How to Send Money to New Zealand from the UK: Best Money Transfer Services

If speed is your main concern, then XE is the best option. Your funds should arrive in under 24 hours. This is much faster than TorFX and Currencies Direct, which take 1 to 2 business days. Even Wise can’t deliver funds to New Zealand until the next day.

The great thing with XE is that you’ll get live tracking and notifications, so you’ll know what’s happening with your transfer.

Prefer saving money? Well then, opt for TorFX. It doesn’t charge any transfer fees.

TorFX does add a margin to the exchange rate, but it’s only a margin of 0.29%, which works out to less than Wise’s transfer fee.

What’s more, TorFX lets you use forward contracts to secure good exchange rates for future transfers, as well as limit and stop loss orders to manage your exchange rate risk.

Wise, XE, and TorFX all have top-notch apps. The clear layouts make them super easy to navigate, plus they’ve all got more than 4 stars on the Apple and Google Play stores.

The extra features these apps offer are another bonus. Get rate alerts with XE and a multi-currency wallet with TorFX and Wise.

Both New Zealand and the UK are highly regulated, so there isn’t too much risk when transferring money. That said, it is still important to know what threats there are when sending money between these two countries.

The biggest threat to you is undoubtedly the threat of phishing and other scams. This is when bad actors might create a website impersonating a money transfer service to trick you into revealing your sensitive information or depositing money.

To avoid this, be extra careful and only use regulated international money transfer providers like the ones in this guide. Ensure that their website is legitimate, and always double and triple-check the money transfer details before completing the transaction.

Also remember that bank transfers are typically your safest option, although they are both slow and expensive.

In New Zealand, the country’s central bank, The Reserve Bank of New Zealand, is in charge of managing the monetary policy. It regulates the financial sector and issues the local currency, the New Zealand dollar (NZD).

The bank also works closely with the New Zealand Ministry of Justice. They have stated that businesses must report international transfers and physical cash transactions over certain amounts, known as prescribed transactions. These include international wire transfers that exceed $1,000 (~£785) and physical cash transactions of $10,000 (~£7,850) or more.

As an individual, there is no law-prescribed limit to how much money you can transfer to or out of New Zealand. However, higher amounts will likely be reported in the interest of compliance with AML and CTF laws.

Another important thing to consider is how much you are sending. Depending on the service you choose to use, a smaller or larger amount may mean smaller or larger fees. Services like WorldRemit, for example, will charge a small fee for transfers up to £500 but have no fee for larger amounts.

Tax obligations in New Zealand will also depend on the amount received, as the tax rate is a graduated scale, rather than a flat rate.

As for the amount that you can send, it depends on the service. Wise, for example, allows you to send up to 2 million NZD per transfer.

One big consideration when sending money to New Zealand from the UK is the cost of doing so. This can vary greatly based on the transfer service, the amount you send, and other factors.

The costs that you can expect associated with sending money from the UK to New Zealand include:

• Exchange rate

• Transfer fees

• Income tax

• Potential additional charges

The costs of using transfer services are generally lower than if you use wire transfers, and they are usually also faster. Furthermore, some international money transfer services offer features that can help reduce fees, such as forward contracts or guarantee rates.

Payment type and reason for the transfer can play a role in how much you pay in taxes or even fees. Businesses, for example, have to pay a flat 30% tax rate in New Zealand, while the tax rate is a graduated scale for individuals receiving money from abroad.

Apart from that, listing a reason for the transfer clearly and accurately can help speed up transaction processing. The financial authority will be able to easily identify the payment type and the purpose of the transaction, rather than have to delay the transaction and investigate it more deeply.

The tax regulations in New Zealand are fairly easy to understand. Recipients who are New Zealand residents are obligated to pay taxes on all payments that come from abroad. The only payments that are not taxed are prize money and inheritances. But you might be required to prove that the payment belongs to one of these categories if you claim such.

Business-related transactions are also taxed, with businesses having to pay a flat 30% fee. For individuals, the fee is as follows:

• Up to $14,000 - 10.5%

• $14,001 to $48,000 - 17.5%

• $48,001 to $70,000 - 30%

• $70,001 and over - 33%

• No notification - 45%

• Company tax - 28%

In order to send money to someone in New Zealand, you will need certain information. According to Wise, you only need the following details about the recipient:

• Full name

• Their 15-16 digit bank account number

If you send the money via a bank, you need:

• Recipient’s full name

• Address

• Bank name

• Account number

• Swift/BIC code (BKNZNZ22 for the Bank of New Zealand)

• Transaction purpose

• Your ID

• Transfer amount and currency

• Paying transfer fees

What Do You Need to Receive Money in New Zealand?

In order to receive money in New Zealand from abroad, there are only a few requirements. You will need:

• A government-issued ID to confirm your identity

• A bank account

• Transfer information, such as the amount being sent, the currency, and potential reference number

• A consent form (in some cases)

• You will have to provide the sender with some of your details, such as full name and address.