sharetrader
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  1. #1
    Junior Member
    Join Date
    Jun 2018
    Posts
    18

    Default Reducing exchange rate/admin fees (single bank transaction)

    Hi all,

    The business regularly exchanges money between NZD, AUD and in the future potentially GBP and USD.

    The business has accounts with ASB, and the exchange rate fees are quite high - the exchange rate is OK but the exchange convenience fee makes up for that.

    Does anyone know of a way to reduce the cost of exchange between the above currencies, I am happy doing leg work or filling out any required paperwork if it will save the business money. The last exchange cost nearly $1,000 in exchange rate fees and a could-be-better exchange rate.

    Looking forward to seeing what others do with their personal and business funds on exchange that I could do better.

  2. #2
    Guru
    Join Date
    Feb 2005
    Location
    Auckland, , New Zealand.
    Posts
    2,604

    Default

    There are places like this which have been around for some time. Don't have any requirement for using them myself.

    https://www.ofx.com/en-nz/

  3. #3
    Junior Member
    Join Date
    Jun 2018
    Posts
    18

    Default

    Thank you Triple-seven, I have just registered the business with them (I did not realise this was possible, awesome!) - I have used this companies services for several years sending money through to Thailand, a great outfit. Thank you.

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