International money transfers allow you to send and receive money from all over the world. But, which way is best? And how do you minimise the fees and costs associated with sending money overseas?
It’s actually easier than you’d think. And to prove it, we’ve put together our favourite tips on sending or receiving money internationally.
Look for the Best Deal
Your first thought is probably going to be your bank. It’s quick and it’s easy – you simply log into your online banking and send some money.
But if it seems too good to be true, it is. The truth is – you’re about to be hit by some almighty fees.
The main Kiwi banks can charge anywhere between $18 and $22 per international transfer done online, and between $22 and $30 for transfers done in branch or over the phone. And don’t think the exchange rates will make it worth it; their normally about as bad as they get.
But there’s no need to blow the dust off your old binoculars – it’s not that difficult to find the right deal.
You might be surprised how much money you can save with other service providers. At Travel Money Oz, we offer our customers two options for their money transfers:
- For transfers under $10,000 – Your best bet is MoneyGram®. Fees vary by the location you’re sending or receiving the money from, but will vary from as little as $3.50* to a max of $100*.
- For transfers over $10,000 – The lowest cost option is Travel Money Transfers. There are no fees or commission for online money transfers, and they have extremely competitive exchange rates. You’re even assigned your very own personal account manager to help you through it all!
Taking Advantage of Offers
Over and above the normal exchange rate and transfer fees, many service providers will offer you a deal to transfer through them – especially if you send or receive money overseas regularly.
MoneyGram does the same! Simply collect a loyalty card from your local Travel Money Nz store, and have it stamped every time you transfer. With each stamp, you’ll gain access to some exclusive offers!
If you don’t have a Loyalty Card, chat to one of our FXperts today.
Check the Service Provider is Regulated
With any international money transfer, trust and security should be top of mind. One way to have confidence in the service provider you choose is to ensure they’re properly regulated. In New Zealand this means being registered on the Financial Service Providers Register.
And, to no surprise, both MoneyGram® and Travel Money Transfers are fully regulated. Sorry there’s no M. Night Shyamalan-level plot twist, but it does mean you can send and receive money with complete confidence^.
Be Aware of Scams
Unfortunately, being regulated doesn’t stop scammers using the MoneyGram® and Travel Money Transfers for their evil schemes. But our FXperts have seen plenty of transfers in their day, and put together a tip-top guide to spotting common MoneyGram scams.
If you need to send or receive money overseas, and would like further information on the services we offer our customers, check out your nearest Travel Money Nz store. Our FXperts will be more than happy to answer questions, provide you with today’s rates, or set up a transfer for you.
You can find your nearest store on our website.
+Bank fees mentioned were sourced on 22.02.2017 from BNZ, ASB and Westpac websites.
* Fee limits vary depending on country and amount. Fee provided is an indicative price only. For up to date pricing for your country and amount of choice please visit the cost estimator. In addition to the transfer fee, a currency exchange rate may also apply, MoneyGram also makes money from currency exchange. MoneyGram and the Globe are marks of MoneyGram. All other marks are the property of their respective owners. ©2017 MoneyGram.*Full Terms and Conditions apply. Please see our website for full details. http://www.travelmoney.co.nz/international-transfer/moneygram/loyalty/terms
^Travel Money NZ GlobalSend is provided by TorFX Pty Ltd, Suite 202, 25 Elkhorn Avenue, Surfers Paradise, Queensland 4217, Australia. Regulated in Australia by ASIC (AFS Licence number 246838). TorFX Pty Limited under the Anti-Money Laundering and Counter Terrorism Financing Act 2006 is regulated by the Australian Transaction Reports and Analysis Centre ‘AUSTRAC’. TorFX Pty Ltd ABN 27 103 142 829. The MoneyGram Money Transfer service is provided in New Zealand by NZForex Limited (CN: 2514293) (“NZForex”). NZForex is part of the OzForex global group of companies and is a wholly-owned subsidiary of OzForex Limited (ABN: 65 092 375 703), an Australian company. NZForex is registered as a financial service provider on the Financial Service Providers Register (established by the Financial Service Providers (Registration and Dispute Resolution) Act 2008), registration no. FSP8041.
This blog is provided for information only and does not take into consideration your objectives, financial situation or needs. You should consider whether the information and suggestions contained in any blog entry are appropriate for you, having regard to your own objectives, financial situation and needs. While we take reasonable care in providing the blog, we give no warranties or representations that it is complete or accurate, or is appropriate for you. We are not liable for any loss caused, whether due to negligence or otherwise, arising from use of, or reliance on, the information and/or suggestions contained in this blog.