Best Money Transfer Companies in New Zealand

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Whether you want to send money to your loved ones or you want to buy property in New Zealand from any country in the world such as the UK, Australia, Canada, Spain or USA, the best way to transfer money abroad is through a specialist international money transfer company. While you can do it via the bank, it is important to note that sending money through a bank will cost you way more in terms of transfer fees.

The main purpose of this article is to give you detailed information about the top international money transfer companies in New Zealand which assist people; from business owners to those living or working overseas, to transfer money to and from New Zealand.

Transferring money from New Zealand abroad – how expensive is it with banks?

Bank Wire Fee
ANZ Bank New Zealand $76.00*
ASB Bank $47.00*
Bank of New Zealand $28.00*
Kiwibank $28.00*
Co-operative Bank $15.00*

* These are the maximum amounts. Could be smaller depending on the account type and destination.

Based on the table above, anyone who wants to transfer money overseas via a New Zealand bank, will have to pay between $8-$40. Banks are very expensive, especially if you want to send a small amount of money; you can be charged up to 20% of the total amount you will be transferring. For example, if you want to send $300 to a loved one in the UK, your transfer fees can be as much as $60. It is cheaper to transfer money through an international money transfer company.

Transferring money from New Zealand overseas – currency costs

Whenever you want to send money from New Zealand, especially huge sums of money (5-7 figures), you have to take into consideration the currency exchange rate. Banks do not normally use the actual currency rate, meaning if you work with a bank you will make a loss because you will transfer the funds at a lower rate.

The following table indicates the amount of money that you will most likely lose if you opt for a bank as opposed to a cheap money transfer company:

Reason for Transfer From To Cost in NZ$ Margin Paid in Currency Markups
Property New Zealand Spain $757,000 1.5%-2.5% ~$15,140
Business New Zealand USA $189,000 1.5%-2.5% ~$3,780
Luxury Item Purchase New Zealand France $95,000 1.5%-2.5% ~$1,900
Remittances New Zealand UAE $4,800 1.5%-2.5% ~$96
Portfolio Rebalancing New Zealand Any Currency $568,000 1.5%-2.5% ~$11,360

We recommend that you go for a money transfer company in New Zealand instead because they usually charge the clients a markup which is below 1%, and there are no outbound wire costs to worry about. You will be given access to the international money transfer company’s current online systems, allowing you to transfer the funds. The companies also provide professional dealers to help you with the transaction so that the money is sent timeously.

The Top 3 Money Transfer Companies for New Zealand Transfers

After carrying out a detailed analysis of money transfer companies, we found that there are three companies that top the list in New Zealand and these are:



  • High-level professionalism
  • Excellent online system and apps – clients can track their transfers
  • Zero transfer fees
  • Positive customer reviews on all platforms
  • Devoted customer service agents available 24/7
  • Quick transfers – 80% of transfers are processed in 24 hours


OFX has been in the money transfer business for over 20 years. It prides itself in being one of the few international money transfer companies that offer high exchange rates, as well as top-notch customer services. OFX is there to assist anyone who wants to transfer money overseas; from business owners to immigrants who want to wire money to their family and friends back home. This is because the company has a total of 144 bank affiliations and a worldwide system of 55 currencies. With this international money transfer company, you can transfer money to more than 195 countries.

The company offers similar services in all the countries it supports, meaning they use the same transfer method in every location. This is the kind of assurance that individuals who have companies in more than one country need. Such business people know that they can make use of the same service when transferring money.

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World First

ONLY Available to Corporate Clients

  • British company
  • Works with most currencies globally
  • Margins can be as little as 0.15% for large international money transfers!
  • Locations worldwide (except USA)
  • Owned by Ant Financial, one of the world’s biggest payment conglomerates

worldfirst logo

WorldFirst has been in the money transfer business for more than 20 years. The company has managed to build such as exceptional portfolio through charging their clients very small margins. They also have devoted experts working for them. That is why clients are happy to continue working with them.

WorldFirst offers its customers unsurpassed foreign exchange rates in New Zealand. If you want to transfer huge sums of money, expect currency exchange fees of up to 0,15%. On the other, if you want to send smaller amounts, the fees start at 0.5%. The company has received thousands of positive client reviews since it was established, and with the way they are going, more are expected. Such a track record resulted in the business being bought by Ant Financial, a Chinese conglomerate, for $700m in 2019.

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Read WorldFirst Review



  • Top customer service ratings
  • Zero transfer fees
  • Offers a price-match guarantee
  • Online system and apps
  • Best credit rating in the sector
  • Excellent customer reviews
  • Intelligent and dedicated dealers
  • Offers Forward Contracts


TorFX, short for Tor Currency Exchange Ltd, moves billions of dollars every year and their success as a company is mainly attributed to their unmatched customer service. Customer satisfaction is at the core of their business. They received the 2019 Canstar award in Australia. This is a 5-Star rating award for top customer service. Between 2016 and 2020, they also received the Moneyfacts International Money Transfer Provider of the Year award. There is no doubt that they have the required expertise to help anyone looking to transfer money abroad.

The business has managed to stay ahead because of the hedging tools and services that are on offer. Clients are able to control their risk exposure because of forward contracts, limit orders and stop-losses that are provided by the bank. Their devoted dealers also make sure that the clients make informed decisions. It is one of the best international money transfer companies in New Zealand to use if you want to transfer huge volumes of money abroad.

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Read TorFX Review

What can you find on our New Zealand money transfers guide?

This guide is for people who are looking for the cheapest way to transfer funds to and from New Zealand. We have conducted extensive research on various money transfer firms, with the intention of assisting you to familiarise yourself with each of the listed companies. We understand that people move money for various reasons and they move different amounts. Therefore, not every company will be able to meet your needs. But, after going through the companies we have focused on, you will be able to find one that will be able assist you with your specific transfer needs. Our aim is to ensure that you are able to wire money overseas conveniently. Thanks to the internet and the international money transfer companies’ online systems, clients are able to do their own transactions, giving them complete control over their transfers.

OFX – They offer dependable customer support services 24/7 via email and phone. You can get in touch with them any time and from any country. The company also publishes currency trading data every day to help their clients make informed transfer decisions that are based on currency performance.

WorldFirst – This international money transfer firm is the ideal choice for corporate clients that need to make international money transfers. They offer excellent customer services as evidenced by the thousands of positive reviews the company has received over the years.

Better exchange fees made possible because of money transfer firms

One of the main issues that has to be considered by anyone planning to change money into another currency is that of currency rates. This is especially true if you want to transfer a lot of money. It is very important that you get a good rate if you don’t want to end up making a loss. Banks make use of what is known as the currency exchange rates system in order to get access to foreign exchange. Some banks take a small amount of money from every exchange whenever someone conducts a foreign exchange transaction using a bank. This is something that some people are not aware of, and it’s mainly because these banks do not disclose this fact to their customers. Even if the bank assures you that you will not be charged a commission, you should know that they will find other means to make a profit from every transaction you make.

As stated earlier, it is not all banks that do not disclose the margins which they receive from each transaction; some actually do. But in most cases, their markup can be up to 2.5%, which is too high a percentage. If you have ever wondered how banks make money, this is one of the ways they make profits at the expense of their customers.

Therefore, the best way to save more if you want to send money abroad is to choose the services offered by international money transfer companies. Although you can find a bank that offers cheaper margins and a money transfer company that is pricier, we are here to tell you about those money transfer firms like OFX that are very clear about their reasonable transfer fees.

Reasons Why People Make Foreign Currency Transfers to New Zealand?

It cannot be denied that we are now part of a global society. People no longer restrict themselves to one country when it comes to following their dreams. That is why in the past couple of years, we have seen the number of people relocating to other countries or investing in other countries such as New Zealand increasing exponentially. And with such movements, the demand for money transfer organisations has also increased. More people are looking to cheap foreign currency transfer companies to help them move their money abroad. This part of the article is now focusing on why people are making the decision to send money overseas.

Country guides:

Making Mortgage Payments Overseas

One common reason why some people need the services offered by international money transfer companies to transfer funds is that they need to make mortgage payments. If you decided to relocate to another country while you still had mortgage payments to make in your country of origin, you will still be required at law to make the mortgage payments. The important thing to remember when it comes to overseas mortgages is that your income has to be the same currency as your mortgage. If they are not the same, the amount you pay every month towards the mortgage will be different because of the unstable exchange rate. If you want this to be handled the correct way, you will have to approach a money transfer expert for assistance.

If you work with an international money transfer company, they will handle everything on your behalf. The company will transfer the money every month, on time. Basically, if you want convenience when it comes to overseas mortgage payments, choose a reliable money transfer firm. In as far as the exchange rate is concerned, there are two options. You will have to choose the forward contract or the daily exchange rate. The forward contract fixes the current exchange rate for all the transfers for up to 2 years.

Solution – OFX or TorFX

Transferring Money to Family and Friends

Being more global has resulted in loved ones being separated from each other. For instance, some people make the decision to look for a job in a different country such as New Zealand because of better job opportunities in the country, while some move because their job requires them to work at a company branch located in a different country. Another example is that of people who choose to go to university in a different country for various reasons. Being separated means that these people have to find a way to send money to each other, and the most convenient way to do this is through international money transfer services. If you relocated to New Zealand because you wanted a better job opportunity and you left your family back home, a cheap money transfer company will help you send money back home on a regular basis. The same is true if you have a son or daughter who is studying abroad in New Zealand, it’s easy to send them money on a regular basis using a cheap international money transfer company. The other option you have is to send the funds via a bank. However, that option is very costly, especially if you are going to be transferring small amounts of money.

Solution – OFX or TorFX

Purchasing or Selling Property Abroad

Money transfer companies also play an important role of assisting those who want to buy or sell property overseas. If you have plans to relocate to New Zealand, make it a point that you go for a money transfer firm which offers the currency that you need. You will be glad to know that many international money transfer providers, like the ones discussed in this article offer more than 50 currencies. Therefore, the chances that you will find a company that offers your specific currency are very high. However, one thing you need to be aware of is that there are money transfer firms that have a maximum amount they allow you to send. So, make sure that you look into that issue before you pick a company you want to work with. You want to ensure that you will be able to send the full amount you intend on sending, without being limited.

Solution – OFX or TorFX

Pension Transfers

Other people want to send money abroad because of their decision to retire abroad. Some people are fine with just retiring in their country of origin. To them, that is what retirement is all about. But there are others who even at the time of retirement would love to have a new experience in another country such as New Zealand. There are also others who prefer to retire in a country where their kids and other family members have already relocated to. Whatever the case might be for wanting to retire overseas, an international money transfer company can help you to transfer your pension money.

Due to the ever-changing currency markets, you will definitely need the help of a foreign currency transfers expert. Currency markets are so unpredictable; they can fluctuate by almost 10% in a matter of weeks. If you are going to be transferring your pension funds, it’s highly likely that it will be a sizeable amount of money. You must therefore choose a company such as OFX because there are no maximum limits when you use their services.

Solution – OFX

Cheap International Money Transfers – What Makes New Zealand Stand Out

One of the reasons why New Zealand is at the top of the game when it comes to offering cheap money transfers is because it has managed to stay current. To the money sending companies in New Zealand, customer satisfaction is their main priority. And, in order to ensure exceptional customer service, they are always incorporating the necessary changes so that they stay current. They understand that in order to maintain the customers that they already have and to attract new ones, they have to offer reasonable margins and high currency rates. So, clients enjoy the benefits of affordability and convenience that are associated with the money transfer firms. Also, you will find that many top international remittance companies, like the ones discussed in this article also have locations in New Zealand.

Alternative Money Transfer Companies in New Zealand

Apart from the international money transfer organizations that we have discussed so far, there are other money transfer firms which people prefer when they want to transfer funds to New Zealand. Their customers are mostly those individuals who want to send smaller amounts of cash on a frequent basis. A good example is someone who sends money that is less than $1,000 to a family member every month. It is not cheap to send money through the following companies. But it is our view that mentioning them is worth it.


If you are someone who regularly sends a few hundred dollars abroad, then MoneyGram would be a perfect choice for you. With branches in more that 200 countries, it is clear that the company is doing something right. It also means that there are very few countries where you cannot send money using Moneygram. It is also very simple to transfer funds through Moneygram. You can do the transfer online, over the phone, or you can go to one of their branches and you will be assisted by one of their friendly employees. The downside is that the markups can reach 3%.

Western Union

You can also choose Western Union if you want to send smaller amounts on a regular basis to someone overseas. This remittance company also has offices in over 200 countries, meaning they have a huge client base. You can transact online, over the phone or you can go directly to any one of their branches. Markups can reach 4%.

Concluding Thoughts

There are so many international money transfer companies out there and it can be difficult to choose the right one for you. However, we have made it easy for you by narrowing down the top 3 companies that you can work with if you want to transfer money to and from New Zealand and these are OFX, WorldFirst and TorFX.