Are you sending money overseas? You might need to transfer a pension, salary, property costs, or need to move money for other expenses when living or working in New Zealand. If you need to send your funds overseas, you’ll no doubt be wondering how you can make the most of your currency transfers. This post will explore some of the things you can do, to make smarter currency decisions.
Speak to an expert
It can sometimes be tricky to move your money overseas in times of uncertainty. For instance, Brexit has created some market volatility; after the referendum, the Pound fell by around 20% against the Euro, and although it’s had periods of strength, speculation it could reach parity has also been in the headlines in recent years. Our relocation & settlement team works with currency specialists to help you move your money to New Zealand safely during times of heightened volatility, such as elections, referendums, and geopolitical tensions. Currency brokers can offer competitive exchange rates, so you can make the most of your overseas transfer.
Lock-in an exchange rate
If you want to send a large sum of money to New Zealand for a payment like a property purchase, you can consider locking in an exchange rate to give you some stability. Currency brokers offer something called a Forward Contract, which means you can lock-in a rate when the exchange rate moves in your favour, for up to two years. This can be a good idea if you want to know exactly how much currency you’ll get for your money. For example, if you’re buying a house in New Zealand and the exchange rate moves while the property purchase is ongoing, you’ll still pay the same amount for your currency if you’ve locked in a rate with a Forward Contract.
Stay up to date
Exchange rates can move incredibly quickly, so keeping up to date with the latest market news can help you make more informed currency decisions. Our partners send you weekly market updates and the latest rate alerts, so you can choose good times to transfer for you, and be aware of upcoming events which might impact your exchange rate.
Set up a regular payment plan
You might need to make regular payments to New Zealand, and a currency broker can help you make secure, cost-effective transfers. You can speak to a member our team to connect you with a currency broker to discuss setting up a regular payment plan, or move money when you choose over the phone or online.
Our partners at Global Reach are a winner of Feefo’s Gold Trusted Service Award, an independent seal of excellence that recognises businesses for delivering exceptional experiences, as rated by real customers. If you need to make a New Zealand money transfer and want to discuss how to protect or make the most of your funds, let us connect you with Global Reach.
What could you use a currency broker for?
If you’re living in New Zealand, buying a holiday home, or need to send money to New Zealand regularly, you may be wondering how a currency broker could help you. Currency specialists Global Reach outline what a broker is and why you might want to use one, how to get a good exchange rate, and what to consider for your regular payments and larger transactions.
What’s a currency broker?
A currency broker is a specialist in foreign exchange. By signing up with a broker like Global Reach, you can get access to live quotes, competitive exchange rates, and personalised currency transfers. A broker can even help you lock-in an exchange rate for up to two years for larger transfers like property purchases.
Why use a currency broker?
You might need to transfer your funds for a number of reasons—perhaps it’s to emigrate, move a pension or salary, buy a property or make mortgage payments, send money to relatives, or move an inheritance home. Markets never stop moving, so the rate of exchange you get one day, could be very different the next. Currency brokers specialise in foreign exchange—having an industry expert by your side to guide you through the market can be a great way to make the most of your funds. With regular market news and rate alerts, competitive exchange rates, and a team of currency specialists, using a broker like Global Reach can help you maximise your New Zealand transfers.
How can you get a good exchange rate?
Markets move because of a number of reasons, such as politics, economic data, global developments, and even natural disasters. Staying up to date with market news can be a good way of capitalising on a positive market shift, which is why signing up with a broker as soon as possible can be beneficial. With the ability to lock-in an exchange rate for up to two years using a Forward Contract, you can plan ahead, or if you need to make a quick transfer right away, speaking to a broker can give you competitive exchange rates on the day.
What to consider for regular and large transfers?
You might need to make regular New Zealand payments, and a broker can help you set up a cost-effective regular payment plan. Not only that, but by signing up with Global Reach, you’ll have access to a team of expert Dealers, dedicated to helping you move your money to New Zealand and can create tailored transfers around your needs and timescales. When it comes to larger transfers such as property purchases, a Forward Contract can be a good way to have some stability during the purchase process. It may take months for your new home purchase to be finalised, and the exchange rate can move significantly in that time. Speaking to a broker about fixing a rate in place for up to two years means you’ll know exactly how much your property will cost you, no matter how the market moves.
Global Reach is a winner of Feefo’s Gold Trusted Service Award, an independent seal of excellence that recognises businesses for delivering exceptional experiences, as rated by customers. If you need to make a New Zealand money transfer and want to discuss how to protect or make the most of your funds, contact us to connect you with the experts.
Guest post in collaboration with the Global Reach team