Foreign Exchange/Money Transfer by JJ Smith November 6, 2024 written by JJ Smith November 6, 2024 45 Transferring money to Australia from New Zealand is something we all do when moving there, so why not make sure you get the best exchange rate on your money transfer? Money transfer/foreign exchange is a big deal, and it’s important to use a trusted foreign exchange company to ensure you get a great exchange rate without a huge margin and little to no fees. From my research, online money transfer companies offer the best rates, with a lower margin compared to banks and no fees. I’ve learnt a thing or two from my mistakes, so do the research now, register with XE and save yourself some cash! In this post you will find helpful information on: How to get the most from your money transfer First Step: Analyze Transaction Fees Second Step: Get to know Exchange Rates Third Step: How to Transfer How do online foreign exchange/money transfers work? About XE Editor’s Note: We started off using our bank to transfer money to Australia from New Zealand, but got told by a friend that it is much cheaper to use an online foreign exchange company. I compared the costs and were surprised at the difference. We got the best possible rate for every transfer, with a way lower margin than the bank and did not get charged a fee, I was paying $25 with an extra 5% margin on the rate. We love XE Money Transfers. Their customer service is fantastic! Their exchange rates are extremely competitive! And they are the world’s most well known and trusted FX company. XE’s clients funds are held on trust in segregated client accounts. This is unique to XE and ensures that client funds are safe, giving you peace of mind! How to get the most from your money transfer? Learn how to transfer money easily without wasting a fortune on fees and charges. International bank-to-bank transfers cost more and take longer. You will save at least $50 when you use an online foreign exchange specialist like XE. To show you how much you could save, XE has compared with three New Zealand major banks for a $1,200,000 NZD / AUD transfer. XE would have saved you between $9,070 and $25,870, depending on which bank you use. **This comparison was made on 21.08.17 by speaking to the foreign exchange teams at 3 of the leading banks. See how much you could save… Join XE now! First Step: Analyze Transaction Fees Online foreign exchange companies either don’t charge fees or will waive fees in our case. Banks charge fees to transfer your money overseas (usually $10-$25) Below is a comparison of the main foreign exchange companies that transfer the New Zealand Dollar and the Australian dollar. The table compares international money transfer rates, services, speed, minimum transfer, and online transfer fee. Name Min. Transfer Speed Services Online Transfer Fee XE NZD 0 1 day Online, Phone, Bank Account to Bank Account, APP NZD 0* OFX NZD 250 1 day Online, Phone, Bank Account to Bank Account, APP NZD 0* World First NZD 2,000 2 days Online, Phone, Agent NZD 10.00 fc exchange NZD 3,000 1 day Online, Phone, Bank Account to Bank Account NZD 10.00 HiFX NZD 50 2 days Online, Phone, Agent NZD 15.00 Bank Average NZD 0 1 day (extra $25) Online, Phone, In-store NZD 15.00-25.00 * The online transfer fee is wavered if registered through our referral link. Second Step: Get to know Exchange Rates Get better rates from a specialist FX provider. Banks add a margin to the exchange rate they give you, which increases the cost of the overall transfer by 2-5%. Money is money; it’s better in your pocket than in the banks. Rates change daily so if you want to get the most from your FX transfer, start researching the transfer rates and discover what is a good rate and average rate. The easiest way to do this is to register with an FX online provider like XE, download their app and get live exchange rates. This way you can easily check the exchange rates and get to know what is a good rate and average rate. Do this now so you know what you’re doing when it’s time to make the transfer. You can also get rate alerts (see below). You can study the XE Currency Charts. The Charts let you see a pair’s currency rate history for up to 10 years. XE uses highly accurate, live mid-market rates. Below, I’ve compared NZD to AUD on the XE website and got the below, including low and high rates: 13 Jan 2012 00:00 UTC – 13 Jan 2022 21:12 UTC NZD/AUD close:0.942618 low:0.765811 high:0.996699 Rate Alerts After you have registered with XE you can set currency rate alerts. This allows you to maximise the amount of Australian dollars you receive easily: Please note, it costs nothing to set up accounts with XE, apart from a few minutes of your time. There is no obligation to transfer through them. However once you have registered, you will then easily be able to research and learn more about currency rates, set currency alerts and keep more of your valuable funds. Third Step: How to Transfer There are a number of options for making a money transfer. Different options suit different people better: Online using your web browser Phone customer service Account to account Using the app – my preferred Use an agent. How to send money to Australia Create an account It takes just a few minutes. All they need is your email address and some personal information. Enter recipient details You’ll need their name, address, bank name, bank account number, and BIC/SWIFT code. Confirm and send Enter your payment information, verify everything is correct, and send your transfer. How do online foreign exchange/money transfers work? Register Online (XE) Lock in your transfer – how much are you transferring, which currency are you transferring, and to whom are you sending it? Send your funds – make a bank transfer from your account (e.g. online banking electronic bank transfer or BPay). Money is delivered. Most transfers take 1 business day, but if you are all set up, they can transfer on the same day. You can track your transfer with XE online or on their app. About XE 2021 Outstanding Value Award Winner Canstar is the biggest financial comparison site in Australia. Canstar recognized the 2021 Outstanding Value Award winners for having the best exchange rates, low to no fees, and who can save customers the most money. Learn more > Great rates – access competitive exchange rates for your international business payments. Trusted brand – over 330,000 people and 2,000 businesses trust us to make global payments. Easy to use – make international transactions online in just a few minutes. Market expertise – 25+ years in the currency business and a team of FX specialists ready to help. XE has a fantastic customer support team. They are always available 24/7 to answer any questions or advice on making the most of your money transfer. You can call them now on 0800 932 66400. Please make sure you tell them that you heard about them through Moving to Australia.co.nz: Read more in my XE Money Transfers post. Still have questions? If you’ve read the above content and the answer to your question isn’t there, please write a comment below and I’ll research the answer for you. Can I help you find something else? If you need advice on moving to Australia from New Zealand, I’ve created a helpful little questionnaire to point you in the right direction. It takes less than 30 seconds, so give it a go! Are New Zealand citizens eligible for Australia’s First Home Owners Grant?Australian Tax – what you need to knowCompare currency exchange companiesMoving money to Australia from New ZealandOpen an Australian Bank Account 26 comments FacebookPinterest JJ Smith previous post $19,000 exchange fee shocks family next post Open an Australian Bank Account You may also like Are you a New Zealander planning to move... September 19, 2024 The Land of OZ, Consumer Mag September 19, 2024 Moving to Australia Process November 12, 2024 Documentation needed when moving to Australia March 25, 2024 Money – What You Need to Know February 17, 2024 Open an Australian Bank Account November 6, 2024 $19,000 exchange fee shocks family January 14, 2025 Australian Tax November 14, 2024 Getting Your Tax File Number (TFN) October 15, 2025 Jobs in Australia May 3, 2024 26 comments sarahk January 28, 2025 - 9:34 pm Hi team, thanks for all the good tips! It’s super helpful! We just checked XE site and apparently there is a online transaction limit of about NZ&600k. I am not sure if it is a daily limit but If we want to transfer about NZ$1.2M to AUD, do we have to split them up in two transactions before we can transfer all? Thanks! Sarah Reply JJ Smith February 12, 2025 - 11:37 am Hi Sarah, Thank you for your comment and compliment. Sorry for the delay in replying, I’m still catching up. I haven’t come across this before and I’ve had hundreds of visitors transfer over similar amounts to by new homes in Australia. I’ve emailed XE and will forward their reply as soon as I receive it. Thanks, JJ Smith Reply JJ Smith February 13, 2025 - 2:36 pm Hi Sarah, Please find below the response from XE. The self service limit is $750,000, but you can call them and the foreign exchange dealers can arrange the transfer in one transaction. Their phone number is 0800 932 664. I can’t believe I haven’t come across this before. Thank you so much for asking me about this. Please feel free to email me back any further questions you have. Thanks, JJ Smith Reply Rohit Gupta October 15, 2023 - 12:56 am Its a scary thought to give a few hundred thousand dollars to an online company. I already have a Wise account. Has anyone used them to transfer to Australia ? Reply JJ Smith October 16, 2023 - 1:20 pm Hi Rohit, Thank you for your comment. You are not the first person to express concern over using an online foreign exchange company, but you can trust XE and it’s worth keeping more of your money than paying extra in fees and a higher margin. Once you have setup an no obligation account with XE you can easily talk to a customer service representative before you commit to using them. I have been using and recommending XE for over 15 years and have never received a complaint or negative thing to say about them from anyone. Sorry, I haven’t used Wise, so can’t comment. Please feel free to email me back any further questions you have. Good luck with your move. Reply Moana Tauaisili January 29, 2025 - 8:25 am How about if you have loans in NZ, can you pay it from Australia? Reply JJ Smith February 12, 2025 - 11:14 am Hi Moana, Thank you for your comment. Do you still have your NZ bank account? If so, you can easily use XE to transfer money between your new bank account and your old NZ one, making it simple to pay your overseas loans. Whether you’re transferring a small or large amount, the process is the same. Plus, you’ll save money every time by using XE, as there’s no online transfer fee, and you’ll get a better exchange rate. Once you have setup both accounts, the process will be easy. I hope the above helps. Good luck with your move. Reply Cre Russell October 9, 2022 - 7:54 am Kia Ora JJ, Firstly a tremendous thank you for this website. I’ve been glued to it since January to help plan mine and my partners move next month. Everything I’ve done so far has been from all your suggestions and insights. It’s truly been such a life saver and put my mind at ease that I’ve covered every aspect of this move 🙂 My question is regarding transferring funds a few days before we leave. Just to clarify, you suggest converting your money into Australian dollars by sending money to your new Australian Bank Account? (which won’t be fully open until you touch down in your new location ) I’m assuming you’ve suggested the time bracket of transferring a few days beforehand because transfers between NZ and Aus can take a few days? Just making sure this is what you mean. So when XE does go to transfer to the Aussie account you would’ve had the chance to open it properly in time to receive the funds? I’m sure XE would reach out of they attempted to transfer funds but the bank account wasn’t open.. 🙂 Thanks, Cre 🙂 Reply JJ Smith October 12, 2022 - 3:48 pm Hi Cre, Thank you for your comment and compliment. I’m so stoked to hear my website has helped you so much. I think I need to re-write this section as I have had a couple of questions regarding it. 1. Firstly you open an account with CommBank and XE. 2. A couple of days out you transfer some NZ dollars into your XE account. I suggest a couple of days so you know the money is ready and waiting, and the days leading up to the move are so busy. You could transfer the funds earlier than that to mark it off your to-do list. 3. Then once you’ve visited the bank branch, transfer your converted Australian dollars into your CommBank account. If you’ve arrived early enough in the day, the money will transfer through the same day. Otherwise, it will the next day. Usually within 24 hours. The issue with transferring the money earlier is with CommBank and Australia’s anti-money laundering laws, they are no longer able to accept funds before you arrive in Australia. However, I have heard from visitors to my site, that they transferred money earlier and CommBank didn’t return it. Hope that helped. Reply Haylee August 15, 2022 - 3:19 pm Hi JJ, just wanted to message to ask – as I have set up a XE account, and not planning to move to Melbourne until 2023. I have read in some of your replies that we are able to transfer money into our personal XE accounts, and then once we arrive into Melbourne, Australia we are able to transfer funds from XE into our new Australian bank accounts. How would you go about this? I’m a little confused on how this can happen as through the app and website, the only option I can see is sending money from NZ bank to AUS account and not the option of putting it into my XE account etc. I would like to have funds in my XE account a few days before my arrival in Melbourne, but am finding it hard to understand how I go about this on the app or understand the process through the app/site. Hope this question isn’t to confusing. Kindest, Haylee Reply JJ Smith August 16, 2022 - 12:02 pm Hi Haylee, Thank you for your message. As I understand it, all money transfers go into XE’s security trust accounts (client’s funds are held on trust in segregated client accounts) and then you choose when you want to withdraw the money, e.g. you’ve arrived in Australia or when the exchange rate is most favourable. However, I’ve CC’d Simon From XE, who might be able to answer your question better. Please feel free to email me back any further questions you have. Good luck with your move. Reply Rita June 29, 2022 - 9:37 am Hi Do you recommend Kiwi’s moving to Melbourne to use NZForex or XE? And why please Thanks Reply JJ Smith June 30, 2022 - 9:55 am Hi Rita, Thank you for your comment. Both companies are trustworthy and reliable. I have used both in the past and highly recommend both. Personally, I now use XE because they are a more well-known company and have better reviews. I base a lot of my decisions on independent reviews when I am comparing providers. XE has a slightly higher rating on Trustpilot, XE 4.3 from 52,338 reviews vs OFX 4.0 from 4,851 reviews. With a lot less bad, XE 3% vs OFX 8%. I also really like XE’s app. Hope the above helped. Thanks Reply Haylee June 28, 2022 - 7:36 pm Hi JJ Smith 🙂 Just been reading through your helpful and informative articles and questions/replies also! And saw this little response you made regarding the steps to take when transferring NZD > AUD, I’ve just copied and pasted it below .. “– A day or two before you leave for Australia (or when there’s a great foreign exchange rate), transfer some funds into Australian dollars, which will then be held in XE’s account.” So just wanted to ask, when you say ‘transfer some funds into Australian dollars a day or 2 days before leaving for Australia, are you talking about transferring my NZD funds into the XE account a day or 2 days before and then I can go to my chosen bank of either Westpac Au or commonwealth, collect my eftpos card and then transfer funds from my XE account to new AU bank account. Apologies for my long question, just got a little confused with your step of ‘transfer some funds into Australian dollars’ and didn’t know if you meant transfer that on it’s own in NZD and take that NZD cash over to Aus on hand and not transfer that into XE or transfer funds into Australian dollars in my XE account. Hope this question/reply makes sense. Apologies! Thank you so much for your informative content though! Super helpful for my move with my partner to Melbourne next year Jan 2023 – Yay! Reply JJ Smith June 30, 2022 - 10:08 am Hi Haylee, Thanks for your comment. I’m glad you are finding my website helpful. Thanks for drawing my attention to the statement, I’ll make that clearer on the site. Yes, you need to transfer your funds with XE, into XE’s account, so it’s ready to withdraw into your chosen bank when you arrive. Good luck with your move. Thanks Reply Albert January 27, 2022 - 10:26 pm Hi JJ I just moved from NZ to Queensland yesterday. Thanks for creating this great website and it has been very helpful with the move. I sold my property in New Zealand and now needs to transfer the money to Australian bank account. The lawyers are happy to transfer the settlement money to Australian bank account directly. Your posts recommend to use Forex company than a bank. Is there any particular company you would recommend and do you know whether the solicitor in New Zealand would be able to use Forex company? I have nearly $500000 to transfer Thanks Albert Reply JJ Smith February 16, 2022 - 9:24 pm Hi Albert, Thanks for your comment and sorry for the delay in replying. I highly recommend XE. I use them and so do all my family. Any solicitor should be able to transfer through them, as it is a bank account number like anyone else’s. With the large sum you are transferring it will definitely be worth your while. Please let me know if you would like me to put in you in touch directly with my XE contact. Otherwise, setup an account using the above link and any of their customer support representatives will be able to hep you. Have a lovely day. Thanks Reply Peter February 1, 2020 - 8:59 pm Hi, I am moving to Perth in end of March I have three questions please as below : 1. I will be opening an account at Common wealth bank online before I leave. I want to know if it is possible to transfer funds into this account before I leave so that when I get there I can visit the bank collect the EFTPOS card and start using the money. Also I have some commitments in NZ so will need to transfer money here on regular basis how do I go about same? 2. I also want to know if i will be able to buy a car with NZ full license in Australia. Or I need to wait till I convert to Australian license?What is process for conversion of NZ full license to Australian license and how long will it take? 3. When I find place to rent how to get the services like electricity, internet etc started . How do I know which provider is the best in terms of value. Would it take a long time to get this organised after I find place? Reply JJ Smith February 17, 2022 - 12:27 am Hi Peter, Thank you for your comment. Sorry for the delay in replying. I know a few people who have been waiting for Perth’s borders to open. It’s a beautiful place to live. Unfortunately because of Australia’s anti-money laundering laws, they are no longer able to accept funds before you arrive in Australia. So to get around this, you should do the following: – Setup an account with Commonwealth. – Register with XE. – A day or two before you leave for Australia (or when there’s a great foreign exchange rate), transfer some funds into Australian dollars, which will then be held in XE’s account. – As soon as you collect your eftpos card from Commonwealth, log into your XE app/call/go online and transfer the funds into your Commonwealth account. Please note, if you do this early enough in the day, you will receive the funds the same day. Worst case the following day. You do not need to transfer all your funds into Australia dollars at once, you can transfer a small amount for initial use and then watch the exchange rate and transfer the bulk of your money when there is a favourable exchange rate. You will then be able to transfer money using XE whenever you need to. You will probably get very good at knowing what a good exchange rate is and transferring then. Or you can setup rate alerts with XE and you’ll get notified when your desired rate is triggered. Regarding buying a car in Australia, you are able to do this with your NZ drivers license. You don’t need to transfer to an Australian license until you’ve been living in Australia for 3 months. The process differs state to state. Because you are moving to WA and you are moving from NZ (a recognised country), you should be exempt from taking the computerised theory test on the road rules and the requirement to undertake a Practical Driving Assessment. As long as your NZ full license hasn’t expired by more than 12 months. You can read more about the process here: https://www.staging.movingtoaustralia.co.nz/driving-and-licences-in-australia/ and here https://www.transport.wa.gov.au/licensing/transferring-your-overseas-licence.asp. Love your last question regarding utilities! I spent a lot of time researching the best deals and then trying to go direct. Turns out, I didn’t have the right paper work because I hadn’t been in Australia long enough. I then found On The Move who had all the best deals and I only had to complete one form with them. You can read my post on New Utility Connection Service here: https://www.staging.movingtoaustralia.co.nz/new-utility-connection-service/. Please feel free to email me back any further questions you have. Good luck with your move. Reply Maxine April 29, 2014 - 7:12 am Hello My family is thinking of moving over to the Brisbane area and we well be selling 2 properties in NZ so we can purchase in Australia is it easier to purchase from NZ as an overseas investor or is it better to have all the money exchanged over to AUD and purchase when there?? Thanks Maxine Reply JJ Smith April 29, 2014 - 7:15 am Hi Maxine, Thank you for your enquiry. New Zealand citizens are exempt from the requirement to obtain approval from the Australian Foreign Investment Review Board (FIRB) before they purchase an urban property in Australia, so it is possible for you purchase while in NZ. However, I am unsure of if you would still need to transfer your money to Australia to pay for the home. I recommend calling an Australian agent and asking them, as they will be able to tell you the best way for you to buy a home in Australia based on your circumstances. Regarding transferring your money to Australia. You will save a lot of money if you use a foreign exchange company rather than your bank and it is easy to setup and make transfers. I recommend using NZ Forex for your foreign exchange as I have used them and now a number of our clients. You can register using this link: https://nz.ofx.com/registration?pid=1965. I have lived in Brisbane and it took us three months to discover what suburb we wanted to live in, so you do need to take that into consideration. It’s a lovely city. You will love it. Please let me know if there is anything else I can help you with. Reply Desiree November 19, 2012 - 9:16 am Highly Recommend NZForex I just wanted to say thanks to NZForex for helping me transfer money internationally . I was recommended them and from beginning to end it was a straight forward and easy process, plus someone was always on hand to answer any questions. I will be recommending NZForex to anyone who needs to transfer money around the world. Thanks again. Reply Hilton November 6, 2012 - 11:32 am I am moving over to Sydney in the next 2 weeks and I need to be able to transfer funds over to NZ easily. Does the commonwealth bank cater to this? ie. I want to go online transfer over to NZ and have this done on a weekly basis… What are the additional costs for this service? Reply JJ Smith November 7, 2012 - 1:14 am Hi Hilton, Thank you for your comment. Yes Commonwealth would be able to help you with that, but I recommend you setup an account with NZForex, as they will save you a lot of money on transfer fees and margins. They have an Australian division OZForex, so you will be able to deal with customer service in Australia when there. More information on NZForex: https://nz.ofx.com/registration?pid=1965 Setup a free no obligation account with NZForex: https://nz.ofx.com/registration?pid=1965 However, Commonwealth are a fantastic bank and you will need an Australia account either way. We bank with them and we love their high level of customer service, which is not standard in Australia, like NZ. If you have not already setup a bank account in Australia, please read this post, as this will save you time and stress on trying to do it over there: https://www.staging.movingtoaustralia.co.nz/open-an-australian-bank-account/. Good luck with your move and please let me know if there is anything else I can help you with. Kind Regards, MTA Team Reply Sunny February 9, 2025 - 9:28 pm Hi. Your website is so useful! I am feeling apprehensive about the money transfer. I have set up my bank account and XE account. You have mentioned on several occasions that the money can be transferred to XE then when we arrive transfer it over to the bank account. How does this process bypass the headache of money laundering laws? Reply JJ Smith February 12, 2025 - 10:51 am Hi Sunny, Thank you for your comment and compliment. Throughout my partnership with XE and CommBank the process has changed slightly because of the changes in money laundering laws. Commonwealth used to allow you to transfer money into your new account before you arrived in Australia, which is ready to use when you collect your eftpos card. Unfortunately, because of Australia’s anti-money laundering laws, they are no longer able to accept funds before you arrive in Australia. So, to get around this, you should do the following: 1. Set up an account with Commonwealth. 2. Register with XE. 3. A day or two before you leave for Australia (or when there’s a great foreign exchange rate), transfer some funds into Australian dollars with XE. All XE’s clients’ funds are held on trust in segregated client accounts. 4. As soon as you collect your eftpos card from Commonwealth, log into your XE app, call, and go online to transfer the funds into your Commonwealth account. Please note that if you do this early enough in the day, you will receive the funds the same day. Worst case, the following day. You do not need to transfer all your funds into Australian dollars at once; you can transfer a small amount for initial use, watch the exchange rate, and transfer the bulk of your money when there is a favourable exchange rate, or set up rate alerts with XE. You’ll get notified when your desired rate is triggered. If you still feel apprehensive, please get in touch with either or both companies, as they fantastic customer support and are there to answer your questions: XE – 0800 932 66400 CommBank – 0061299993283 I hope the above helps. Reply Leave a Reply to JJ Smith Cancel Reply Save my name, email, and website in this browser for the next time I comment. Δ This site uses Akismet to reduce spam. Learn how your comment data is processed.
