Our tips for sending money overseas

send-money-overseasIt’s easy to send money overseas. Read on to find out which method suits you best.

The world continues to shrink in more ways than one. Advancements in technology now let you send money overseas through different means, with some service providers even offering same-day transfers.

If you wish to send money from New Zealand to any other country, our guide can help you make the right decision.

WorldRemit Offer

WorldRemit International Money Transfers

WorldRemit can help you get your money where it needs to go in minutes, with upfront exchange rates and low fees.

  • Transfers to 150+ countries
  • Send to bank account, cash pickup, mobile money, airtime top up
  • Pay with card, POLi Payments or Apple/Android Pay
    • What is an international money transfer?

      Simply put, an international money transfer involves sending money from one country to another. More often than not, the process requires changing one currency to another at some point. For example, if you wish to send money from New Zealand to the UK, you’ll send New Zealand dollars and the recipient receives British pounds.

      There are instances when you may have to carry out an international same currency transfer. This can be if you’re sending money to dependent territories or self-governing states such as Cook Islands, Tokelau, Ross Dependency, Niue and Pitcairn Islands, where the New Zealand dollar is legal tender.

      Compare money transfer services

      Use the currency transfer calculator tool below by entering the amount you want to send and choose the currency you are sending to.

      Rates last updated April 22nd, 2019
      Name Product Min. Transfer Amount Transfer Speed Services Description Online Transfer Fee Rate Amount Received
      WorldRemit International Money Transfers
      NZD 0
      Within an hour
      Online, Bank Account to Bank Account, Cash Transfer
      An online money transfer service with cash pickup, bank account to bank account and airtime transfers available.
      XE Money Transfers
      NZD 0
      1 day
      Online, Phone, Bank Account to Bank Account
      Send money in more than 60 currencies. Fee-free international money transfers with a global brand.
      OFX (Ozforex) International Money Transfers
      AUD 250
      1 - 2 days
      Online, Phone, Agent
      A higher exchange rate applies to non-finder customers. Send money in 45 currencies. No fee if you transfer over AUD$10,000.
      TorFX International Money Transfers
      NZD 200
      1 day
      Online, Phone, Agent
      TorFX guarantee to beat any competitor's exchange rate for a transactionConditions apply
      Exclusive: WorldFirst International Money Transfers
      NZD 2,000
      2 days
      Online, Phone, Agent
      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.
      TransferWise International Money Transfers
      NZD 1
      1 - 2 days
      Make online transfers with transparent exchange rates, low fees and low minimum amounts.
      CurrencyTransfer International Money Transfers
      CurrencyTransfer International Money Transfers
      NZD 10,000
      1 - 2 days
      Online, Phone, Bank Account to Bank Account, International Money Order
      CurrencyFair International Money Transfers
      NZD 5
      1 - 2 days
      RationalFX International Money Transfers
      RationalFX International Money Transfers
      Same day
      Online, Phone, Bank Account to Bank Account
      Hawk FX International Money Transfers
      Hawk FX International Money Transfers
      GBP 10,000
      1 day
      Online, Phone, Bank Account to Bank Account
      The ‘Rate’ and ‘Amount Received’ displayed are indicative rates that have been supplied by each brand or gathered by Finder.

      Exchange rates are volatile and change often. As a result, the exchange rate listed on Finder may vary to the actual exchange rate quoted for the brand. Please confirm the actual exchange rate and mention “Finder” before you commit to a brand.

      Compare up to 4 providers

      How does an international currency transfer money transfer work?

      When you wish to send money overseas, you have to choose from a number of service providers, which include banks and money transfer companies. Various aspects that can vary from one service provider to the next require your attention. These include ways to send and receive money, exchange rate, fees, payment options as well as turnaround time. The process you have to follow depends on the method you choose.

      Case study

      Joseph Brown wished to send $1,500 to his brother who lived in the UK. His bank allowed him to transfer funds to the UK from New Zealand. However, he felt he could get a better deal by comparing his options. This is what he found.

      New Zealand bank Money transfer company
      Exchange rate $1 = £0.4475 $1 = £0.4521
      Transfer options Bank account Bank account
      Transfer time 3-5 days One day
      Transfer fee $22 $0
      Amount received for $1,000 £661.41 £678.15
      Difference of £16.74

      Joseph’s decision to go with the money transfer company was obvious. Not only did his brother stand to receive extra money, it would get to him sooner as well.

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      Why are online currency transfers so cheap?

      Money transfer companies that limit their operations to the online world tend to offer cheaper currency transfers when compared to banks. One reason is they don’t have to deal with the typical overhead costs associated with financial institutions such as banks.

      The exchange rates that banks offer include a mark-up through which they make money. Since money transfer companies specialise in international money transfers, they deal with considerably larger volumes when compared to banks. This is also why they can offer more competitive exchange rates.

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      How do I send money overseas?

      The steps you have to follow when sending money overseas depend on the method you choose.

      • Transfer from bank account. If you wish to send money directly from your bank account, you can initiate the process by visiting a local branch, or by using your bank’s online or phone banking system. You’ll have to provide the recipient’s name, account number, bank’s name and SWIFT code to complete the transfer. A reference number lets you track the transfer at any time.
      • Money transfer company. There are some money transfer companies that let you send money in person, by visiting a store or a kiosk. If the recipient wants to collect transferred funds at a cash pick-up centre, you have to provide the recipient’s name along with a desired centre. If you want to transfer money directly into the recipient’s overseas bank account, you’ll have to provide the recipient’s name and account details, as well as your own bank account details. Tracking the transfer is easy using a reference number you get when you complete the transfer. Some money transfer companies such as PayPal allow fund transfers between user accounts.
      • Mail. Sending cash via mail is never a good idea, given that it can fall into the wrong hands easily. However, you can consider sending a bank-issued international money order, draft or cheque via mail.
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      What are the pros and cons to using a specialist service compared to a bank?


      • Quicker. Most money transfer companies tend to offer quicker turnaround times when compared to banks. While the former can take one to three days, the latter can take up to 10 business days. If you’re sending money to a cash pick-up centre, the transfer can go through almost instantly.
      • Can save money. You can find money transfer companies that offer fee-free transfers. In such cases, you may have to deal with a minimum transfer limit. Typically, money transfer companies offer more competitive exchange rates when compared to banks.


      • Not as diversified. While money transfer companies normally limit their operations to transferring funds overseas, you’ll find more diversity in the offerings of banks. Some banks let you open accounts using foreign currencies. Some offer international travel insurance as well.
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      Are there any risks?

      The online foreign exchange marketplace has its share of unscrupulous elements, so it is important that you deal with a reputable business. If you find a business that offers no more than an email address as contact information, move to your next option.

      Remember that exchange rates are subject to fluctuations. What this basically means is that a favourable rate today might not remain the same tomorrow.

      Frequently asked questions

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      2 Responses

      1. Default Gravatar
        KarlMay 13, 2018

        How can I send money back in Philippines without Nz Driver’s licence?

        • finder Customer Care
          JoshuaMay 14, 2018Staff

          Hi Karl,

          Thanks for getting in touch with finder. I hope all is well for you. :)

          I understand that presenting an NZ Driver’s license is one of the requirements for some of money transfer service companies. However, if this isn’t available, you can use other valid government-issued IDs such as passport or firearms license.

          Alternatively, you may look for companies that don’t require you to present an ID when sending money, though this is a requirement for anyone who will claim the money for verification purposes.

          I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.

          Have a wonderful day!


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