PDA

View Full Version : Best way to transfer money to usa



Minerbarejet
31-01-2014, 09:19 AM
Could someone with good knowledge of converting and sending NZ dollars to a relative in the USA please give us a rundown of the cheapest, easiest and best way. We sent 200nz to the US and all she got was 117.00US. The 200 included a nz bank fee of 25.00 and the conversion left her with 142.00 being sent from here. Why would there be a fee of 25 us at the other end?
Its already in Us Dollars.
Cheers

fungus pudding
31-01-2014, 09:24 AM
Could someone with good knowledge of converting and sending NZ dollars to a relative in the USA please give us a rundown of the cheapest, easiest and best way. We sent 200nz to the US and all she got was 117.00US. The 200 included a nz bank fee of 25.00 and the conversion left her with 142.00 being sent from here. Why would there be a fee of 25 us at the other end?
Its already in Us Dollars.
Cheers

I'm not at all sure about this these days but it used to be dead easy and relatively inexpensive to deposit straight to an overseas credit card account. That was before the powers that be got paranoid about terrorists though. Still might be worth investigating.

Harvey Specter
31-01-2014, 09:40 AM
paypal?

The sum you are talking about is small so its more about avoiding the fees than getting the best rate.

aspar13
31-01-2014, 10:00 AM
Banks at both ends charge a fee. Usually it is about $20-25 at each end which reduces the amount you are transferring. Perhaps look at Western Union tranfers?

craic
31-01-2014, 10:31 AM
Why would you transfer $200 in the first place? If you are buying something use a credit card - if its money to a friend, stick it in an envelope. I buy parts and gear related to chainsaws directly and I lose nothing. On quoted purchase was $300 locally - direct purchase from USA including postage $113NZ. The importer/wholesaler didn't get his 60% markup and the local retailer didn't get his 60% either.

iceman
31-01-2014, 10:37 AM
Not sure what your situation is Minerbarejet but if your relative is an Air NZ Airpoints member, have a look at OneSmart card. You can select different currency "wallets" and use the card overseas in that currency. No charge for transferring money onto it and the FX rates are similar to bank rates. They only charge a small monthly fee, ONLY IF there is money in the account to cover it. I am finding this very good for overseas travels, especially for ATM withdrawals overseas to avoid excessive charges on normal Debit or Credit cards.
And you get Airpoints on all purchases with the card

Harvey Specter
31-01-2014, 10:38 AM
Why would you transfer $200 in the first place? If you are buying something use a credit card - if its money to a friend, stick it in an envelope. I buy parts and gear related to chainsaws directly and I lose nothing. On quoted purchase was $300 locally - direct purchase from USA including postage $113NZ. The importer/wholesaler didn't get his 60% markup and the local retailer didn't get his 60% either.Government also missed out on its GST which is a shame as you wouldn't have minded paying an extra $20 but the fact that so many are doing this now means that that tax has to be recouped from somewhere, either increased income taxes, GST or a CGT.

Note: I am not criticizing you, nor moaning about the poor retailers. Just pointing out that there is lot tax revenue but it is completely uneconomic to collect it.

Minerbarejet
31-01-2014, 11:04 AM
Just so we dont get into a big row about gst - the money is being sent to a relative for her own personal use and to assist with the upbringing of a child. Thanks for all the good replies so far - much appreciated.

Harvey Specter
31-01-2014, 11:05 AM
Purchase vouchers online, either with physical delivery or e delivery.

artemis
31-01-2014, 07:13 PM
I agree - PayPal.

Minerbarejet
01-02-2014, 03:01 PM
I agree - PayPal.
Paypal it is then - does the other person have to join up as well?
Thanks to all- you are a great bunch!:)

Jay
02-02-2014, 02:38 PM
Not necessarily.
You could just set up an account and give them the login and password etc especially if this is all it will be used for.