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424 posts

Ultimate Geek
+1 received by user: 30


  Reply # 2085838 7-Sep-2018 18:22
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sbiddle:

MichaelNZ:


Given how much the banks have been trying to shut down the remittance companies (there is a reason TSB is their bank of choice) and how they basically suspect anyone who is not a citizen of New Zealand to be a money launderer (some banks are worse than others) it's the banks who should not be trusted.



Banks have incredibly strict AML laws they have to comply with. Some companies offering payments sit in a bit of a grey area when it comes to full AML compliance.


 



Orbit remit are great Wellington company as well would use them over an aussie bank. They even were listed with IR as an option to pay back student loans from the UK. Banks are all moving to the 2018 AML standards so will start asking a lot more personal questions if transferring funds to high risk countries so except more questions from your local bank.

4935 posts

Uber Geek
+1 received by user: 101

Trusted

  Reply # 2086119 8-Sep-2018 14:34
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Probably too specific but recently a friend sent some money to the US for me to my US bank account from his BNZ account. There were no fees he paid (being a BNZ employee) and my US bank didn't charge an incoming fee which some do. And no AML issues since the amount was > $300. The funds arrived the day after which is perfectly fine for me.

 

Not sure what a regular BNZ customer would have to pay.





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98 posts

Master Geek
+1 received by user: 7


  Reply # 2089180 12-Sep-2018 12:03
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For those of you who use CurrencyOnline/TransferWise, is this a replacement for T/T? My supplier overseas has asked if we can start paying via T/T, which may be more favourable for us anyways. Since Paypal updated their fee structure this year, we've been paying quite a bit more in fees, but obviously the exchange rate via my bank (ASB) doesn't seem all that good for international transfers..

 

 


2096 posts

Uber Geek
+1 received by user: 509


  Reply # 2089184 12-Sep-2018 12:04
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+1 for transferwise


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