A guide on transferring money from the UK to New Zealand

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How to Transfer Money to New Zealand (& Avoid High Charges)

To transfer money from the UK to New Zealand there are four simple steps which are, registering (customer ID check), getting an exchange rate, making the payment and the money is then sent out.

When you need to transfer money to New Zealand there are various methods you could use and WorldRemit is a popular choice. WorldRemit is a fast and secure service which enables you transfer money online using a computer, smartphone or with their app. It makes money transfers to NZ very easy and accessible.

To transfer money from the UK to New Zealand there are four simple steps which are, registering and carrying out the ID check, getting an exchange rate, making the payment and the money is then sent out.

Identity check. In line with the Anti-Money Laundering (AML) Regulations, all money transfers to NZ are subject to identity checks. This is to protect you from falling foul of organised crime and to ensure your money transfer to NZ ends up where you intended.

Exchange rate. At Regency FX we will ensure you get the best exchange rates possible on the proposed date you transfer money to New Zealand.

Make your payment. To transfer money to New Zealand, or set up your WorldRemit to New Zealand, simply complete the necessary details and the money is sent to the intended recipient.

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How to transfer money to New Zealand (in 4 simple steps)

Transferring money from the UK to New Zealand is straightforward. There are four simple steps involved.

1

Register

Any new customer needs to register, which normally only takes a few minutes.

It is basically an ID check.

Registration is necessary to comply with Anti-Money Laundering regulations.

2

Lock-in an exchange rate

A currency broker or bank will quote you a live GBP/NZD exchange rate based on the amount you need to send.

No transaction will occur without your permission.

If you agree to go ahead, your rate will be locked-in, and you will be emailed a confirmation with all the details of your transaction.

3

Send in your Pounds

Before any money is exchanged, you need to pay for your transfer.

Your Pounds will need to be sent to the client account of your currency broker or bank.

The bank details of where to send your money will be in your confirmation email.

4

Your Pounds are converted to New Zealand Dollars

Your currency broker or bank will exchange your Pounds to New Zealand Dollars at the rate agreed, and your payment is made to the bank account in New Zealand you've requested.

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What is the timeframe for sending money from the UK to New Zealand?

It usually takes 2-4 working days for money to be transferred from the UK to New Zealand.

The timeframe can vary as the receiving bank in New Zealand will do checks before accepting the incoming funds from abroad.

If your funds are sent to your broker or bank in the afternoon after 2pm it could possibly be counted as the next working day instead.

Information needed to transfer money to a New Zealand bank account.

You will need an account name, a bank name, a bank Swift/BIC code, and a bank account number. SWIFT/BIC is used in place of a sort code to identify the bank.

All this information can be on your bank statement or online account.

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Comparison: banks vs currency brokers

When sending money to New Zealand from the UK you have two different options, they are by using a bank or a currency broker.

Many people believe that using their bank is much easier and familiar. However, they can be more of a high-cost option as they do involve more fees than a currency broker.

Banks in the UK and New Zealand are known to have uncompetitive rates compared to currency brokers.

The main banks can be up to 3-5% worse than the rates that currency brokers offer.

This figure may not affect you so much for the smaller transfers however, when you look at larger sums like £160,000 you could be £8,000 worse off by using a bank.

Currency brokers have far less overheads than the banks, due to this they can pass the savings from this onto their customers.

Generally, the larger amount you are transferring, the better the rate.

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Information about bank fees and daily limits

There is normally a fee charged by the banks when transferring money from the UK to New Zealand.

Here are some examples of the big banks in the UK and their fees charged:

Lloyds charge a standard fee of £9.50, and they charge the receiving bank in New Zealand £20.

Barclay’s charge £25 per payment in a branch or on the telephone if you do it online there is no fee.

Santander charge a £25 fee online or in the branch.

These fees can add up quickly if you need to send payments often, if you want to avoid these fees then some currency brokers do not charge a fee.

When it comes down to cost and ease of transaction then a currency broker is usually the best and easiest way to transfer money to New Zealand from the UK.

Banks also have daily limits that are in the region of around £50,000 to £100,000 this can be frustrating when you are wanting to transfer a large amount across.

Currency brokers do not have a daily limit when going from the UK to New Zealand.

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Are currency brokers different to each other?

To put it shortly, yes!

One of the main differences between them is that some are just an online platform, and some are brokers (people you can talk to).

There are many online only operators such as PayPal, TransferWise and Revolut, these are big and well-known names however, they are all online only and they cannot give you much guidance other than webchat and some of them have email support.

When you are looking at larger amounts of money then you might feel safer if you can talk to a broker (person) as it can take a lot of the stress away.

Are currency brokers safe?

One main thing to look out for when checking if a currency broker is safe and that is by seeing if they are regulated by the FCA (Financial Conduct Authority).

If they are regulated then they are required to keep your money in a separate, safeguarded account away from the company’s funds.

You can check to see if a company is regulated by the FCA by looking on the FCAQ register online.

Fake exchange rates?

The GBP/NZD is the only rate that matters when it comes to sending money from the UK to New Zealand, these rates are constantly changing every few seconds.

Websites such as XE and DailyFX provide live rates however the rates that you see are often known as ‘interbank rates’ which mean they are not available to customers or even large corporations! They are only available for the banks themselves!

Finding the best exchange rate

The GBP to NZD rates changes all the time and even the smallest little move can have huge consequences!

Not a lot of people have the time to be constantly watching the exchange rates to wait for a good one.

Currency brokers can do the watching for you and find you the best rates which can reduce the total cost for you and take all the stress away from the process!

They can also notify you if the rate goes in your favour!

A dip of as little as 0.5% on a £200,00 transfer could cost you £1,000.

Receiving some assistance when looking at these rates could save you that money.

A lot of people would like to talk to someone over the phone rather than just on webchat, as it makes them feel more comfortable with their money transfer especially if it is a large amount.

Who are we?

Regency FX are a UK based independent currency broker, specialising in high volume transfers.

We pride ourselves on our premium level of customer service, you will be allocated your own personal account manager whom you will have direct access to.

All funds transferred through Regency FX are made using client segregated accounts in accordance with the FCA (Financial Conduct Authority) guidelines.

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The important thing is the comparison, online rates shown on Google and other search engines are not always accurate for the consumer.

They can often refer to the rates that banks exchange at rather than what is available to you, the customer.

Even if you are just looking for property at this stage it is worth getting in touch to discuss your options.

We can monitor the market on your behalf enabling you to budget more effectively.

As a first-class currency transfer service, here at Regency FX we endeavour to get the best available rate regardless of how much you are transacting.

Get a quote and see how we stack up.