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rayonline

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#140765 19-Feb-2014 15:59
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Does anyone know what are the best options and what other options there are?

I don't do this frequently.  Telegraphic or bank draft is $20 per transfer right?  Does Paypal work and does the other party need a Payapl account too?  Western Union?  Travelex?  Others?

It's not an auction, more like a friend or family member.  I found also that it wasn't good enough just to have the person's account number, I had get their bank's SWIFT or BIC (bank identity code) and their physical address and the bank's address.  


Many thanks.

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ubergeeknz
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  #990571 19-Feb-2014 16:02
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Watch out that with bank to bank international transfers, the receiving bank can ALSO charge fees, eg. sending money from Aus to NZ through certain banks attracts a 20AUD fee there and another 20NZD fee at this end.

Geektastic
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  #990573 19-Feb-2014 16:04
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Bank to bank is the safest and most secure way I think.





jpoc
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  #990597 19-Feb-2014 16:32
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I would go for a bank transfer but you might also consider:

Paypal will work and is probably the cheapest route for small sums. AIUI, the receiver must have a paypal account.

Bitcoin will work but, while it is very easy to send BTC from one person to another, there is a lot of friction when it comes to converting to and from cash.

If the receiver is in the habit of buying from Amazon then you could buy them an Amazon gift certificate.




jfanning
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  #990608 19-Feb-2014 16:42
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I use http://www.currencyonline.com/

They charge $9 per transaction

Rickles
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  #990635 19-Feb-2014 17:22
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I and my daughter often get "money gifts" from overseas (Oz and USA) parents/grandparents, and I simply bank it here as a foreign cheque.

I'm sure the revesre could happen too? Here I don't pay any fees because of my banking history, but even so I'm sure it's not a big fee at the other end? Secure too because the bank does all the transacting.

R.

joyoue
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  #990646 19-Feb-2014 17:34
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I use Western Union. The money gets there instantly, it's relatively cheap, the person collecting the money doesn't need an account and over the years I've found it very secure.

I have used Telegraphic Transfers from my bank before and got stung at both ends.


Klipspringer
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  #990672 19-Feb-2014 18:25
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I send money to my family sometimes in South Africa and investigated this quiet thoroughly. 

The cheapest option at the time was for my family to get a New Zealand Bank account with bank card. Then they can draw from this account while overseas.

The withdrawal fees are much cheaper than the bank transfer fees. Last time I looked it was about $8.00 per withdrawal. 

Obviously they need to open a bank account next time they in NZ. 





Kyanar
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  #990688 19-Feb-2014 18:58
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Klipspringer, another option for you there is Westpac's Express Card - basically it's an account with Westpac with TWO cards attached. One card is here, and you hold onto it, and the other card Westpac sends to your family member overseas (they won't send it to anyone in NZ). Then you pre-load it with cash, and the recipient uses it like a credit card back at home. It's $1 per load, and you can withdraw money for free from "Global Alliance" members (ABSA in South Africa).

ray, I use OrbitRemit myself - takes about 2 days for the money to get there, costs $5. No fee at the other end as they do it as a local bank deposit. Limited range of destination countries though. They also have a loyalty program - every tenth payment is fee-free, as is your first one. They're an NZ company too, if you feel like being patriotic.

jarledb
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  #990690 19-Feb-2014 19:00
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I was not allowed to open a New Zealand bank account before I had a working visa here. That was with ANZ, and the account will infer a 33% tax if I do not give them an IRD number.

So that might not be as easy as it would seem it should be....

Klipspringer
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  #990700 19-Feb-2014 19:33
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jarledb: I was not allowed to open a New Zealand bank account before I had a working visa here. That was with ANZ, and the account will infer a 33% tax if I do not give them an IRD number.

So that might not be as easy as it would seem it should be....

Strange. Numerous family members of mine have opened NZ bank accounts with nothing more than their SA passports. All Westpac though.

Klipspringer
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  #990701 19-Feb-2014 19:34
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Kyanar: Klipspringer, another option for you there is Westpac's Express Card - basically it's an account with Westpac with TWO cards attached. One card is here, and you hold onto it, and the other card Westpac sends to your family member overseas (they won't send it to anyone in NZ). Then you pre-load it with cash, and the recipient uses it like a credit card back at home. It's $1 per load, and you can withdraw money for free from "Global Alliance" members (ABSA in South Africa).

ray, I use OrbitRemit myself - takes about 2 days for the money to get there, costs $5. No fee at the other end as they do it as a local bank deposit. Limited range of destination countries though. They also have a loyalty program - every tenth payment is fee-free, as is your first one. They're an NZ company too, if you feel like being patriotic.


This express card looks like a good idea. Thanks. Going to find out some more about it.

Kyanar
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  #990715 19-Feb-2014 20:14
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Klipspringer:
jarledb: I was not allowed to open a New Zealand bank account before I had a working visa here. That was with ANZ, and the account will infer a 33% tax if I do not give them an IRD number.

So that might not be as easy as it would seem it should be....

Strange. Numerous family members of mine have opened NZ bank accounts with nothing more than their SA passports. All Westpac though.


This is no longer possible thanks to the passing of the Anti-Money Laundering and Countering Financing of Terrorism Act 2009.  NZ Banks require hideous amounts of detail now, on par with Australian banks.  We're lucky we don't require ID for prepay phone purchases like in Australia yet.

MaxLV
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#990842 19-Feb-2014 23:40
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jarledb: I was not allowed to open a New Zealand bank account before I had a working visa here. That was with ANZ, and the account will infer a 33% tax if I do not give them an IRD number.

So that might not be as easy as it would seem it should be....



Side issue: The 33% resident withholding tax rate...

 


It only applies to credit interest paid to an account.
The 33% is the default all banks are required to load when the account holder has not provided their IRD number to the bank.

 

Once your bank has your IRD number, you can nominate any resident withholding tax you like and the bank will load it. Of course the IRD might have a different opinion about your chosen resident withholding tax rate. Check with them first. It may save you a lot of grief from the IRD in a few years time.   

BTW the other personal RWT rates are 10.5%, 17.5%, 30%, and 33%. 



wmoore
510 posts

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  #990853 20-Feb-2014 01:47
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Kyanar: Klipspringer, another option for you there is Westpac's Express Card - basically it's an account with Westpac with TWO cards attached. One card is here, and you hold onto it, and the other card Westpac sends to your family member overseas (they won't send it to anyone in NZ). Then you pre-load it with cash, and the recipient uses it like a credit card back at home. It's $1 per load, and you can withdraw money for free from "Global Alliance" members (ABSA in South Africa).

ray, I use OrbitRemit myself - takes about 2 days for the money to get there, costs $5. No fee at the other end as they do it as a local bank deposit. Limited range of destination countries though. They also have a loyalty program - every tenth payment is fee-free, as is your first one. They're an NZ company too, if you feel like being patriotic.


Another one to look at is ANZ cash passport card. You can load multiple currencies on to the one card. Send one of the cards to them to use. Takes 2-3 days for money to show up on the card. I use one here in the UK (with family back in NZ)
  




"In the end, it's not the years in your life that count. It's the life in your years." -
  --  Abraham lincoln

Kyanar
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  #991205 20-Feb-2014 16:18
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wmoore:
Kyanar: Klipspringer, another option for you there is Westpac's Express Card - basically it's an account with Westpac with TWO cards attached. One card is here, and you hold onto it, and the other card Westpac sends to your family member overseas (they won't send it to anyone in NZ). Then you pre-load it with cash, and the recipient uses it like a credit card back at home. It's $1 per load, and you can withdraw money for free from "Global Alliance" members (ABSA in South Africa).

ray, I use OrbitRemit myself - takes about 2 days for the money to get there, costs $5. No fee at the other end as they do it as a local bank deposit. Limited range of destination countries though. They also have a loyalty program - every tenth payment is fee-free, as is your first one. They're an NZ company too, if you feel like being patriotic.


Another one to look at is ANZ cash passport card. You can load multiple currencies on to the one card. Send one of the cards to them to use. Takes 2-3 days for money to show up on the card. I use one here in the UK (with family back in NZ)
  


You can't do that.  It's highly illegal to send cash or negotiables (e.g. prepaid credit cards) by cash or courier.  You can be hit with a VERY hefty fine for doing what you suggest.

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