I need to send a large payment overseas

Forums › Off topic › I need to send a large payment overseas - which service?

Wheelbarrow01

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#272606 4-Jul-2020 22:48

Hey guys, keen for some advice or tips from anyone who has been in a similar situation.

I need to send a very large amount of money from NZ to a family member in Canada. When I say large I mean 6 figures.

It would seem that Transferwise offer the best terms for this - certainly better than the NZ bank where the money is currently sitting. While the NZ bank only charges a $25 fee, the exchange rate offered by the bank is so bad that the recipient would receive about NZ$3700 less than if I send it via Transferwise - who do charge a much larger fee but they use the actual live exchange rate, so the net apples vs apples cost is significantly less.

I note Transferwise appears secure and boasts that they have accreditation from NZ Internal Affairs but sending this volume of money overseas via a non-bank 3rd party does still concern me a little. Are my fears unfounded?

lxsw20

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#2517442 5-Jul-2020 00:09

I use transferwise all the time to send money from the UK to NZ and it's always worked well. Can take from 8-24 hours usually for it to show in my NZ account, they show in the app where the money currently is.

Not sure if any anti-money laundering rules kick in at the amount you are talking about. You could always do a test transaction with a lower amount to make sure it all works as you expect.

Sidestep

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#2517447 5-Jul-2020 05:19

I've recently - as exchange rates passed .88 - been transferring larger amounts (100K or so at a time) NZ - CAD via Transferwise.
Sending from my own NZ account to my own CAD account, no problems, no money laundering questions.
Will be sending more if exchange rate improves further, very happy with Transferwise.

Shindig

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#2517450 5-Jul-2020 06:53

Transferwise would be my first preference..

The little things make the biggest difference.

shk292

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#2517452 5-Jul-2020 07:55

I’ve always used xe.com, which used to be hifx. Worth comparing rates for a large sum

jimiham

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#2517454 5-Jul-2020 08:17

I've used OFX in the past. It's pretty easy to use and the customer service is good.

turtleattacks

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#2517459 5-Jul-2020 08:31

Look into TransferWise but also consider HiFX.

We transferred most of our savings from the UK using HIFX.

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tchart

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#2517462 5-Jul-2020 09:00

I recently used worldremit.com. Was really fast and the fees were reasonable.

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Wheelbarrow01

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#2517789 6-Jul-2020 08:27

Sidestep:

I've recently - as exchange rates passed .88 - been transferring larger amounts (100K or so at a time) NZ - CAD via Transferwise.
Sending from my own NZ account to my own CAD account, no problems, no money laundering questions.
Will be sending more if exchange rate improves further, very happy with Transferwise.

Thanks for your comment. Hearing from someone who has already used the service in roughly the same circumstances is encouraging.

I'm not too worried about money laundering questions anyway - the money is from a legitimate source.

I sent a test payment of $50 over the weekend - partly to check that the bank account details from the recipient are correct, but partly to confirm I know how to use the service before sending a large amount.

sbiddle

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#2517790 6-Jul-2020 08:34

Have you spoken to your bank or just looked at their rates? Depending on your bank you may find your bank will happily negotiate for such a large transfer.

Depending on how you transfer it there may also be minor delays due to AML rules for such a large amount of money, both in NZ and in Canada.

Handsomedan

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#2517845 6-Jul-2020 09:33

Having worked with both Transferwise and World Remit when in banking, I wouldn't have any qualms about using either of their services.

Banks can't really compete with them on a cost-per-transaction basis and there may also be lifting fees at the other end which can be a little unexpected when using a bank, through their network of correspondent banks.

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Wheelbarrow01

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#2526816 21-Jul-2020 22:38

Supplementary question:

I have searched the Transferwise FAQ high and low. There are plenty of explanations regarding the steps required in order for Transferwise to verify your identity, including specific requirements for customers in NZ, but I am buggered if I can find a link or button anywhere to actually commence that process. I have looked on their website and from within my own Transferwise account, but to no avail.

Does anyone here know where I find that link/button?

Handle9

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#2526830 21-Jul-2020 23:22

From memory you get a notification if/when you need to verify.

Also it's worth taking a look at currencyfair.com

For bigger transfers it works out cheaper as they charge a fixed fee, not one based on the overall value.