[robothamma]

HI,

Can someone point me in the right direction about transfering funds from UK to NZ ?
We complete our house sale on 02/11/04 and hubbys job starts in NZ on 08/11/04 we need to transfer our money from UK - NZ. I have looked at Moneycorp's website and also Currencies Direct and it sounds fine, but being a brit :oops: :laugh I am very suspicious :no how do they make their money if they don't take any commission? or am I reading it all wrong? :? In an ideal world i would have liked to take out a forward contract (did I get that right?) but as our 10% deposit is tied up in the house we can't until we complete. :no

Also, I don't like the idea of being in New Zealand, and our cash being somewhere in the system or someone elses bank account :eek So can anyone tell me if these companies should be regulated and what I should be looking for?

I am having many sleepless nights over this, and I am sure the answers are really simple (However as someone once said..."We are from Derbyshire! :nice1 only joking Kim!) Also do I need to state a NZ Bank Acct I will be using in NZ or can I confirm this when we get there?

Thanks in advance

Michelle

[veronica]

Is there anyone in the UK that you trust enough to give power of attorney. We did this with our daughter and when we had got here and opened an account she just transfered the money to us. The other way would be to open an account with say the Westpac in the UK and then open one here. get any monies to be transferred paid into the UK account. If you give any of the NZ banks in the UK a ring they will advise a way to do it.

[karltsmith]

Currency Brokers make their money in a number of ways.

They have a spread on the Kiwi Dollar of 200 pips i.e if the rate is for arguments sake 2.85 they will give you 2.83 exchange rate.

If you settle later by market order say 3 maonths after buying the money resides in there Kiwi Dollar account and they pocket the interest.

:nice1

[Michelle and Richard]

Hi

We used ASB to transfer our money, we were going to use HIFX but found out that they go to ASB anyway (or at least thts what we were told) so thought we would cut out the middle man. Was impressed with the service, did a Chaps transfer from our uk bank account and told ASB we wnted to convert immediately and that was it. We could have held the money in an account with them and waited until it was more favourable.

Michelle