Receive money in New Zealand from overseas

receive-moneyThanks to online banking and the proliferation of international money transfer companies, it’s easier than ever to receive money in New Zealand.

While both banks and online transfer companies facilitate receiving money from an overseas sender, comparing services and associated fees will help you get the maximum amount of NZ dollars.

You can receive money from overseas through your bank or via online transfer. Western Union and MoneyGram have an extensive international network of pick-up locations from which you can collect your money. Do a little research to see which services offers better value for money and quicker delivery.

Rates last updated July 17th, 2018
Description Min. Transfer Amount Transfer Speed Services Online Transfer Fee Rate Amount Received
TorFX International Money Transfers
TorFX International Money Transfers
TorFX guarantee to beat any competitor's exchange rate for a transaction
Conditions apply
NZD 200 1 day Online, Phone, Agent Go to site More
Exclusive: OFX (Ozforex) International Money Transfers
Exclusive: OFX (Ozforex) International Money Transfers
A higher exchange rate applies to non-finder customers. Send money in 45 currencies. No fee if you transfer over AUD$10,000. AUD 250 1 - 2 days Online, Phone, Agent Go to site
Exclusive: World First International Money Transfers
Exclusive: World First International Money Transfers
Exclusive offer: $0 transfer fee and discounted exchange rates for your first trade only.
A higher exchange rate applies to non-finder customers. Send money in more than 130 currencies.
USD 250 2 days Online, Phone, Agent Go to site More
HiFX International Money Transfers
HiFX International Money Transfers
Make your first transfer for free. Transfer money between 20 currencies, and enjoy schedule regular transfers. NZD 50 2 days Online, Phone, Agent Go to site More
TransferWise International Money Transfers
TransferWise International Money Transfers
Make online transfers with transparent exchange rates, low fees and low minimum amounts. NZD 1 1 - 2 days Online Go to site More
XE International Money Transfers
XE International Money Transfers
Send money in more than 60 currencies. Fee-free international money transfers with a global brand. NZD 0 1 day Online, Phone, Bank Account to Bank Account Go to site More

How do I receive money from overseas?

International money transfers are ideal for people who live and/or work far away from friends and relatives, and send money home on a regular basis. It’s also the best way to receive cash quickly in an emergency situation, especially with the pick-up option offered by Western Union and MoneyGram.

While you may prefer the security of your bank, international money transfer companies deal in large amounts of currency at a time, which means they can offer their customers more competitive exchange rates.

Case study: how does an international same currency transfer money transfer work?

Julio is on a business trip in Hong Kong. His fiancée is organising their engagement party in Nelson and urgently needs an additional $2,000 to cover expenses.

Julio wants to make a same-currency transfer to eliminate concerns about exchange rates, but since they’re with different banks, he’s wary of the high fees involved.

He decides to research a few international transfer companies to see what kinds of deals they offer for instant delivery and bank deposits.

BankMoney transfer company
Transfer fee$30$20 for pick-up, $10 for bank deposit
Transfer optionsTelegraphic transferBank deposit, pick-up
Transfer delayTwo working daysInstant pick-up, two business bank deposit
Difference in fees$10 to $20 depending on receiving option
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What’s the most cost-effective way to receive money from overseas?

When receiving money in New Zealand, it’s best to have the sender make a same-currency transfer. That way you don’t have to worry about a poor exchange rate impacting the amount of money you receive.

Julio’s research revealed that using a specialist transfer service meant lower fees and quicker delivery. The transfer fee for instant delivery is higher than that charged for a bank deposit, but still lower than that charged by the bank for the same turnaround time. His fiancée would be able to collect the cash at a pick-up point within minutes of Julio effecting the transfer.

Step by step to receiving money from overseas

Below is a step-by-step guide on how to receive money from overseas.

  • Find a location. If your sender agrees to send money via Western Union or MoneyGram, you can collect it from one of several pick-up points. Find the closest pick-up location on the transfer service’s website.
  • Get the tracking number. This number is your reference to keep track of the money as it makes its way to you. You’ll need to present it at the pick-up location if you’re collecting the money in person.
  • Identification. Take along some positive identification when collecting your cash from a pick-up point. A passport, driver’s licence or national ID card should be sufficient.
  • Bank deposit. If you’d like the money deposited into your bank account, you’ll need to give the sender your BSB and bank account number. Depending on the service, you should receive the money within two business days.
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What are the pros and cons to using a specialist service compared to a bank?

Here are a few pros and cons to consider when receiving money through an international transfer service.


  • Better exchange rates. Since specialist transfer companies deal in currency in bulk, they can offer their customers much better exchange rates. This means that if your sender is transferring foreign currency to be converted to NZ dollars, you’ll get a better deal on the amount received.
  • Instant delivery. Companies like Western Union and MoneyGram offer recipients the option to collect money at one of their pick-up points. The network of locations is extensive, so check the website to see which is closest to you.


  • Unreliable services. Be sure that the service your sender uses is reputable and accredited by the proper authorities. Be wary of little-known companies offering deals that seem too good to be true.
  • Hidden fees. Besides transfer fees, international transfer companies can charge conversion fees (for currency converted to NZ dollars), add extra percentage points to the interbank exchange rate and even charge you for withdrawing your money.
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Are there any risks?

While international money transfer companies are generally safe and easy to use, it’s your responsibility to make sure that the service you choose is reliable and properly accredited. Doing thorough research about security is imperative, especially when you’re providing personal details and bank account information.

If you’re receiving foreign currency to be converted to NZ dollars, help your sender do research about the best periods to benefit from a favourable exchange rate.

Frequently asked questions

Here are a few frequently asked questions about receiving money in New Zealand.

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4 Responses

  1. Default Gravatar
    JoyceMay 3, 2018

    Do you need a code if someone sending you money from New Zealand

    • finder Customer Care
      JhezelynMay 5, 2018Staff

      Hi Joyce,

      Thank you for your comment.

      Most likely, you will have to show them your identification cards, details of the sender, your details and the reference number. Best to check with the money remittance company.


  2. Default Gravatar
    KimberlyMarch 25, 2018

    Does New Zealand Bank does Bank link to transfer money?

    • finder Customer Care
      MayMarch 26, 2018Staff

      Hi Kimberly,

      Thanks for your question. Typically, yes. You can send and receive money from overseas through your New Zealand bank account or via online transfer. If you are the recipient, you’ll need to give the sender your BSB and bank account number. If you’re the one to send the money, you can use your online banking account and do bank transfer from there or use your bank details if you’re using a third party money transfer service.


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