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
Popular money transfer services that send to
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.