As an expat or migrant transferring money into New Zealand from overseas, how and when you send currency can significantly impact the amount that lands in your bank account at this end.
Informed decision-making is crucial for smooth and cost-effective international currency transfers.
We’ve asked Geraldine Collett from Halo Financial to provide her expert advice and insights for people relocating themselves and their money to New Zealand.
Here are her 5 top tops:
1. Plan ahead
As soon as you know you're moving to New Zealand, start monitoring exchange rates. It’s never too early to begin, and we recommend that you start making a plan well in advance. This way, you have a better chance of achieving a great exchange rate. Don’t leave it to the last minute as you will have to accept the exchange rate available at the time, which may not be in your favour.
2. Consider how currency volatility could affect your cross border money transfer
Currency markets fluctuate every second and are affected by political and economic changes. A single announcement can cause significant swings in exchange rates, meaning the rate you're considering one minute could shift considerably the next.
3. Make sure you are watching currency markets, especially the rates that affect you
Start tracking your currency pair (the currencies you’re exchanging from and to) well in advance of needing to transfer. It's important to remember that exchange rates fluctuate constantly.
If you don’t have time to monitor the markets yourself, consider using a personal currency specialist. They can provide you with information and guidance, keep you updated on rate movements and discuss the performance of your currency pair.
4. Consider utilising a Currency Specialist - this can impact your exchange rate too!
While the exchange rate is certainly important, having access to genuine guidance, experience, and expertise can also significantly impact the rate you receive. This is where working with a Currency Specialist offers additional benefits over a local bank or banking app. A Currency Specialist provides tailored information specific to your currencies and helps you create a plan to secure the best possible rate within your desired timeframe.
There are several specialist resources, options, and solutions available to help you achieve the best possible exchange rates. Consider discussing options such as locking in rates, Market Orders, Stop Loss, and Limit Orders. A comprehensive currency strategy that incorporates one or more of these tools can help you secure the best rates and protect you against currency fluctuations that could cost you a significant amount of money.
5. Watch out for banking fees
Be sure to check if your receiving bank charges fees on inbound international transfers—these are often fixed fees. Keep in mind that banks typically charge a fee for transferring money, so it's essential to factor these costs into your financial planning.
If you would like to learn more, visit Halo Financial or contact Geraldine directly at geraldine.collett@halofinancial.com
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Mobile Relocation connects you with what you need to thrive in New Zealand. Contact us today to talk about how we can carry your relocation burden.
If you are a recruiter or HR Professional bringing international talent to NZ Mobile Relocation has a range of settlement support services to suit your candidates and your business - from baseline support to meet Immigration New Zealand’s AEWV Accreditation requirements (Kiwi Launch Pad) through to personalised programmes to support your most valued international employees.
Bridget is a New Zealander who has lived and worked as a diplomat in Singapore and India. After experiencing all facets of the relocation experience, she founded Mobile to work with private individuals moving to NZ and leading local and international businesses bringing in offshore talent.