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Send money to New Zealand cheaply

Find the cheapest way to send money from India to New Zealand, and avoid being slugged with expensive bank fees.

Transferring money to New Zealand can be expensive. Compare your options, learn about the hidden fees and find out how to make sure more money arrives at its destination. However, if you are a New Zealand national, with a valid visa and residential permit that allows you to live and working in India, it is important for you to know the Indian rules and regulations about opening a bank account in India. It is also important for you to be aware of RBI’s regulations that cover international remittances from India.

Name Product Minimum Transfer Transfer Time Transfer Fee
INR 4,000
1-2 days
Exclusive: Use code FINDER10 to receive US$10 off your first transaction.
InstaReM offers simple transfers with a flat 0.5% transfer fee for most transfers.

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Banks vs money transfer companies

The main alternative to international money transfer services is bank transfers. Major Indian banks will allow you to send money to New Zealand. However, banks typically charge higher transfer fees, and you’ll generally get more competitive exchange rates with international money transfer services.

There are a number of money transfer companies you can use to send money to New Zealand.

Finding the best way to send money to New Zealand and the best exchange rates

Typically, international transfer services are the best way to transfer money from India to New Zealand. In this case, “best” means the most cost-effective with consideration to transfer fees and exchange rates at one point in time only. It does not take into account your specific situation, differences in transfer times, transfer methods or any other factors which might affect an option’s suitability.

Here, international money transfer services generally have two key advantages over bank transfers:

  • Low or no transfer fees. This is the fee charged for actually sending money. Many transfer services will not charge anything for this, while banks will often apply flat fees of $20 to $30. For smaller transfers, this can cause problems.
  • The most competitive exchange rates available to you. Transfer services will generally offer more competitive exchange rates than banks for international money transfers. Some services will even offer to beat any competitor’s exchange rate.

Additional fees when sending money to New Zealand

It’s important to note there might be additional charges as well as a transfer fee. These are often unavoidable whether you’re using a bank transfer or an international money transfer service.

The main ones include the following:

  • Recipient fees. These are fees charged by the bank that you are sending the money to.
  • Intermediary fees. These are fees or commissions charged by other banks that the money might pass through on the way to its eventual destination.

However, the way these apply can work differently depending on whether you do a bank transfer or use a transfer service.

  • Bank transfer. The recipient and intermediary fees are usually charged to the recipient by being removed from the money you’re sending. A surprisingly small amount of the total transfer might be left in the end.
  • International money transfer service. The anticipated recipient and intermediary fees are often disclosed to you before you make the transfer.

If you want to make sure the right amount of money arrives, you will often need to find a way of adapting to these fees. With a transfer service, you may be able to send more in order to compensate for the fees. With a bank transfer, you can choose to pay these fees up front.

However, doing so will generally incur yet another fee, called a correspondent fee. This can vary depending on the bank, the destination and currency, but will generally cost about $15 to $40. Note that this correspondent fee will apply on top of the recipient and intermediary fees that you have chosen to pay.

The best way to send money to New Zealand, purely in line with the cost-effectiveness criteria specified above, will typically be with an international money transfer service, rather than with a bank transfer. However, fees and rates aren’t always the only factors to consider. When comparing transfer methods, or looking at the differences between individual money transfer services, you might want to look at other features as well as balancing differences in rates and fees or conditions where you might be able to make fee-free transfers.

What to look for when comparing options

  • Exchange rates. What sort of exchange rate does each money transfer service offer? Remember that some companies will offer a more competitive exchange rate but then charge you higher fees, so consider how this affects your specific transfer.
  • Fees. You might have to pay a transfer fee, so compare how these fees stack up between certain companies and work next to the available exchange rates. Many providers will also waive this fee when you transfer more than a certain minimum amount. Remember to be mindful of additional fees as well.
  • Pickup methods. Most services will offer electronic transfer of funds into your recipient’s bank account.
  • Turnaround time. How quickly can your money be accessed in New Zealand? Sending money to New Zealand varies from under 24 hours up to five days or more.
  • Transfer methods. Does the money transfer service allow you to send funds online, over the phone or by visiting a branch? Check whether different fees apply to different methods.
  • Additional features. Will your provider let you make regular scheduled payments, set up forward contracts or place a limit order? If you’re making large or regular transfers then these might be invaluable, but for smaller amounts or one-offs they might not be as useful or important.
  • Minimum transfer amounts. Many providers will put a minimum transfer amount in place to ensure its worth their while, while others will let you send any amount. Sometimes transfer services will drop fees, or offer features like limit orders, for transfers over a certain amount.
  • Customer service. Compare each provider’s reputation for customer service, especially if you’re planning on regularly using its services. Consider how you might get in touch if something were to go wrong.
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How to send money to New Zealand

The exact application and transfer process will vary depending on your chosen service, but you’ll generally need to provide contact details, some personal information like your date of birth and provide some form of identification. Naturally, you’ll also need to provide your recipient’s details. Once you’ve completed a transfer, you’ll generally receive some sort of receipt or notification so that you can track the progress of your funds.

If you like the sound of the lowest fees and the most competitive rates available, you might opt for an international money transfer service. In that case, the first step is to compare your options, read over any terms and conditions and open an account.

Got it – now what do I do?

Now that you understand how money transfers work and how to compare your options, go to the list of money transfer companies mentioned above and contact your chosen provider. Here, you can request a quote based on the current exchange rates. It’s best to get quotes from a couple of providers before making your transfer.

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