Worried about exchange rates? Consider a Same Currency Transfer

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Sending the same currency from one country to another can be easy, provided you know how to go about it.

Sending money overseas does not necessarily mean you need exchange your New Zealand dollars. There are instances when you can complete a same currency transfer. For example, if you are sending money to dependent territories or self-governing states, you will essentially be transferring New Zealand dollars. You may want to transfer foreign currencies while travelling between different European Union nations, in which case you will be transferring the same currency.

Rates last updated November 15th, 2019
Name Product Min. Transfer Amount Transfer Speed Services Description Online Transfer Fee Rate Amount Received
TorFX International Money Transfers
NZD 2,000
1 day
Online, Phone, Agent
TorFX guarantee to beat any competitor's exchange rate for a transaction. Conditions 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.
CurrencyTransfer International Money Transfers
CurrencyTransfer International Money Transfers
NZD 10,000
1 - 2 days
Online, Phone, Bank Account to Bank Account, International Money Order
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.

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What is a same currency transfer?

A same currency transfer involves sending money from one country to another when no change of currency occurs. Same currency transfers are common within New Zealand, when individuals send money from one city to another.

The New Zealand dollar is legal tender in the Cook Islands, Niue, the Ross Dependency, Tokelau and the Pitcairn Islands. If you want to send money to these regions, the recipient receives New Zealand dollars, which makes it a same currency transfer.

If you are travelling overseas, within the eurozone or within one country, and don’t want to keep large amounts of cash on you, you can carry out a same currency transfer and the funds can be waiting for you at your destination.

How does an international same currency transfer work?

An international same currency transfer basically works in the same way as a regular foreign currency transfer. You can transfer funds from your bank account to the recipient’s account or you can send money to a cash pick-up centre. The major difference is you don’t have to worry about choosing an exchange rate, because you are transferring the same currency. You also don’t have to worry about currency conversion fees.

There are a number of options to choose from when carrying out a same currency transfer.

While you could use the services of a bank, you can also consider a money transfer company. You will have to register as a user, If you do choose to send money through a transfer company.

Case study: Chris Reeves

Chris Reeves wants to send some money to his niece who lives in Cook Islands. While his bank will let him transfer funds to Cook Islands, they charge hefty fees for international money transfers, so he feels he will receive a better deal using a money transfer company. Luckily, Chris doesn’t need to worry about unfavourable exchange rates.

He trawls the Internet to compare his options and compares his bank to a money transfer company. The table below shows what he found:

For obvious reasons, Chris opts to go with the money transfer company. By using its services his niece receives extra money and it arrives within a day.

New Zealand bankMoney transfer company
Transfer fee$30$10
Amount received for $500$470$490
Transfer time2-3 days1 day
Difference of$20

Why do same currency transfers look so cheap?

When it comes to transferring foreign currency, you have to consider favourable exchange rates and low fees when deciding which service provider to choose. Exchange rates can vary considerably from one service provider to the next, as can fees. When you are converting one currency to another you end up receiving less money, due to the exchange rate, which includes a margin for the service provider.

The reason same currency transfers look cheaper than foreign currency transfers is because you don’t lose money with a currency conversion. In this case, you only pay a fee for the transfer.

How do I compare same currency specialist transfer services?

Different aspects require your attention when choosing a service provider for same currency transfers.

  • Fees. Money transfer companies tend to charge lower fees than banks. However, if you and the recipient have accounts with the same bank, you can consider using its services for the transfer. In this case, you may pay little to no fees.
  • Processing time. Money transfer companies also tend to rate better than banks on this front. While money transfer companies normally process transfers in a day or two, banks tend to take longer. If you are sending money to a cash pick-up centre, the transfer may take place immediately.
  • Methods to send money. You can send money in person, online or over the phone, depending on the service provider you choose. You could send cash in person at a store, but if you are carrying out the process online, or over the phone, the money comes directly from your bank account or credit card account.
  • Methods to receive money. The recipient can receive money directly into a bank account. If the recipient wishes to collect cash from a physical location, you will need to find a service provider in their area.
  • Customer service. You never know when you might need to get in touch with a company representative. When the need arises, you should be able to contact one by phone, via chat or email. Check out the provider’s website for contact options

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


  • Lower fees. Money transfer companies normally charge lower fees in comparison to banks. You can benefit by using a bank for the transfer, provided you and the recipient have accounts with the same institution.
  • Quick. Specialist money transfer companies tend to offer quicker turnaround times compared to banks. Transfers that involve cash pick-ups may go through almost instantly.
  • Easy. Sending money from one place to another is easy in this digital age. You can send money to a bank account or a cash pick-up centre from anywhere, provided you have access to an Internet-enabled computer.


  • Limited services. Banks offer an umbrella of financial services and products, which include multiple international currency accounts. This is not the case with money transfer companies.

Are there any risks?

This field is not devoid of its share of unscrupulous entities, so it is recommended that you stick to tried and tested banks or money transfer companies. If you let a “bargain” drive you towards an unknown company, you may become a victim of fraud.

Pay due attention to the fees you have to pay from the onset. Prominent names in the business offer transparency in their fee structures. However, going through the fine print to look for any hidden fees and charges is in your best interests.

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