In 2017, 6,271 Brits moved to New Zealand. And you can’t blame them.
New Zealand offers spacious living, scenic beauty and friendly people. Many relocate for seemingly endless outdoor activities, such as hiking and golf.
As an English-speaking country with a similar sense of humour, living in New Zealand is a breeze for Brits.
While relocating to New Zealand is rather simple, it doesn’t necessarily mean that transferring your pounds into New Zealand dollars is too.
If you, or your family, are moving to the other side of the globe, then it’s likely you’re going to need to exchange a decent amount of capital. This is especially true if you’re planning to buy property with money that’s residing in the UK.
In this article, we’ll go through how to save money on your GBP/NZD exchange, transferring to a New Zealand bank account, keeping your funds secure, and more.
What’s the cheapest way to send money to New Zealand?
The cheapest way to send money to New Zealand is to seek the advice of a reputable foreign exchange broker.
Look for one that is able to offer you a good, consistent exchange rate. And doesn’t add on any hidden fees.
The GBP/NZD exchange rate
As you’ll know, exchange rates are essentially the value of one currency when compared to the value of another currency.
When you google GBP/NZD exchange rate, you’ll see the ‘interbank’ rate. That’s the rate at which banks trade with each other. As an individual or business, it’s incredibly unlikely that you will be able to get the interbank rate.
However, different foreign exchange brokers will offer rates that are either closer or further away from the interbank rate. In other words, better or worse exchange rates.
This is because they add on something called a ‘spread’. This the difference between the rate at which they buy a currency and the rate at which they sell it to you for.
Look for a foreign exchange broker that offers a good exchange rate — one that’s close to the interbank rate. When you need to exchange a large amount — if, say, you’re buying a house in Auckland, for example — then a few percentiles difference in the exchange rate can end up costing you thousands.
At Privalgo, we believe that transparency is paramount. Not only do we offer leading exchange rates, but we disclose the spread. We show you the rates available to you, and the rates at which we buy New Zealand dollars. This way, everything is transparent.
To learn more about our exchange rates, get in touch. Book a free chat with one of our currency exchange specialists.Book a chat
When it comes to currency exchange, many people think the simplest way is to use their bank. Granted, this is a very easy option. And it can be a good idea when you’re exchanging money to go on holiday — as the poor exchange rate won’t put too much of a dent in your budget.
But the issue here is, as well as generally offering uncompetitive exchange rates, banks also tend to add on fees. The actual cost of these fees can often be disguised by the fact that they’re made up of lots of smaller fees added together.
When moving over assets to New Zealand, these fees can become eye-wateringly expensive. Combined, they can end up being the equivalent to some of the usual expat costs, like a month’s rent or mortgage payment, for instance.
Even if you can afford these fees, why pay them? It’s just as easy to use Privalgo, and we never charge extra fees, hidden or otherwise.
For more cost-effective ways to exchange funds, read our article on the cheapest way to send money abroad.
How do I send money to a New Zealand bank account?
Sending money to a New Zealand bank account is easy when you do it through Privalgo. Once you’ve registered an account with us, log into our online portal and set up the account you want to send the money to.
You’ll need the following details to do so:
- Recipient’s name (this could be your name)
- Account number
- Bank name
- SWIFT code
Once you’ve made a transaction through us, we’ll begin transferring the payment immediately. However, New Zealand banks take, on average, around 2-4 business days to process the payment on their side.
What if I don’t have a New Zealand bank account?
Let’s say you haven’t yet set up a New Zealand bank account. Perhaps you need to relocate quickly to start a new job.
We have a solution for that too — the Privalgo E-Wallet. Once you’ve made an exchange, you can keep your New Zealand dollars in our E-Wallet for however long you need.
This can be especially advantageous if you want to take advantage of a currently strong exchange rate. Make the high-value transaction now, worry about bank accounts later.
How do I know my transaction is secure?
To ensure that your transaction is secure when sending money to New Zealand, look for a foreign exchange broker that is authorised by the Financial Conduct Authority. This will mean that your funds are safe should anything happen to the firm.
As we mentioned, if you’re relocating to New Zealand, then it’s highly likely that you’re exchanging large amounts of currency. As such, it’s the worst-case scenario if that money is at risk.
Privalgo is regulated and authorised by the Financial Conduct Authority. As part of this, we segregate our clients’ funds from the firm’s funds. This means that should anything happen to Privalgo, your money will always be safe.
To find out more about the efforts we go to protect our clients’ money, read our Security page.
Each year, we help individuals save money and time when they transfer money to New Zealand. We do this through leading exchange rates, zero fees, and innovative solutions.
To find out how we can help you, book a free consultation in with one of our currency experts.Book a free one-to-one appointment