New Zealand’s Top International Money Transfer Services 2024

Welcome Money Transfer Comparison: a site wholly dedicated to reviews and comparison of international money transfer services. This is our NZ section. We help customers understand how much they are actually paying, and help them figure out which is the best way to transfer money internationally for their needs. ✌️

πŸ“– How to Save Money On Transfers from NZ

New Zealand’s vibrant economy, diverse population, and strategic position in the Pacific have transformed it into a significant hub for international money transfers.

In 2024, the most popular options for sending money internationally include traditional banks like Kiwibank and ANZ , with innovative non-bank money transfer services slowly taking their share.

But based on this article from The Spinoff, banks still have the lion’s share of cross-border payments.

While New Zealand’s banks are cheaper for international transfer than most global banks…

They are still relatively expensive, in comparison to what you can get with a provider.

According to our evaluation on May 15, 2023, Kiwibank’s foreign exchange margin hovers between approximately 1.67% and 1.79% for major currencies such as USD, EUR, AUD, and CAD.

ANZ’s margins are in a similar ballpark, ranging from 1.65% to 1.77% for the same currencies.

They both charge NZ$20 on top as direct wire fees.

In other words, it can cost you $1,700 to transfer $100,000 to any destination (with obviously NZ to Australia being the most popular route).

Providers like OFX take, on average, half of that amount, if even that (actual spreads are determined by currency pairings and volume of transfer).

Hence, there is a growing need for international money transfers.

Top 4 Companies for Transferring money from and to NZ:

UK Australia New Zealand EU #1 TorFX: Best for Large Transfers to and from New Zealand
Australia Offices:
25 Elkhorn Ave, Surfers Paradise QLD 4217
98.4% Editorial rating
3,000 Client Reviews
Minimum transfer:
Why Them?
  • Offices in UK, EU and Australia - Deals with Many NZ Customers with Glowing Reviews (4.9/5 TrustPilot)
  • Not Charging Fixed Fees Per Transfer ($0 Policy Online and by Telephone)
  • Offering Bespoke Guidance for Payments and Hedging, When You Use TorFX Australia - You Deal With One Point of Contact
+Read more
Torfx Money Transfer
#1 TorFX: Best for Large Transfers to and from New Zealand
Editorial rating
New Zealand Australia UK EU USA Xe: Biggest Name in Currency Since 1993
Local NZ Offices:
Level 2, 329 Durham Street North Christchurch, New Zealand
91.3% Editorial rating
62,000 Client Reviews
Minimum transfer:
Why Them?
  • Excellent Sign Up Process
  • Global Company with Multiple Offices in APAC, and Several in NZ
  • Combination of Work-Of-Art Online System with Brokerage for Large Transfers
+Read more
Xe: Biggest Name in Currency Since 1993
Editorial rating
New Zealand Australia UK EU USA #2 OFX: ASX Traded Awards Winning Platform, HQ in Sydney, NZ Offices
Local NZ Offices:
Level 26, PWC Tower. 188 Quay St. Auckland
90.4% Editorial rating
1,500 Client Reviews
Minimum transfer:
Why Them?
  • Australian Company with Offices in NZ (Previously Named NZForex in NZ)
  • Traded Publicly, 20bn Turnover per Year
  • Ultra Professional in What They Do - 20 Years of Experience
+Read more
#2 OFX: ASX Traded Awards Winning Platform, HQ in Sydney, NZ Offices
Editorial rating
Australia New Zealand #3 SendPayments - Best for Aussies in NZ
Local Australia Offices:
10 Rawlins St, Southport QLD 4215
88.4% Editorial rating
122 Client Reviews
Minimum transfer:
Why Them?
  • Best Website - Friendly and Transparent
  • Easy to Sign Up and Trade
  • Competitive Exchange Rates for Both Small and Large Transfers
+Read more
Send Payments
#3 SendPayments - Best for Aussies in NZ
Editorial rating
New Zealand Australia UK EU USA #4 Wise: Great App & MultiCurrency Account
Local Australia Offices:
36-38 Gipps St, Collingwood, VIC 3066
86.8% Editorial rating
32,000 Client Reviews
Minimum transfer:
Why Them?
  • Most Recognizable Brand in Money Transfers Today
  • Offering a Foreign Currency Bank Account to Receive or Hold Money.
  • Boast 1,000+ Employees and $4bn in Monthly Turnover
+Read more
Wise / Transferwise
#4 Wise: Great App & MultiCurrency Account
Editorial rating

New Zealand’s Emergence as an International Money Transfer Hub

As a pivotal player in the global money transfer sector, New Zealand has gradually solidified its position over the years.

The primary factors driving this momentum include the financial sophistication of New Zealand citizens, the substantial expat community, as well as the significant number of New Zealanders living overseas.

New Zealand’s role is analogous to that of Australia, which holds the title of the second-largest international money transfer hub globally.

Known for their keen financial sense, Kiwis have displayed an inclination towards exploring options outside traditional banking institutions for their international monetary transactions.

This quest for superior value propositions has triggered a remarkable growth spurt among non-bank providers, who have responded by offering competitive rates coupled with efficient services.

Moreover, a significant number of New Zealanders live overseas, a fact that necessitates frequent money transfers to and from their home country.

The World Bank estimates that as of 2023, approximately one million New Zealand-born people live overseas, a majority in Australia and the UK, making these routes some of the busiest corridors for money transfer services.

In particular, the UK-New Zealand corridor is a hotbed of activity, fueled by a considerable British expat community in New Zealand and vice versa.

As per the 2018 New Zealand census, over 60,000 British-born people resided in New Zealand.

On the other side, the Office for National Statistics UK estimates there were around 58,000 New Zealand-born residents in the UK in 2019.

These populations regularly transfer money between the two countries, creating a demand for efficient and cost-effective money transfer services.

Adding to this momentum is the robust international trade relationship between New Zealand and other countries, especially the UK.

In June 2022, the UK and New Zealand signed a free trade agreement, which is expected to boost bilateral trade between the two countries by about 60% or by more than $1 billion.

The combination of these factorsβ€”financially savvy citizens, a significant expat community, strong trade ties, and the demand for better ratesβ€”has led to an influx of money transfer companies vying for a piece of the New Zealand market.

Sending Money From / To

View all routes on our sending money abroad guide

Comparing the options

If you want to compare international money transfer services then the first thing is to be fully in tune with what your needs are.

Make sure you know how much money you want to send in total (even if it’s split into payments/ instalments), what is your money’s destination, how much you care about speed, is service more important to you or is it price, and whether you may need hedging.

Here is a quick matrix to compare the top 5 New Zealand money transfers:

Company’s NameTo NZFrom NZSmall amounts?Large amounts?Bespoke service?Multi-currency account
OFXβœ…βœ…βœ…βœ…βœ…(For Business)

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