[Helsandfamily]

Can someone please advise what is the best way for transferring money to new zealand. We have opened a bank account, a New Zealand bank, but what happens when we sell the house? Does the money just get transferred into that, or just into the old mortgage account, and wait for us to transfer it? I s there an easier way?

Sorry if this is a bit vague.....:roll

Hels

[lnz]

Hi Helsandfamily,

When you sell your house, your solicitor will put the money into the account you nominate. You can then use XE.COM or HIFX to transfer the money to New Zealand.

Try this thread on transferring money:
http://www.emigratenz.org/forum/showthread.php?t=18238&highlight=xe.com

[IanW99]

Can someone please advise what is the best way for transferring money to new zealand. We have opened a bank account, a New Zealand bank, but what happens when we sell the house? Does the money just get transferred into that, or just into the old mortgage account, and wait for us to transfer it? I s there an easier way?

Sorry if this is a bit vague.....:roll

Hels

When you opened the new zealand bank account, did they also open you a UK based transfer account e.g. ASB provide you with a UK and NZ account.

If this is the case, then you can either have your money from the sale of the house paid into your existing UK account and then you transfer it into the transfer account, or just have it paid directly into the transfer account.

Once in the transfer account, it will be sent to your NZ account ready for you (or you can have it held in the transfer account until the wanted exchange rate is reached). Main advanteges of this approach is that the money always stays in your account(s), the rates provided are business rates so are better than if you just try to transfer money yourself and its simple.

Alternatively, as said by lnz you can use a service such as xe.com to transfer the money. In this case you have to set up a user account with this organisation, get the money transferred to their account and then they transfer it and pay it into your NZ bank. The main advantage is that they guarantee to get you the best rate at the time of the transfer, so overall you should get a bit more NZ dollar for your money.

You could of course just bring the GBP with you and transfer it in the NZ bank, would be risky with cash and can take 28 days for a cheque and the rate isn't so good.

Ian