Best ways to transfer money to New Zealand from abroad

When sending money to New Zealand, you have several options. You can use an online money transfer provider that specialises in international transfers, make an international bank transfer through your bank or pick a provider with local representatives so you can pay cash.

While using your normal bank may seem like the obvious choice, it’s usually slower and more expensive compared with using a specialist online money transfer service.

To help you navigate through all the different online money transfer providers, we have collected a few use cases when sending money to New Zealand:

• Cheapest: Wise

• Best Exchange Rate: Wise

• Faster International Transfer Provider: Wise

• Best Rated: Wise

• Fee free: XE

• Best Transfer options: Wise

The ideal way of sending money will always depend on your transfer needs such as how much money you are looking to send, how quickly you want it to arrive and how you chose to pay for your transfer. This is why it’s important that you compare different providers before sending your transfer.

How to send money to New Zealand from abroad?

Using an online money transfer to send money to New Zealand from abroad is usually very straightforward, the exact steps may vary depending on the provider you pick, but basically you’ll need to:

1. Choose a money transfer service – With multiple international money transfer services available, it’s important to do your research so you can select the one that is best for you and suits your needs. Exiap offers an easy-to-use international money transfer provider comparison tool that will help you find the best provider for your transfer. When narrowing down your choices, some key factors to consider include fees involved in the transaction, how fast the funds will be transferred, as well as what kind of exchange rate is being offered.

2. Create an account with the service – After comparing various money transfer services and carefully considering the pros and cons of each, create an account with your chosen provider. The process is relatively simple, you will likely just need to provide some personal information like your name and email address. Most companies require additional documentation for identity verification (e.g., a passport), but this step usually only takes a few days at most.

3. Add funds to your account – Before you can send money, make sure to add funds to your account or a valid payment method. Your chosen provider will dictate how you do this: it could be using a debit or credit card, bank transfer, and so on.

4. Select the recipient of your funds – You will need the following information about the person you’re sending money to: name, IBAN (International Bank Account Number) or SWIFT (Society for Worldwide Interbank Financial Telecommunication) code, address, name of recipient’s bank and the phone number of the recipient.

5. Review your transfer details – After entering the amount you want to send, confirm that all the information in your transfer is accurate before you click ‘submit’. Reversing transfers is usually not possible after you finalise your transfer.

What details do I need to transfer or receive money to a bank account in New Zealand?

The information you need to send money to a bank account in the New Zealand will depend a bit on whether you’re making a local or international payment. However in most cases you need:

* The recipient’s full name

* The name and address of the recipient’s bank

* Recipient’s bank account number or IBAN

* Recipient’s bank SWIFT/BIC code if requested

Depending on the payment type, and the specific provider’s processes you may also need further information – check before you send to make sure you have all you need.

How long does it take to send money to New Zealand?

How long it takes to send money to New Zealand depends on the service you choose, where you’re sending from, the currency and the payment value. Bank SWIFT transfers can take 3 – 5 working days. Online money transfer services can often get your money moving faster – some payments even arrive instantly, and delivery times of 1 or 2 days are common.

• Wise: 0 – 2 Days

• Western Union: 0 – 2 Days

• OFX: 1 – 3 Days

• XE: 2 – 3 Days

Make sure your transfer goes through smoothly by preparing all the required verification documents in advance – especially if you’re making a high value payment.

How much does it cost to send money to New Zealand?

All money transfer providers charge a fee for their respective services. This is generally a percentage of the total amount being exchanged and can be anywhere from a few dollars to several hundred depending on the amount being transferred, speed of the transfer and how the transfer is paid for.

It’s crucial that you’re mindful of these costs prior to sending money because they have the potential of rapidly adding up especially when transferring larger amounts. In our comparisons, we found that there can be as great as 758 USD difference between the cheapest provider Wise and priciest one Western Union when sending 10000 USD.

• Wise: 52 USD

• XE: 59 USD

• OFX: 65 USD

• Western Union: 843 USD

At Exiap, we make things easy for you. With different exchange rates and fees per money transfer provider, it can be complicated to find the best deal. But that’s what we’re here for. We bring together all your options, show you the bank transfer fees and rates per provider, and highlight the best possible deals so that you know you’re making a good choice financially as well as mentally.

How can you pay for your transfer to New Zealand from abroad?

There are many options available to fund your international money transfer. Some providers offer more options than others, but you should be able to find a plan that suits your needs.

Given below are a few payment options for sending money to New Zealand with the 4 reviewed providers:

• Wise: Bank transfer, card (debit or credit), SWIFT, Google Pay or Apple Pay

• Western Union: Bank transfer, card (debit or credit)

• XE: Online

• OFX: Bank transfer or direct debit

What’s the safest way to send money to New Zealand?

While many online money transfer providers are newer than banks, they’re usually regulated in just the same way as your normal bank is, therefore the services they offer are just as safe.

Here at Exiap we only ever review trustworthy, fully regulated international money transfer services – and if you want to learn more about them, you can always check out reviews from previous customers on Trustpilot.

Here are five of the best service providers for sending money to New Zealand, based on how many reviews they have and their average score on TrustPilot.

• Wise: 185,620 reviews, rated 4.4/5 on Trustpilot

• XE: 56,769 reviews, rated 4.2/5 on Trustpilot

• OFX: 5,637 reviews, rated 4.2/5 on Trustpilot

• Western Union: 43,838 reviews, rated 3.9/5 on Trustpilot

Do banks charge for bank transfers?

Yes, banks charge for bank transfers overseas. In fact, they can charge a lot. Even if their headline transfer fee is low, there is also usually an exchange rate markup, which pushes up costs – and SWIFT fees may be deducted as the transfer is processed, so the recipient gets less in the end.

How much do banks charge for international transfers?

Typically banks charge a relatively high transfer fee, and also use a marked up exchange rate to convert funds. This can mean that your recipient gets far less when sending with a bank compared to making a transfer with a specialist service.

As an example, here’s a look at how much a recipient would get in the US if they were sent money from a few different countries, from the best provider in our comparison, versus the most expensive one.

Adam Dankhazi

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Adam Dankhazi

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Last updated

March 3rd, 2023