Transferring money overseas can be expensive, even when it’s only going to New Zealand. Compare your options, learn about the hidden fees and find out how to make sure more money arrives at its destination.
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Wise uses the mid-market rate and transparent fees to help you send money in 45+ currencies.
Use the table below to sort through money transfer services and compare your options. You can search to find the most competitive fees or exchange rates, or simply put in how much you want to send and then see how much will typically arrive with each service.
Online money transfer providers typically offer the strongest exchange rates and lowest fees on money transfers to New Zealand. Some offer cash pickup in as little as a few minutes, while others seamlessly transfer to bank accounts. Sending money through PayPal or your bank is also an option, but you’ll typically face higher fees and weaker exchange rates when going that route.
Companies like WorldFirst and SingX specialise in foreign currencies, making them some of the most cost-effective transfers. Most offer transfers directly to your recipient’s New Zealand bank account, often in as little as a day or two.
Services like WorldRemit and Western Union allow you to transfer cash for pickup at a local branch in New Zealand — often in 15 minutes. While it’s a fast way to send money, you’ll pay for the convenience in weak exchange rates and high fees.
New Zealand dollars are a popular currency, your local bank may be able to exchange them. If your bank supports New Zealand dollars, beware of high fees and wide margins on the exchange rate compared to digital and other options when sending a wire transfer to New Zealand.
Let’s say you need to send $10,000 to family in New Zealand. Here’s what you might face as far as fees and exchange rates as of 2 Jan, 2021.
| Digital money transfer service | Cash transfer | Bank transfer | |
|---|---|---|---|
| Fee | 57.87 HKD | 8.00 HKD | 65.00 HKD + additional correspondent bank fees |
| Exchange rate | 1.00 HKD = 0.179170 NZD | 1.00 HKD = 0.1777 NZD | 1.00 HKD = 0.17783 NZD |
| Transfer speed | 1-2 day | Minutes | 2-5 days |
| Amount received | 1,781.33 NZD | 1,775.32 NZD | 1,766.7 NZD |
| Verdict |
|
|
|
The bank option ends up being both the slowest and gets the smallest amount of money to your recipient in New Zealand. If you go with the digital money transfer service, your recipient ends up with 14.63 NZD more than the bank offers. If speed is crucial, a cash transfer can typically have your transfer to New Zealand in as little as 15 minutes, just make sure there is a cash pickup location near your recipient before sending.
Sign up and send money with a digital money transfer specialist in four steps:
Weigh costs and fees against convenience to learn how to compare money transfer providers that send to New Zealand to best meet your needs:
When urgency trumps cost to get your money to New Zealand quickly, look for money transfer companies that support cash pickup in minutes. You can pay with a credit or debit card for fast pickup, but fees are higher than other methods.
Cash transfer services can help you if you don’t have a bank account, look for a local company that supports storefronts for cash payments. These services include agent locations in other countries that allow your recipient to pick up cash without a bank account.
The exchange rate determines how much one country’s currency is worth in another country’s currency. When a country’s currency is strong, it yields more money when exchanging it in a country with a weaker currency. New Zealand’s exchange rate is flexible compared to the US dollar, and the HKD-NZD relationship fluctuates often. Factors that influence the exchange rate include interest rates, economic stability and inflation.
To send money to New Zealand from Hong Kong, you’ll need government-issued ID and other documents, while documents needed to pick up money in New Zealand may be different by company.
To send money from Hong Kong to New Zealand, you’ll need documentation and details that include:
To pick up money in person, documentation can include:
Sending your hard-earned money to New Zealand shouldn’t cost a fortune. Compare money transfer companies that specialize in foreign transactions for the strongest rates, lowest fees and flexible delivery. For transfers to other countries, rely on our country specific guides the next time you need to make a transfer.
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