Getting the best deal for same-day international money transfers

Sending money to an individual or a business overseas on the same day can be easy, provided you know how.

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The widespread use of the Internet has simplified how you can send money overseas. Whether you wish to send money to a loved one, pay for a product or service or even pay an outstanding overseas bill, sending money internationally on the same day is easy. There are various money transfer companies to choose from, so do your research first.

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
NZD 1 Within an hour NZD 3.99 0.674 USD
3,365
Use promo code 3FREE to send your first 3 transfers with no fee. Conditions apply.
An online money transfer service with cash pick-up, bank account to bank account and airtime transfers available.
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NZD 0 Same day NZD 0.00 0.673 USD
3,364
Send money in more than 60 currencies. Fee-free international money transfers with a global brand. Go to site Show details
AUD 250 1 - 2 days NZD 15.00 0.669 USD
3,337
A higher exchange rate applies to non-finder customers. Send money in 45 currencies. No fee if you transfer over AUD$10,000. Go to site Show details
NZD 250 1 day NZD 0.00 0.669 USD
3,347
TorFX guarantee to beat any competitor's exchange rate for a transaction. Conditions apply. Go to site Show details
NZD 2,000 2 days NZD 0.00 0.669 USD
3,347
Exclusive offer: $0 transfer fee and discounted exchange rates for all Finder customers.
A higher exchange rate applies to non-finder customers. Send money in more than 60 currencies.
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NZD 1 1 - 2 days NZD 40.00 0.676 USD
3,354
Make online transfers with transparent exchange rates, low fees and low minimum amounts. Go to site Show details
NZD 5 1 - 2 days EUR 3.00 0.672 USD
3,361
Special offer: Zero fees on your first 10 transfers.
Get bank-beating exchange rates and fast transfer times on 15+ popular currencies.
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Compare up to 4 providers

Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.

What is a same day transfer?

When you send money from New Zealand to another country, while you send New Zealand dollars, the recipient receives the money in local currency. If you transfer funds using the services of a bank, the process can take up 10 businesses days or more, depending on the bank you choose.

Money transfer companies don’t follow the same lengthy process as the banks, which is why some transfer funds on the same day. The easiest way to make sure the recipient gets the money on the same day is to transfer the funds to a cash pick-up location. This is because these kinds of transfers are normally the quickest.

How does an international same day money transfer work?

You can initiate the process in person, by visiting a money transfer company’s store or kiosk. You can send cash or you can pay using your bank account, debit card or credit card. While the recipient can collect the transferred money at a desired cash pick-up location, you can transfer the funds directly into an international bank account as well.

Case study

Jordan Smith had to send some money urgently to a friend in Indonesia. While his bank allowed him to transfer funds to Indonesia, the process could take days. He turned online to look for money transfer companies that provided same day transfers. This is what he found.

New Zealand bankMoney transfer company
Exchange rate$1 = Rp8,692.134$1 = Rp8,525.57
Transfer optionsBank accountCash pick-up, bank account
Transfer time5-7 daysSame day (cash pick-up), 1-2 days (bank account)
Transfer fee$22$74 (cash pick-up), $10 (bank account)
Amount received for $1,000Rp8,338,007.00Rp8,049,000.00 (cash pick-up), Rp8,605,300.00 (bank account)
Difference of– Rp289,007.00 (cash pick-up), + Rp267,293.00 (bank account)

If Jordan opted to send money to a cash pick-up centre, he would have to pay a tidy sum in fees. This would mean his friend would receive less money compared to receiving it directly into his bank account. However, since this was an urgent matter, Jordan decided to pay the additional fees and use the same-day cash pick-up option.

Why do same day transfers look so cheap?

Same day transfers can be cheap if you work with a money transfer company that provides same-day transfers to international bank accounts. This is because some such companies offer fee-free services, whereas some others charge considerably lower fees when compared to banks. However, even money transfer companies typically take one to two business days to process transfers to overseas bank accounts. If you wish to send money urgently, this may not be your best option.

Using the services of a money transfer company that lets the recipient collect transferred funds from a cash pick-up centre is the best way to ensure that the transfer goes through on the same day. Remember that this service can attract a higher fee in comparison to a bank account transfer, so it may not be cheap. This may depend on the destination country.

How do I compare same day specialist transfer services?

When comparing same day specialist money transfer services, there are various things to consider.

  • Exchange rates and fees. Don’t be tempted by a competitive exchange rate or fee-free services because these can be misleading. Getting an unfavourable exchange rate through a service provider that does not charge fees would not work well. The reverse can hold true as well. Simply compare the total money the recipient stands to receive to arrive at a decision.
  • Methods of sending money. Does the service provider require you to visit a physical location to initiate the transfer, or can you transfer funds online and over the phone as well? In addition, while some providers accept payments only through bank accounts and debit cards, some others accept credit card payments too.
  • Methods of receiving money. Find out if the recipient has to visit a cash pick-up centre. While sending money to a bank account may be an option, don’t forget that the processing time may be longer than a day.
  • Customer service. You may want to get in touch with a customer service representative from time to time. Good money transfer companies provide support over the phone, via chat and via email. You can also deal with businesses that have physical outlets, where you can get assistance in person.

What are the pros and cons to using a specialist service compared to a bank?

Pros

  • Quick turnaround time. Finding a bank that provides same day international fund transfers can be quite a challenge, if not near impossible. Luckily, this is not the case with money transfer companies. Several such companies offer same day transfers.
  • Save on fees. Money transfer companies tend to charge lower fees when compared to banks. However, this is not necessarily the case because some money transfer companies charge higher fees for transfers to cash pick-up centres.

Cons

  • Limited services. Banks offer an array of financial services and products which include foreign currency accounts and international travel insurance, giving customers the ability to keep a single point of contact for their financial dealings. Money transfer companies tend to offer little other than the ability to send money overseas.

Are there any risks?

If you’re sending money directly into the recipient’s bank account, remember that the turnaround time typically excludes the receiver’s bank holidays. In such a scenario, the transfer can take longer than a day to go through. Bear in mind that this field is not devoid of unscrupulous elements, so stick to dealing with established and credible businesses.

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