Avoiding fees in New Zealand dollars


#1

Does anybody know if there is any way to deposit New Zealand dollars from either bank account or card while avoiding fees.
The default Revolut NZ account is based in UK so we facto sterling one, trying to avoid that.
Thanks


#2

Hello, what do you mean?


#3

Hey Mirron.

If I transfer money from my NZ bank account to my Revolut account in NZ dollars I will get charged a conversion fee as Revolut account is UK based account so in sterling.
With my Irish Euro account I can do bank or card transfer in Euros so 0 fees.
Just wondering can I transfer with NZ card or transfer without paying conversion fees to my NZ bank.


#4

Hello, there is no conversion fees : :r: accounts are indeed based in UK but it doesn’t mean all accounts are in GBP :slight_smile:

You can simply do a NZD SWIFT transfer to your NZD :r: account


#5

It depends on…
If I sent PLN from Polish bank into PLN account in British bank (let’s say in Lloyds) I would be charged by Polish bank because it is international wired transfer.


#6

Correct, but this is not what we are talking about here :slight_smile:

There is NO conversion fees at all because the money is the same.


#7

You’re right, but during transfer some sum can disappear :wink: (as an intermediary fee, but without conversion fee).
That’s why I top up via my local card.


#8

But I would be charged, I think, in my NZ bank account for a currency conversion.

The Revolut account is a Lloyds account based in UK. If I try to transfer from NZ it’s classed as an international transfer. I was wondering if there is a way around or alternatively do Revolut plan to open an account based with a New Zealand bank so it’s just a local transfer?


#9

Nope, because there is no currency conversion :slight_smile:

You’ll have to pay a fix fee for international transfer, it’s complicated to avoid or reduce it. You can change your bank or use transferwise?


#10

Yeah that’s the problem. I have used Currency fair and Transfer wise in the past and certainly better than doing a pure bank transfer but just wish 1 of those services had a NZ based account and go from there to avoid fees. Maybe 1 day!


#11

The SWIFT transfer fees are not from CurrencyFair, TransferWise or Revolut but from your Bank.

The advantage of using TransferWise is that the MAY have local NZD account, therefore you MAY be able to do a local NZD transfer rather than an international NZD one.

Since it’s not the case, I have the impression your only solution is to search the local bank with the lower international SWIFT transfer fee…


#12

Yeah it’s the bank fee. I have used Transfer wise in past and they are currently are the cheapest for NZD to Euro as far as I know.
A few years ago Currencyfair used to have a NZD account in NZ bank which was perfect as only fee was $4 for them at interbank rate exchanges but they changed it to Sterling account incredibly annoyingly. I presume they were forced to.

Hopefully some service does it offers so can money on to Revolut for as cheap as possible!


#13

I have same issue as you. But it depends what bank you have in NZ. For example I have NZ bank account in ANZ and their regular fee for international transfer is $18 for amounts under $10,000, processed online.

If you decide use transfer wise and transfer let’s say 6000$ - total fees 31.34 NZD.

The real game changer is currency conversion. If there is no currency conversion when I send money from NZ ban account to Revolut NZ account then revolut is cheaper…


#14

I have same issue as you. Depends where you have you NZ bank account. I have in ANZ and their regual fee for international transfers is $18 for amounts under $10,000, processed online. If I decide to use transferwise and transfer le’ts say 6000nzd then their fee is 31.34 NZD.

The real game changer is currency conversion.

When I transfer money through Revolut from NZ bank account to NZ account as a international transfer just with bank fee, then it’s cheaper.


#15

I have same issue as you. Depends where you have NZ bank account.

Because ANZ have regular fee for international transfer $18 for amounts under $10,000.
If I decide to use transferwise for transfer and send let’s say 6000NZD the total fees is 136.91 NZD.

So the real game changer currency conversion…


#16

Thanks Mirron. That is correct TransferWise do have a local NZD account enabling you to avoid the SWIFT fee by doing a local rather than international transfer. However do you know how TransferWise avoid the swift fee? For example if you use TransferWise to exchange GBP to NZD, TransferWise take payment in their local GBP account, deduct fees, then convert to NZD and send it out locally to a NZD account. But at some point in this process their has to be an international transfer to get the money to NZD?


#17

Hey Crofty

I have used Transferwise for transfers in the past from NZD to Euro and they charge a fee as part of it so I have done transfers in the past in low 4 figures where I was charged fee of around $20 so I presume the fee takes into account exchange differences along with profit.


#18

Transferwise doesnt work by sending your individual payments between countries. At a higher level for every person wanting to exchange gbp for nzd there is another person wanting to do the reverse so the exchange is done via 2 local transfers at either end.
Over time there may be an inbalance eg way more people buy gpb with nzd and not as many want the reverse, so certain countries’ accounts may get too low to maintain the service so then they will move money at their cost via swift to cover their needs. This is part of what your transfer fees are paying for.


#19

Great thank you

Chris


#20

How do you “top up using your local card”?