With the holiday season upon us many people will be looking to send money to friends and family overseas or to obtain foreign currency for that big trip abroad.
While making international transfers used to be an expensive process a new breed of money transfer specialists driven by technology and global scale have made it more convenient and cost effective than ever before. Dan Bell, Foreign Currency commentator from HiFX explains.
For many people banks are still the most likely place to send money overseas but there are a number of specialist providers who make the process much easier and can save you a lot of money.
Most banks charge a TT fee of NZ$15-30 to send an international transfer in addition to charging a 2-3% margin in the exchange rate which is where the real cost comes into effect especially for larger amounts.
A number of global online money transfer specialists are now offering extremely competitive deals for retail customers which were usually the privilege of big businesses.
New Zealand's largest money transfer specialist HiFX offer new clients their first transfer free and for ongoing transactions there is no fee for amounts over NZD 10k and only $12 for amounts under NZ$10k. The exchange rate offered is also more competitive and improves based on the amount being transacted.
Money transfer specialists like HiFX have brought down the cost of making international transfers by using technology and partnering with global banks to access wholesale exchange rates and payment channels. They have also added additional services like market orders to target favourable rate movements, and forward exchange contracts to lock in rates for future settlement dates.
Consumers are becoming more accustomed to using FINTECH providers- a new term for disruptive firms that use technology to make financial services more cost effective, innovative and efficient.
Online money transfer specialists allow you to get a quote to compare with your bank before you send your funds to them to complete the transaction so you can be assured you are getting the best deal and making your money go further during the festive season.
For more information call 0800 39 44 39 or visit www.hifx.co.nz to see how much you could be saving with HiFX.