If you’re on the other side of the world, needing to get money to another country fast and securely, what do you do? Do you head to your bank, knowing that you’re in safe hands? It’s understandable that many people do this, because it’s familiar, and you trust them, but think about it – a bank is a business, and a business is out to make a profit!
When shopping on the High Street for a large electrical item, you wouldn’t go to the first shop and buy it, would you? You’d shop around, finding out where it’s cheaper, and then head there, so why are money transfers different?
We love to travel, and it is estimated that more than one million New Zealanders live overseas. With so much of the wonderful world to see, it’s no surprise, but this does throw up different problems, such as getting funds from A to B and back again! According to the 2012 OECD census, approximately 600,000 Kiwis were living in Australia, which makes Oz by far the most popular destination for New Zealanders. Regardless of closer proximity, getting money from home to your new destination still needs to be done.
If you’re sending money back home from abroad, or sending money to family or friends who live overseas, it’s worth shopping around for a good exchange rate. Online money transfer services such as NzForex offer cheaper rates than the banks, with lower fees and secure transactions for peace of mind. Some larger banks don’t have the best in the way of currency exchange rates, and are often making a profit even on the rate, which means you’re getting less for your money. However, online companies such as this more often than not provide better rates.
When doing a transfer, check the currency that you want your recipient to receive the money in, and if you can get a better rate for a different one, e.g. US dollars or Euros, then look at doing that. It’s a bit of a pain swapping it back, but money could be saved or even made here if you’re clever.
As with any money related matter, be sure you’re using a reputable company, whichever one you go for, and checking reviews online is the best way to check. Companies like NzForex come highly recommended, so you know you’re getting a safe and high quality service, suited to your needs.