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Contact HIFX click
here and fill out the request form.
What if I need to move money overseas?
If you have decided to migrate abroad, or you are simply returning
to New Zealand from time spent overseas, you will at some point have
to transfer your funds back to New Zealand. This may be accumulated
savings, the proceeds of a property sale, or perhaps an ongoing regular
income.
No matter what your situation, your personal wealth will be affected
by fluctuating exchange rates.
It’s not surprising then that for people working overseas or
those considering emigrating to a new life abroad, watching the foreign
exchange market has become a regular pastime.
If one looks at Sterling against the New Zealand dollar over the last
year for example, there has been a high of 2.98 (GBP- NZD) and a low
of 2.60; with both of these figures being seen within a 6 month period.
On £100k this will make the difference of Kiwi $38,000.
Therefore whatever your situation, you should consider speaking to
a currency expert in order to maximise your potential wealth. You
may find that there are things you can do to minimise your risk and
secure your future wealth.
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| New Zealand currency |
Do I have any options when buying currency?
Contrary to popular belief there are a number of options available.
The easiest way to look at these is in relation to your attitude toward
the current exchange rate i.e whether or not you are "happy"
with the current rate.
If you are "happy" with the rate you have two options. The
first is called a "spot transaction." This is when you simply
fix the exchange rate straight away and pay for the amount in full.
The funds can then either be held on account or sent abroad to the
specified destination bank account.
The second is known as a "forward contract" or "buying
forward". In essence this means that you can buy the currency
now, and pay for it later (when you are ready to leave for your new
life overseas or receive funds from your house sale). Usually you
will be required to pay a deposit straight away and the balance upon
the maturity of the contract. If the exchange rate moves at all in
that 3-month period this will not affect you as you have bought currency
at the originally agreed rate.
If you aren’t happy with the rate you could decide on the third
option – a market order.
A "market order" is available for clients buying more than
NZ$50,000 or the equivalent in another currency. It is an order in
the market to buy currency, placed higher than the current rate, and
if triggered the currency will be bought automatically. However there
is no guarantee that this level will be achieved as no one can predict
future currency movements exactly.
Remember: You are risking
your future wealth! Without fixing the exchange rate or taking out
a 'forward contract' at the outset, you are taking a gamble.
Do you have an ongoing currency requirement?
If you are a New Zealander earning an income overseas, or you have
emigrated to a new life, you will still need to buy and transfer money
on a regular basis (pension payments, mortgages, the repatriation
of foreign income etc). However organising regular currency transfers
can be a headache. Not only do currency fluctuations make budgeting
impossible, but the international transfer fees and commissions charged
by your bank will soon add up to a tidy sum over time.
We would recommend speaking with a broker (such as HIFX, details
listed below), who may be able to facilitate your regular monthly
currency transfers, without the need to contact your bank or pay regular
charges.
What can you do?
There are often many factors that influence the foreign exchange markets
and because of this it is impossible to predict future exchange rates
exactly. We would recommend talking to a currency specialist such
as HIFX.
Every year they help over 20,000 private individuals buy and transfer
currency, and the company remains committed to providing highly competitive
exchange rates and a level of service, which is rarely given by the
main banking establishments.
Although they cannot predict the future, their currency experts will
provide straight forward explanations of the risks and how to best
protect against them ensure that every aspect of your currency transaction
is as simple as possible.
They have offices in New Zealand, Australia, US, and the UK, and can
assist with moving your funds no matter where you might be.
If you would like to know more, contact HIFX directly, or you can
download a copy of their account opening forms directly from this
site.
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Contact
HIFX at one of their local offices.
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