Exchanging Money

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Whether you’re going to New Zealand for a holiday, to work or even emigrate, you’ll need to exchange or move your money abroad with you.

Through the help of Currency Exchange companies, you can find the best deals and rates to suit your trip and the amount of money that you need to exchange. These factors will determine which company will benefit you the most.

Tourist Visa

Many who are just visiting NZ short term, will look to exchanging money using cash, a prepaid cash card, credit card, or have a bank account which offers good international fees.

If you’re looking for a good exchange rate you’ll notice that every company has ‘the best deal’, and in an abundance of options many go for someone familiar such as the post office. However they don’t offer the best deals by a long shot! So it’s important to stay clued up on current rates so you can make a more informed decision about the deals out there.

We used the Exchange Rates site to track the exchange rate, you can receive weekly updates and monitor the exchange rates in light of the economic situation. For example, when Scotland said no to independence recently, this was a prime opportunity to take advantage of good exchange rates! We sure did!

If you’re visiting long enough for cash to be unrealistic you can opt for prepaid cards, such as the Travelex Cash Passport, which allows you to preload a card without any links to your bank accounts. While this offers a greater level of control and security, you should be aware of the small print and how much money you will be charged through commission. Check out this review we found via Which, regarding the above, food for thought!

It’s important to consider the length of time you’ll be visiting and the circumstances of your stay. While cash may be perfectly viable if you have a safe environment to store it, if you’re backpacking then a prepaid card or credit card from your bank would provide much more security.

Keep an eye on the exchange rate.

Keep an eye on the exchange rate.

Working Visa

Someone on a working visa would likely be interested in many of the options mentioned before on a tourist visa; however, because you’ll be working in this instance you will need a NZ bank account for your wages to be paid into.

Setting up an account ahead of going to NZ will enable you to notify your future employer of your details, so everything’s in place before you start your job, and also gives you the advantage of favourable exchange rates and competitive interest rates.

There are many different banks in NZ offering bank accounts to new comers to read more check out our bank account blog here!

Resident Visa

For those emigrating or thinking more long-term, your priority will be to find a good currency exchange company that offers a good rate for exchanging large sums of money, as it’s likely you’ll be taking every penny to your name with you!

Whilst you could open a bank account in NZ and then transfer money from your UK account, this method will not give you the best deal as international transfers usually incur a large fee, as well as the hidden cost in the exchange rate.

Therefore it’s best to research and compare what companies can offer you:, this where our friend The Money Saving Expert comes in handy!

You can use this site to specify the amount of money you are looking to transfer and go on to find the best deals available to you. The larger the sum you are looking to move, the better the deal is likely to be. (Therefore it’s worth taking all of your money with you, rather than potentially leaving savings in UK accounts.)

For example, by reading the Money Saving Expert site we discovered that the Halifax Clarity Card has good rates when using abroad and that Currencies Direct offer a good exchange rate, (and at the time a bonus incentive of £75 Amazon voucher – those little extra freebies can certainly clinch the deal!)

Credit Cards are our friends!

Credit Cards are our friends!

As you can see, it’s important to look into exchanging your money with the circumstances of your trip and the amount of money you’re dealing with firmly in your mind. By keeping a watchful eye on the exchange rates and the offers available to you, you will be able to find the best company to suit your needs!

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2015-10-05T07:42:20+00:00 Moving to New Zealand|Comments Off on Exchanging Money