With the current exchange rate, its looking like a good time to transfer funds back into Australia.
Whats the best way to get the funds into an Australian account and minimise the loss of funds due to exchange rates and fees?
Best Way to Transfer NZD $100,000 Plus to Australia
Clivey In Space on 25/01/2017 - 21:23
Comments
Thanks, will check them out.
For crazy, money-laundering-alarm triggering amounts there may be better ways that aren't that well known. A lot of people use banks just for the sense of security.
Any-who, here's the list of money transfer companies in descending order for 100,000 NZD to AUD: https://www.monito.com/send-money/new-zealand/australia/NZD/…
You can save some money by doing a lot of "first time" transfers using special codes (e.g. transferwise up to $3000 or something) but being realistic, the currency conversion can easily fluctuate more than 0.3% either way before each transfer is complete in a day or so.
Thanks, that list is very handy.
Bitcoin?
It is probably easy to convert currency in bitcoins but how do you convert bitcoins back to currency? Especially for large amounts like $100,000?
Are there any fees in and out of bitcoins?Unless dealing with (potentially shady) people on the street there will always be a fee somewhere (especially in AU/NZ where there's less competition than EUR/USD, where you might only pay a percentage to convert to fiat). I also imagine the AU/NZ governments will be very interested in $10,000+ transactions…
I wouldn't even bother researching Bitcoin at the moment for 100k. For that type of money you'd want the security of an ASIC/AFS-registered and reputable company to start with, but even then I would hesitate with Bitcoin.
I don't keep up to date with Australian bitcoin exchanges anymore (no experience with NZ) but if nothing's changed I'd say you'd be lucky to get the 0.5% total loss (or less) currently available with reputable fiat currency exchanges.
Buying and selling bitcoin is the closest I've come to gambling :)
hifx or currency fair, PM for referral code.
Thanks, will keep that in mind if I use them.
Steam gift cards lol
NZ 20c pieces laundered in vending machines.
Previous thread
Was at Aldi tonight and paid for my groceries in cash which included some coins. As the cashier was counting the money she picked out a NZ 20c coin I had given her and said she couldn't take it. She gave the coin back and asked for another 20c.
I know it was a NZ coin but was quite surprised by her response. Has anyone had this experience happen to them?
Bikies?
Hi,
I always use www.transferwise.com to transfer out my money to overseas. Assumption: If you have setup your own OZ bank account then it should not be a big deal.
Try to compare the online rate and see how much would you get. I haven't seen any other better rate so far.Thanks, will check them out. Yes, I do have an Oz bank account.
I havent used it myself but i know friends who hold business interests in both NZ and AU and bank with HSBC using their Global Transfer feature
https://www.hsbc.com.au/1/2/personal/foreign-exchange/global…
Not sure for NZD to AUD but I use https://www.currencyfair.com/ all the time (I pay chinese manufacturers) and the rates are wayyy better than ozforex or the banks for AUD to USD.
There's also transferwise.com which is similar to currencyfair.