging any cash try not to use BNZ at the airport as they take an additional 1%, also if you stop in Sydney AU be prepared to get an extremely poor exchange rate if you convert any cash at the airport.

[Jo Jo]

I have used hifx, too. I set up accounts with both hifx and Moneycorp, and there wasn't any difference between the rates they were offering. I used hifx for my last transaction simply because they set up my account more quickly (and I had a deadline to meet).

[Super_BQ]

If you're talking small amounts ($1000 or less), then generally any of the chartered banks will give you lower rates (airports being the worse) than say a currency broker.

However dealing with large transaction (ie. in business sending 100 or 200K) amounts, the banks will definitely do as good as the currency brokers. I've used BNZ countless times and they usually call their central international office to get the best open market rate. Then they type in that (dealer) rate in their computer to complete the wire TT transaction.

Over the past few years there has been a lot of these asian foreign exchange rate services opening up downtown - ie www.Etrans.co.nz. They have worldwide offices and can do wire TT transfers. However, their overall operation can be a bit dodgy (laundering overseas funds, etc.). The advantage is they will give you far better rates than the banks on exchanging small amounts of currency.

[JulesB]

I appreciate all your feedback. I'm talking about a large transaction by wire so I do want a better interest rate!!
Thanks, Jules

[jen]

We've used xetrade to exchange US$ - NZ$ & they've been fine. Just wanted to add that is does take awhile to process the first trade you do; it goes faster once you have wire and/or EFT set up between bank accounts but be sure to allow enough time between when you do the exchange and when you need to use the money.

The one thing we didn't get done before we left the states was set that up - we had to sign, print and FAX documents to XE to get stared and it would've been easier to do before we left, rather than from our temporary apartment. I think it took close to two weeks for the first exchange - not a crisis since we could get money thru ATM, but we wanted to buy a car without paying the higher exchange rate & it would've been nice to be all ready to go.

[Junnifer USA]

Hello,

I have researched the margin/fee on half a dozen exchange brokers, as well as banks. Depending on the amount you are moving...your savings not just travel money...there is another alternative.

I am using a 'Dual Currency Exchange" It is a little complicated, but can have some sizable advantages. First, you can peg the rate that you are willing to exchange at. You can determine the time for doing this...1 day, 1 week, months out, and finally, there is an interest earning component to this...while the money waits to be exchanged. This is available only for amounts of $250,000 (or new Zealand equivelent if coming in from another currency) or greater

In further detail it is a bit much to explain. But anyone interested can pm me.

Jen