What is a money transfer service?
An international money transfer is when you send money from your New Zealand bank account to a bank account in a different country.
You might use a money transfer service for personal reasons, for example to send money home, or to make overseas business payments like stock orders or paying employees based overseas. Online money transfer services are a fast, cost effective way to transfer money overseas.
Most services will have an online portal where you can register, transfer the funds from your bank account, and provide details for who you want to transfer the money to. You will usually need to know the other person’s full name, address and account number (SWIFT BIC or IBAN). The service will then take care of transferring the money to your chosen recipient.
Money transfer services often charge lower rates and fees than your bank would charge you, due to their specialty in foreign exchange.
Compare NZ Money Transfer Services
Compare International Money Transfer Services can be a time-consuming process. Our goal at Money Compare is to help you save time and make it easy to compare and choose the best money transfer service for you. Compare currency transfer deals.
Money Compare’s money transfer partners offer competitive rates with a fast, safe and secure money transfer service. Our top currency transfer partners are OFX, TransferWise, OrbitRemit and CurrencyFair.
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How to Compare Money Transfer Services
The main factors you will want to consider when deciding how to transfer your money are:
Exchange Rate: An exchange rate is the value of one currency in relation to another. For example, 1 New Zealand Dollar (1NZD) may be worth 52 British Pence (0.52GBP). When you want to send money overseas, you will need to convert your New Zealand dollars into the local currency at your money transfer destination, for example New Zealand Dollars to British Pound. A better exchange rate will help ensure that more money arrives at your destination.
Money transfer fees: This is how much money the international money transfer service charges to transfer your money from one currency to another. Depending on the provider this could be a flat fee, a % fee based on the amount you are sending, or a fee based on the method of you will be using. Some providers on Money Compare even do deals where there are no fees!
Transfer speed: this is the number of days it takes the service to deposit your money into the destination bank account. This is an especially important factor if you need to transfer money urgently.
Amount received: This is the final amount you can expect to see in the destination bank account after the currency exchange and deducting fees. When comparing services this can help give you an idea of which service will give you the best deal.
Why should I use an online money transfer service instead of my bank?
Although your bank may offer money transfer services, there is no requirement to use them to make a transfer. Taking the time to shop around, may help you save on fees, or more competitive exchange rates to help save you money. Using a dedicated foreign exchange company has several advantages:
- Lower fees: Online money transfer services may charge lower fees than your bank.
- Better exchange rates: Most providers will add a mark-up to the real exchange rate (this is where they make their money). It pays to shop around for the most competitive exchange rate, as the more favourable the exchange rate, the more money will arrive to the recipient.
- Quick and easy: setting up an online money transfer service can be done in minutes and the money could be received by your recipient within a day or two. Please note that many transfer services may require you to provide proof of identity to complete your account set up.
It pays to take the time to compare the options when choosing an online money transfer service. The more competitive the deal, the more money will arrive at your destination. Compare money transfer services using the Money Compare comparison tool to find a provider that suits your needs.