There are numerous instances of people wanting to send money to New Zealand from other countries. Several New Zealanders who live outside of the country end up sending money back home for different reasons, and people from other countries send money to New Zealand for various reasons as well. While cost effectiveness is often the top priority when sending money to New Zealand, is it the only aspect that needs your attention?
Transfer Money to New Zealand
- User Rating
- Transfer Type
- Regular Payments
- Mobile App
- Min Transfer Amount
- Two Transfers Fee Free
- 1 - 3 Days
- $250 / £100 / €250
Currency Corridors & Swift Codes
Currency Symbol and Swift Codes
The New Zealand dollar (NZD) has been the official currency of New Zealand since 1967. It is denoted using the “$” sign within New Zealand, and the “NZ$” sign outside of the country. One New Zealand dollar is divided into 100 cents. The Zealand dollar also serves as legal tender in the Cook Islands, Tokelau, the Ross Dependency, Niue, and Pitcairn Islands.
If you wish to transfer money to a bank account in New Zealand, you will need the bank’s SWIFT code. Here are SWIFT codes of some popular banks in the country.
|Bank of New Zealand||Aucland||BKNZNZ22100|
Popular Currency Corridors
Money flows in and out of New Zealand regularly. In 2016, around U.S. $420 million made its way into the country in the form of remittances. In the same year, more than U.S. $2.25 billion want sent as remittances from New Zealand to other countries.
The corresponding tables indicate how much money made its way in and out of the country across popular currency corridors in 2016. The numbers are listed in U.S. dollars.
How Do I Compare Companies When Sending Money to New Zealand?
When selecting a service provider to send money to New Zealand, compare your alternatives across some crucial yet easy-to-understand parameters.
- Cost. Companies that let you transfer money to New Zealand tend to follow different fee structures and you might also get different exchange rates. To find the cheapest way to send money to New Zealand, simply compare how much money gets to the recipient through different companies
- .Speed. Transferring money to a bank account in New Zealand may take up to five working days. The turnaround time in this case depends on the country of the transfer’s origin, the company you select, as well as the receiving bank. To transfer money to New Zealand in a hurry, consider using the services of companies that have offices or agent networks in the country because these transfers tend to process almost straight away.
- Paying for the transfer. Just about every company lets you pay using your bank account, although not all accept debit and credit card payments. Some companies, on the other hand, also accept payments via different region-specific methods such as POLi, ACH, SOFORT, and iDEAL.
- Customer service. If you want to find out what customers of the leading money transfer companies have to say about their services, turn to review-based websites such as Feefo and Trustpilot. Select a company depending on how you want to seek support, should the need arise, and your options include over the phone, via chat, and via email.
How to Transfer Money to New Zealand?
You get to begin the process of sending money to New Zealand in more ways than one.
- Online. Several banks that process money transfers to New Zealand let their customers get started online. However, given their typically poor exchange rates and steep fees, you may be better off turning to a specialist online money transfer company.
- Over the phone. Sending money to New Zealand over the phone is possible depending on the company you select. You may even get access to a dedicated currency broker if required.
- In-person. A number of banks let you send money to New Zealand in person, as do money transfer companies that operate out of physical locations. The latter tend to score over the former when it comes to speed and cost effectiveness.
Benjamin moved from New Zealand to Australia because of work. His wife and young daughter were to join him in around a year’s time. Until that happened, Benjamin wanted to keep sending some money to his family each month. While using the services of popular Australian banks was an option, he decided to compare his alternatives. The corresponding table gives you an indication of what he found.
|Bank||Money Transfer Service|
|Exchange rate||AUD 1 = NZD 1.0312||AUD 1 = NZD 1.0548|
|Transfer fee||AUD 25||AUD 0|
|Amount received for AUD 2,000||NZD 2,036.62||NZD 2,109.6|
|Transfer time||2 to 5 days||1 to 3 days|
|Transfer options||Bank account||Bank account|
|Difference of||NZD 72.98|
Benjamin had good reason to use the services of the money transfer company. It was more cost effective, it got the money to his wife sooner, it let him schedule transfers, and he could also lock in exchange rates for up to six months.
Cash Pickup Locations in New Zealand
If you want to transfer money to New Zealand quickly, consider sending it to a cash pickup location. You may also use this method if you do not have the recipient’s bank account details. Popular companies that let you send money to physical locations in New Zealand include Western Union, MoneyGram, and Ria.
|Western Union in New Zealand|
|Wellington Higher Taste Hare Krishna Restaurant 233-237 Lambton Quay||Shop 3, Lower Ground Wellington|
|Karore Central Postshop 245 Karori Road Wellington|
|Auckland Super Food Market, 60 Hobson Street Auckland||Fexco 175 Queen Street Auckland|
|MoneyGram in New Zealand|
|Wellington Travel Money 280 Lambton Quay Wellington Central Wellington||Payless Minimart 241 Riddiford Street Newtown Wellington|
|Auckland Lotus Foreign Exchange Westfield St Lukes Auckland||Lotus Foreign Exchange 210 Queen Street, Auckland Central Auckland|
Safety Tips for Picking Up Cash in New Zealand
New Zealand has typically low levels of crime. However, street crime tends to take place in major cities and towns. If you plan to collect a large sum from a cash pickup center, consider going with someone you trust.
An increasing number of thefts from unattended vehicles have been reported from major tourist areas, and thieves usually target hired vehicles and campervans. Do not leave valuables or other belongings in parked vehicles, even in boots. Thefts have also need reported from hotel rooms so use hotel safes when possible.
What Information Do I Need to Transfer Money to New Zealand?
The transfer method you choose has a bearing on the information you need when sending money to New Zealand.
- Bank account. You will need the recipient’s complete name, a bank account number, the receiving bank’s name, and the receiving bank’s SWIFT code.
- Cash pickup location. You will need to provide the recipient’s complete name as well as the location of a suitable cash pickup center. The recipient may collect the transferred money by presenting a reference number and an acceptable form of identification document such as a passport or a driver’s license.
Regulations When Transferring Money To and From New Zealand
There are no restrictions on the inflow and outflow of foreign currency to and from New Zealand. However, it you enter the country with more than NZD 10,000 you are required to complete a “Border Cash Report”. The country’s Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) Act requires that customer due diligence to be carried out when it comes to cross-border fund transfers.
Make sure you compare the leading overseas money transfer companies before sending money to New Zealand the next time around. Do not forget to look for ongoing promotional offers that can lead to added savings.
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