Money Transfers
You can save a huge amount of money by picking the right provider when you are moving money from country to country.
53090 
OFX
OFXCompare
OFX
Transfer Methods
Online, phone, mobile app
Transfer Fee
$15AUD - below AUD 10,000 $0 - above AUD 10,000
Transfer Options
Same day, regular payment, limit/tailored orders
Min. Transfer Amount
$250 (AUD)
- Listed on the Australian Securities Exchange under the code OFX.
- Partnered with Xero to enable integrated payments
- $0 Fee transfers for users referred from finance.co.nz
53091 
Send
SendCompare
Send
Transfer Methods
Online, phone, mobile app
Transfer Fee
No fee for online transfers
Transfer Options
Spot Transfers
Min. Transfer Amount
$200
- Best exchange rate guarantee for our customers
- Fee free international transfers to over 200 countries
- Personal account manager to discuss your transfer and rates
53092 
torfx
torfxCompare
torfx
Transfer Methods
Online, phone, Mobile app
Transfer Fee
$0
Transfer Options
Spot Transfers, Forward Contracts, Market Orders, Market Insight, 24/7 Transfers
Min. Transfer Amount
$200
- Best exchange rate guarantee against any competitors rate
- No transfer fees or bank charges
- Speak to a personal account manager today
53094 
XE
XECompare
XE
Transfer Methods
Online, phone, mobile app
Transfer Fee
Small upfront fee based on total amount transferred
Transfer Options
Spot Transfers, Forward Contracts, Market Orders
Min. Transfer Amount
No minimum
- Fast money transfers can reach some countries in minutes
- Competitive rates on money transfers to 130+ countries and 220+ currencies
- 24/7 online transfers, with dedicated service from locally based currency experts
53093 
Wise
WiseCompare
Wise
Transfer Methods
Online, mobile app
Transfer Fee
fixed fee + variable fee (based on origin currency)
Transfer Options
spot transfer
Min. Transfer Amount
-
- Up to 8x cheaper than banks.
- TrustPilot score 4.7 out of 5, from 110,005 reviews
48306 
CurrencyFair
CurrencyFairCompare
CurrencyFair
Transfer Methods
Online, mobile app
Transfer Fee
On average customers pay around 0.4% of amount exchanged + a fixed 3 Euro transfer fee
Transfer Options
2-3 days Spot Transfers
Min. Transfer Amount
No minimum
- Rates are usually no more than 0.5% from the interbank rate and can often be far better than this
- Peer to peer fx market place head quartered in Dublin
- Transfer can only be initiated from European Union and European Economic Area countries
48558 
World First
World FirstCompare
World First
Transfer Methods
Online, phone, mobile app
Transfer Fee
$0
Transfer Options
Spot Transfers, Regular Payments, Forward Contracts, Firm Orders
Min. Transfer Amount
$2,000
- Won the 2013 UK Customer Experience Award in the Financial Services - Banking and Investment category.
- Achieved a 97% customer service rating on Feefo
- Segregated client accounts
53089 
ANZ Bank
ANZ BankCompare
ANZ Bank
Transfer Methods
Online banking, phone banking, branch
Transfer Fee
From $9 depending on country and amount $28 via phone banking or in branch
Transfer Options
Up to 2 days for spot transfers
Min. Transfer Amount
$100 NZD
- The ability to input payment instructions via ANZ Internet Banking is available 24/7
- Internet banking only available to ANZ customers who have registered for this service
- Pay no ANZ transfer fee to send money to the Cook Islands, Fiji, Kiribati, Samoa, Solomon Islands, Tonga, Vanuatu, Papua New Guinea, Timor Leste and New Caledonia. What’s more no overseas bank charges will apply, so that’s $0 all up.
48312 
Westpac
WestpacCompare
Westpac
Transfer Methods
Online banking, branch
Transfer Fee
See fee schedule below
Transfer Options
Spot transfers
Min. Transfer Amount
-
- $20 via internet banking, $30 if initiated in a branch, $10 via westpac One or Business online banking, $15 staff assisted transfer to another Westpac foreign currency account
- Money transferred must be sourced from a Westpac account that you have authority to make withdrawals
- Online banking initiated transfers for Westpac customers only
Covered in this guide...
What is a money transfer?
An international money transfer is a transaction where you move money from an account in one country to an account of your choice in another country. Examples of this are;
- Sending money from New Zealand to a child in London
- Making payment(s) on an overseas investment property in Australia
- Sending money for a large purchase overseas i.e. shares, a boat or a car
- Making a student loan repayment from overseas
Most of the time when people need to do this they go to their bank and hope that the latest rates are in their favour. However, if you are prepared to shop around for the best deal you can save an enormous amount of money and can make your life easier when you want to complete each transaction. This guide explains how it works but we have also conducted some market research of our own, this article compares each provider giving a quote over the phone.
User feedback example
I was moving money back to New Zealand from London in April 2015 after the sale of our home there. I'd never considered using an FX broker but because the amount was so high (GBP130,000) I thought I should at least get a quote. I got a quote through our bank in London and compared that to a couple of quotes from FX brokers. Both FX brokers quoted me a rate that was over $4,000 NZ dollars more favourable than the banks, I couldn’t believe it! Having never used a broker I investigated a bit and decided to do the transfer, saving myself heaps. I moved the money in two amounts – one transfer of GBP70,000 and then another of GBP60,000 just to be sure, but the transfer was easy and completed with 2 phone calls.
What fees am I being charged?
Why is there such a big difference in the amount of money I get when I use different money transfer providers? Money Transfer fees (and therefore how much you get) break down into two categories:
1. Fees
A Transaction Fee for executing the transaction, this will often be waived if your amount is large. Bank Charges for the transfer and receipt of your funds across the international banking systems i.e. there can be charge(s) for the bank in New Zealand sending the money and there can be charge(s) for the bank in London receiving the funds.
2. The exchange rate and margin
When banks deal with each other they deal at a rate known as the interbank rate, this rate is not available to the public (retail market). When you complete a money transfer the foreign exchange rate you receive has a margin built in which is another way the money transfer providers make a profit on the deal.
Not all money transfer providers charge the same fees and there is an enormous difference in the margin added to the interbank rate.
Who provides money transfer services?
Understanding the different providers is extremely important as you can save thousands of dollars on large transfer amounts. The companies that provide money transfers generally fit into one of four categories below.
FX Brokers
FX brokers are specifically setup to provide foreign exchange services to the retail and business sector. They have usually invested heavily in technology so use systems that make the transfer easier, in particular online or mobile device execution. The main advantages with using a broker is that they have great rates, are cheap and have expertise in the FX products i.e you can get personal service over the phone. An example of FX Brokers are NZForex, torFX and HiFX.
Banks
Dealing with banks you know the entity is an established financial institution, where you may well have a history with your personal banking business. Generally banks will be able to arrange money transfers to most currencies. The downside is that banks charge higher fees to transfer the money and will have a significantly higher margin on top of the actual exchange rate.
Money Transfer Agent
Specialise in moving money from point to point within one country or overseas, can be done via internet, phone or visiting their office. This method is fast but there are often restrictions on amounts hence these types of firms tend to be used for smaller amounts. An example company would be Western Union.
FX Peer to Peer (P2P) Market Places
In an online P2P market place individuals exchange money directly with individuals in other countries. Depending on which provider you use, users can accept an exchange rate on offer or bid on a rate they are looking to achieve. This process means you can avoid a costly fees but you have to wait for someone to do the exchange at the rate you want. Examples of P2P currency exchanges are Currency Fair and Transfer Wise. P2P FX providers usually setup local accounts in each country they move funds to so eliminate international transaction fees.
Money Transfer Checklist
- Get Quotes
Banks are an expensive way to transfer funds overseas, test the market for yourself and get quotes. Providers will give you sharper rates to get your business, particularly if they believe there could be repeat business.
Work out what is important to you
Obviously getting the most money for your transaction is priority number one, however there are other things to consider. If you have an ongoing requirement i.e. you need to make payments every 3 months you want it to be very easy to execute, this may rule out some money transfer providers. Or it may be that you value the personal touch and want to speak to a broker every time so that you can get general market advice.
Tax Implications
If you are moving significant funds there may be tax implications that you should check with an accountant.
