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Good day one and all. I'm planning a move to NZ and am looking to realise my assets here in the UK. Does anybody have any input on how best to get the best rates of exchange when moving lump and some smaller sums? I'm concious that the rates of exchange and transfer costs can impact on your final outcome. Thanks for sharing your thoughts with me.:confused:
 

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Hi

I'm in a similar position to you. I've just got the Halifax Clarity credit card. I can withdraw money abroad from an ATM fee free and the rate I pay is the mastercard exchange rate which is very favourable (1.96 today). It's also good for purchases as well. I'll then pay off the credit card balance straight away hence paying minimal interest.

If anyone has better ideas/solutions, I too am willing to try it!
 

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First rule of money exchange is steer well clear of any bank or building society as their exchange rates are rubbish and you will probably be charged for the privilege of using the service.

Look online at dedicated Money transfer companies - we signed up with Halo Financial, Moneycorp and HiFx back in the UK and created online accounts for all which is a free service.

We have transferred two lots so far and when researching each company at the time, Moneycorp offered the best rate which gave us the most dollars at this end.
The transaction can be booked online in your online account but even though this service is the easiest method, you will not get the best rate.
Yes you will get a better rate than any bank, but since the online rates are only updated say every 30 minutes you may lose out.
Moneycorp's advice was to always ring up if you had the time to discuss a money transfer as they could give you up to the minute rates over the phone direct from the market.
As I say we have done this twice now.
The first transaction we booked the purchase of NZ dollars at a particular rate for a pre determined period - i.e. 1.95 dollars/pound even though the rate at the time was only 1.90
You can book these deals for any stated period you wish and if in that period the rate is realised the dealer - Moneycorp or whichever you choose will buy your currency.
If they buy, you send the money by internet transfer into the online account within 24hrs, and your money is transferred to your NZ account and clears within a few days.
No mention of costs or charges as it is all built into the rates they offer.
On our second transaction we just rang and asked for the spot rate, was happy with it and bought a set sterling figure worth of NZ Dollars, transferred the money into the online account within 24hrs and a few days later the agreed NZ dollars arrived in my NZ account.
You receive progress emails throughout.
One other good thing about Moneycorp was the guarantee that my money was always safe regardless of whether the company went into liquidation just after I had transferred them the funds etc etc.
Its all in the T's & C's of their trading.
Couldn't recommend a better way of doing it.
Cheers
 

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The best thing about www.currrencyonline.co,nz is their on-line quote system. There's a 'quckspot' page where you can watch the latest quotes for up to 5 currency transactions - you'll get an update every 30 seconds.
Then a 'Spot quote' page where it will give you an on-line quote every 5 seconds. And you can lock the quote in then and there.

We've spent very a many hour watching the graphs and quotes, then when we think the rate's swinging in our favour the last few hours sometimes waiting in anticipation for 'that special moment' to hit the 'accept' button.
Beats the adrenalin high from Trademe or the Lottery any day!
 

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The best thing about www.currrencyonline.co,nz is their on-line quote system. There's a 'quckspot' page where you can watch the latest quotes for up to 5 currency transactions - you'll get an update every 30 seconds.
Then a 'Spot quote' page where it will give you an on-line quote every 5 seconds. And you can lock the quote in then and there.

We've spent very a many hour watching the graphs and quotes, then when we think the rate's swinging in our favour the last few hours sometimes waiting in anticipation for 'that special moment' to hit the 'accept' button.
Beats the adrenalin high from Trademe or the Lottery any day!
I have often used Torfx in the UK and found them give excellent rates better than most and their service is excellent. They have a facebook page and a web site at Exchange Rates, Best Foreign Currency Exchange Rate | TorFX. They do not charge a transfer fee. The only thing is that the banks in NZ usually charge $27 to receive.
 
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