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Ultimate Geek
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  Reply # 675639 22-Aug-2012 20:40 Send private message

what is the usual amount you transfer using currencyonline.com?

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  Reply # 675820 23-Aug-2012 09:42 Send private message

I use Orb Remit to transfer money into my Aussie account all the time. The first transfer is free and it's NZ $12  after that

http://www.orbitremit.com/nz/

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  Reply # 675862 23-Aug-2012 11:39 Send private message

khull: what is the usual amount you transfer using currencyonline.com?


I've done numerous transactions, usually between about $1000 and $5000 each.

Mostly for sending money home to NZ from OZ to pay money onto my NZ credit card (which I owed a bit on when I left NZ) and my student loan.




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  Reply # 676202 24-Aug-2012 04:27 Send private message

Thanks everyone.

I found ANZ offers the best solution. International money tx is so easy just like local interbank tx. It is fast too...





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  Reply # 676245 24-Aug-2012 08:55 Send private message

Except the recipient gets charged a sometimes pretty hefty fee to receive it. You can avoid that if you use a solution like American Express Fx International Payments which is pretty fast (~2 business days) and gets deposited in the other side's currency to their bank just like a normal deposit (no fees to receive). Sending costs like $10.

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  Reply # 676583 24-Aug-2012 20:50 Send private message

@ ajobbins and any others -

I'm interested in using Currency Online or XE Trade or whatever as a transfer system to replace international wires, for payments from overseas business partners. Is this an appropriate sort of use for these services, as they seem to focus more on personal use?

How does the transfer process actually work from the perspective of the payer (depositor) - do you get a set of details to give out, which remain constant, which instruct the payer to make a local bank deposit with specific info which results in whatever $ being transferred into your account? Or do you need to set up each individual transfer? The depositor has no need of an account with CO or whomever? Or?

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Ultimate Geek
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  Reply # 676584 24-Aug-2012 20:58 Send private message

Tranzfers works by paying NZ$ into a local account here and you nominate the overseas account to pay money into directly.
Pretty seamless once you set up the compliance and have the receivers bank details.

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  Reply # 676783 25-Aug-2012 12:45 Send private message

BadBadBadMonkey: @ ajobbins and any others -

I'm interested in using Currency Online or XE Trade or whatever as a transfer system to replace international wires, for payments from overseas business partners. Is this an appropriate sort of use for these services, as they seem to focus more on personal use?

How does the transfer process actually work from the perspective of the payer (depositor) - do you get a set of details to give out, which remain constant, which instruct the payer to make a local bank deposit with specific info which results in whatever $ being transferred into your account? Or do you need to set up each individual transfer? The depositor has no need of an account with CO or whomever? Or?


All systems require the payer to have an account - this is because it's the person sending money who has to go through the legal compliance/"know your customer" rigmarole enforced by pretty much every government.  If you're looking for a system where you the recipient sign up and anyone can send money to it, that's called a bank account, and bank wires are your only answer.

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  Reply # 676904 25-Aug-2012 17:59 Send private message

BadBadBadMonkey: @ ajobbins and any others -

I'm interested in using Currency Online or XE Trade or whatever as a transfer system to replace international wires, for payments from overseas business partners. Is this an appropriate sort of use for these services, as they seem to focus more on personal use?

How does the transfer process actually work from the perspective of the payer (depositor) - do you get a set of details to give out, which remain constant, which instruct the payer to make a local bank deposit with specific info which results in whatever $ being transferred into your account? Or do you need to set up each individual transfer? The depositor has no need of an account with CO or whomever? Or?


You enter a contract, to sell $x of currency 1 and receive $x of currency 2 for it. The rate and amount is agreed at that point and you are then under contract to pay it. They give you a bank account and a reference to make a deposit in the country you are sending money from (Eg. In NZ they give you a BNZ account, in Oz it's a NAB account.

For business transactions, it's probably easier to use PayPal.




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Ultimate Geek
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  Reply # 685130 12-Sep-2012 17:56 Send private message

ajobbins:
BadBadBadMonkey: @ ajobbins and any others -

I'm interested in using Currency Online or XE Trade or whatever as a transfer system to replace international wires, for payments from overseas business partners. Is this an appropriate sort of use for these services, as they seem to focus more on personal use?

How does the transfer process actually work from the perspective of the payer (depositor) - do you get a set of details to give out, which remain constant, which instruct the payer to make a local bank deposit with specific info which results in whatever $ being transferred into your account? Or do you need to set up each individual transfer? The depositor has no need of an account with CO or whomever? Or?


You enter a contract, to sell $x of currency 1 and receive $x of currency 2 for it. The rate and amount is agreed at that point and you are then under contract to pay it. They give you a bank account and a reference to make a deposit in the country you are sending money from (Eg. In NZ they give you a BNZ account, in Oz it's a NAB account.

For business transactions, it's probably easier to use PayPal.


What is the "bank code" for in currencyonline? I have a SWIFT number, ABA routing number and a branch number

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  Reply # 685137 12-Sep-2012 18:19 Send private message

khull: What is the "bank code" for in currencyonline? I have a SWIFT number, ABA routing number and a branch number


Not sure what you mean? SWIFT code for what country/account? They have a local account in each country




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  Reply # 685217 12-Sep-2012 22:05 Send private message

ajobbins:
khull: What is the "bank code" for in currencyonline? I have a SWIFT number, ABA routing number and a branch number


Not sure what you mean? SWIFT code for what country/account? They have a local account in each country


When you add a beneficiary there is a field called "bank code". Not sure what to put there

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  Reply # 685228 12-Sep-2012 22:10 Send private message

Oh, put the SWIFT code for the bank the account you are adding.

Eg, I have an ASB account as a NZD beneficiary. So I put ASB's SWIFT code (Get it from their website)




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