Cheapest Way to Transfer inheritance of ~50k from NZ to Australia?

LGourmetFoodie on 01/09/2015 - 08:14

Hi everyone,

My parents have receieved a small inheritance from a family member in New Zealand and I'm trying to figure out the cheapest way to move the cash from New Zealand to Australia without them getting massively ripped off. Any tips?

Thanks

Financial

Comments

  • wal990 on 01/09/2015 - 08:18
    +1

    SWIFT payment would be the most obvious way, the bank usually give the market rate + a very small margin but you will have to pay some fees. I know its $15 to receive money with St George in Australia, don't know about how much it cost to send it out.

  • geek001 on 01/09/2015 - 08:34
    +1

    Ozforex.com.au, currencyonline.com, take your pick. Probably not a good time to do it now. It's around $1.12 now, if you can wait, it does fluctuate a little.

    • scotty on 01/09/2015 - 08:41
      +1

      Or NZForex.co.nz — run by the same guys but for the kiwis.

    • JaxSantiago on 01/09/2015 - 11:35
      +1

      +1 for OzForex. Had funds transferred from Singapore to Oz twice. Very good rates and at the amount your parents will be transferring, they will not be paying any transfer fee.

      • geek001 on 01/09/2015 - 11:41
        +1

        Well, currencyonline.com gets my vote. :)

        I have accounts with both and on converting NZD50,000 to AUD at this very moment, ozforex gives me $44390, currencyonline gives me $44,447. The process for doing the transfer is pretty much the same. Put your money into their NZ bank account, and when they receive it, they put it into your account here in OZ.

  • bigand101 on 01/09/2015 - 08:36
    +1

    Currencyfair - best I've found - https://www.currencyfair.com/

    • geek001 on 01/09/2015 - 11:23
      +1

      On the surface it looked like it gives you really good rates, but on closer inspection of their FAQ, there is an extra charge of around 0.35%. Do you have an account with them? Is this true?

      • bigand101 on 02/09/2015 - 10:24
        +1

        Yup, have an account and use them often. 0.35% is tiny compared with the banks etc…
        If someone knows an even cheaper service I'll happily switch!!

        • geek001 on 03/09/2015 - 11:17
          +1

          I don't know what currency you use it for and how much at a time, but just based on OP's requirements, NZD50000 to AUD, currencyonline gives me AUD 44,911.52 at this moment. Currencyfair gives me 45,043.64, take away 0.35%+$4, I will be left with $44,881.99.

          Note: I do not work for currencyonline.

  • Zonty on 01/09/2015 - 10:25
    +1

    I did recently transfer, from Hungary, cheap way is call them same time. like banks in newzeland, exchange company who transfer money. Ask currency rate All of them,and hidden fees. Make sure call all of them in half hour otherwise rate change every minutes but at least u will get idea who is cheape. Take calculator find the winner.
    But exchange company make sure check reviews online before go for it.

  • tunzafun001 on 01/09/2015 - 11:44
    +1

    Can you set up a Citibank Plus transfer? Set up an account in both countries, no fees?

    https://www.citibank.com.au/aus/international_banking/transf…

  • Flet on 02/09/2015 - 08:20
    +1

    I have used HiFX in moving money from Oz to NZ. Contact them personally to try to get the best rate on a large sum like 50K.
    http://www.hifx.co.nz/

    • GourmetFoodie on 04/09/2015 - 10:06

      Just done some research on this. HiFX actually acquired the CurrencyOnline brand and operates this brand in New Zealand. Essentially in NZ, you are dealing with the same company hifx/currencyonline.

      https://en.wikipedia.org/wiki/HiFX

      I'm thinking I might go with HiFx and I think I can get a $20 visa for "sharing" them with my parents and given they are making a transfer over $2k.

      http://share.hifx.co.nz/micro/share_nz?source=redirect&_ga=1…

      • Flet on 07/09/2015 - 07:12
        +1

        My son (the recipient of the funds) is at uni in NZ and did the research to choose HiFX. It was recommended to him. We have used it a few times since last year and it has always worked smoothly.

  • GourmetFoodie on 02/09/2015 - 15:06

    Thanks everyone SO much! Awesome ideas.

    • I've looked into the Citi account - doesn't seem like they offer personal retail accounts in NZ…i guess the market is too small. But this looks like a good option for other countries.
    • Major bank exchange rates are not very competitive even if the transaction fee is not crazy…so planning to avoid.
    • Currencyfair - i need to look into this in more detail but concerned about the 0.35% fee.
    • Calling a bunch of places is one option but too labour intensive for me.
    • Hifex - have not researched yet so jury is out.
    • Ozforex, nxforex or currencyonline certainly seem to be winning on face value and good reviews online - currencyonline def has the best exchange rate.

    I will report back with which one i go with and the experience.

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