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NEW ZELAND

Send Money To New Zeland

As one of the worlds leading financial centres, New Zealand acts an Australasian monument to the free market. Although its economy is not a large as Australia’s, globally it has the 53rd largest economy in the world on based on GDP. With a large manufacturing and service sector, bolstered by a large argricultural sector New Zealands production based economy is very stable.  Its geographical location has done much to make New Zealand’s trade particularly diversified in its international dealings. With trading relationships with the Australia, the United States, China and numerous European countries New Zealand trades with other countries all over the globe. The large amount of exports has helped to see exporting goods and services account for around one third of its GDP expenditure.
New Zeland

Popular money transfer services that send to
new zeland

  • TorFx
  • FairFX
  • Azimo

Currency Used

The currency of New Zealand Dollar is the New Zealand Dollar, known by the currency code by NZD. The currency symbol is $, and within the context of currency trading, the NZD is often referred to as the “kiwi”. Each dollar can be divided into 100 cents. It is worth noting that the New Zealand dollar is one of the most traded currencies in the world, and comprises around. 2% of the foreign exchange market. 

Send Money with Bank Deposit

In order to send money to New Zealand via bank transfer, consumers can transfer funds through a home back through an online telegraphic transfer. A telegraphic transfer is often the most direct and efficient way of sending money overseas but it is not without its costs. By transferring money in this way you are likely to be charged a transfer fee to transfer your money overseas, and an exchange fee to exchange your currency for the NZD. Banks are likely to charge you a transfer fee and an exchange fee. Fees vary from bank to bank but it is unlikely that you will be getting a competitive commission rate.  

 In addition, the amount of time it takes for your money to be transferred varies greatly from bank to bank. Many banks will take between 2 and 6 working days to transfer the money over. In many cases, its not uncommon for banks to take up to two weeks. If you wish to transfer money over promptly, its worth enquiring as to whether a bank provides an express transfer option, where the customer pays an additional fee in order to have a prompt payment.   

 Another way to transfer money easily is to use a foreign exchange broker to transfer money over into a New Zealand based account. Many companies offer this as a service so that you can circumnavigate around the extortionate rats that can come with traditional telegraphic transfers. In order to transfer money this way, you'll need to provide your bank account name, the New Zealand address you wish to transfer the money over, the bank account number and a branch identifier. 

Send Money Through Cash Pickup

To send money to New Zealand to be picked up by your beneficiary in cash, you’ll need to go to a third party company that offers cash transfers such as Western Union. You’ll need to provide the beneficiary’s name, account number, SWIFT code and bank name. New Zealand money transfers can be available almost immediately if you pick the right company. You’ll get a reference number to send over to the beneficiary so that they can go into a western union office to withdraw the money in cash. Again you’ll still be subject to transfer charges and exchange rates. 

Money Transfer Regulations

New Zealand’s approach to money transfer regulations is surprisingly quite relaxed, with no restriction on how much foreign currency can be taken into or out of the country. However, it is vital to declare cash carried in excess of NZ $10,000 through an airport. Whether this is in NZD or a foreign currency, you’ll need to declare it in order to avoid legal complications. In order to declare this movement of funds you’ll need to complete a Border Cash report as stipulated in the Anti-Money Laundering and Countering Financing of Terrorism Act of 2009. This form will need to be filled out even if the cash is sent out on its own.   

The penalties for ignoring or falling foul of these regulations are quite strict, with the potential to be imprisoned up to a maximum of 3 months with a fine of up to $10,000. In addition to this heavy penalty, those who intentionally mislead authorities at customs can be construed as non-reporting cash and may find that their cash itself is subject to forfeiture and seizure as per the Customs and Excise Act 1996.