Best Service Providers to Send Money From New Zealand
1.
Remitly
2.
OFX
3.
WorldRemit
4.
Wise
5.
Revolut
Moving money across borders is now a big part of our connected world. People send cash to family, pay for services, or run international businesses. But finding the right way to transfer money can be challenging.
This guide will cover five online money transfer services to simplify the process. We’ll break down their fees, speed, and key features so you can pick the one that best suits your needs.
Disclaimer: This article contains some affiliate links, meaning we may receive a small commission, at no additional cost to you, if you decide to make a purchase through our recommended partners. However, these commissions do not affect our evaluations. We only recommend products and services we trust and believe will benefit you.
How to Send Money From New Zealand Overseas
Bank Wire Transfers
Bank wire transfers are a straightforward and secure way to send money abroad directly from your New Zealand bank account. Major banks like ANZ New Zealand, Bank of New Zealand and ASB Bank allow international transfers via online banking or in-branch services.
While banks offer familiarity and reliability, their fees tend to be higher, and the exchange rates may not be as competitive as those offered by specialised money transfer providers.
Specialised Money Transfer Services
Specialised money transfer providers like Wise, OFX, and Remitly are specifically designed for international payments, offering a range of features that make them highly appealing:
- Lower Fees: These services often charge a percentage of the transfer amount or flat fees that are much lower than traditional banks.
- Better Exchange Rates: They typically use rates closer to the interbank rate, reducing hidden costs.
- Flexible Delivery Options: Funds can be sent to bank accounts, picked up as cash, or deposited into mobile wallets.
PayPal
PayPal is a widely recognised online platform for sending money internationally. It is particularly suitable for small, personal transfers, such as sending money to friends or family, and is supported in many countries worldwide. PayPal’s platform is user-friendly, allowing transfers directly to a recipient’s PayPal account, which can then be withdrawn to their bank account.
While PayPal offers convenience and global reach, its pricing can be higher compared to specialised money transfer services, and exchange rates often include a markup. Additionally, transfers are limited to PayPal’s ecosystem, requiring both sender and recipient to have accounts.
Now, let’s take a closer look at the top five services for sending money overseas from New Zealand.
At a Glance
Service | Best For | Transfer Fees |
Remitly | Individuals seeking a fast transfer back home with flexible delivery options like cash pickup or mobile wallets. | Varies based on factors such as send and receive methods, transfer speed (Express/Economy), and destination country. |
OFX | Large international transfers for personal or business needs, especially high-value payments. | NZD 12 for transfers under NZD 10,000. |
WorldRemit | People looking for diverse delivery options, including mobile wallets, bank deposits, and airtime top-ups. | Varies depending on payment options, delivery method, and destination country. |
Wise | Individuals and businesses looking for cost-effective international transfers and a debit card for spending money abroad. | Starting from 0.27% |
Revolut | People who want a versatile platform for international money transfers and managing their wealth through crypto or commodity trading. | Free transfers up to a monthly limit, after which a 2% fee applies to additional transfers. |
1
Remitly
Found in 2011, Remitly is a US-based online remittance service headquartered in Seattle, the United States. It is regulated and authorised by the relevant authorities, including the U.S. Department of Treasury, the Financial Conduct Authority (FCA) in the UK, and the Financial Service Providers Register in New Zealand, ensuring compliance with international standards for money transfers.
Remitly is available in 18 languages and serves more than 170 countries around the world. You can send money for bank deposit, cash pickup, or to mobile money providers, depending on where your recipient is located.
Key Information About Remitly
Transfer Fees | Varies based on receive countries, options to send and receive money and transfer amount |
Transaction Limit | NZD 50,000 per transfer |
Speed* | Express delivery: A few minutes Economy delivery: 3-5 business days |
Options for Sending Money | Prepaid cards, debit and credit cards (Visa and Mastercard®) |
Options for Collecting Money | Cash pickup, Mobile wallet, Home delivery, Debit card, Bank account. |
Other Considerations |
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*Two-speed options are available in specific countries, including New Zealand. We recommend checking with Remitly for the most accurate information.
**The new customer’s promotion is accurate as of 18 December 2024
Remitly Pros & Cons
- A wide range of supported currencies and countries.
- Supports multiple delivery options, including cash pickup, mobile wallets and home delivery.
- Multi-lingual customer support is available 24/7.
- No fee for your first transfer.
- Delivery time can take up to 5 business days for regular transfers.
- Limited to personal transfers; not support business transactions from New Zealand.
Who Is Remitly Best For?
- Individuals looking to send payments quickly to family or friends abroad.
- Users looking for alternative delivery options, like cash pickup and mobile wallets.
- Those sending money to regions with limited access to traditional banking
2
OFX
OFX started in 1998 in Australia as OzForex, an FX brokerage offering competitive exchange rates to individuals and small businesses. Its goal was to provide a cheaper and more transparent alternative to traditional banks for currency exchanges.
Over time, OFX expanded into a global payments provider while keeping its focus on foreign exchange. Today, it’s listed on the Australian Stock Exchange and has served over 1 million customers worldwide.
Key Information About OFX
Transfer Fees | If the transfer is less than NZD 10,000, incur a flat fee of NZD 12. Otherwise, free of charge |
Transaction Limit | No transaction limit |
Speed | 1-2 business days in most cases |
Options for Sending Money | Bank transfers and debit funds from designated accounts (business clients only) |
Options for Collecting Money | Bank accounts and OFX accounts |
Other Considerations |
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OFX Pros & Cons
- Multi-currency accounts supporting up to 11 currencies.
- Competitive international transfer fees and foreign exchange rates with transparent pricing.
- No transfer limits.
- Personalised support with a dedicated account manager.
- Can pay to personal accounts.
- No personal accounts are available, only business accounts.
- Businesses must be registered in Hong Kong, Singapore or the BVI to apply.
Who Is OFX Best For?
- Businesses looking to make large international payments or pay overseas suppliers.
- Individuals sending money abroad for purposes like property purchases, emigration, or tuition fees.
- Anyone seeking tools to manage or secure the best exchange rate for sending money.
Helpful: Discover OFX’s features, fees, and customer support with our in-depth OFX Business review.
3
WorldRemit
WorldRemit is a leading online money transfer service that was founded in 2010 by Ismail Ahmed, a former migrant who saw the necessity for a faster, cheaper, and more accessible method to send money internationally.
With a team of 1,000+ employees, and offices in the UK, Philippines, the US, Nigeria, Poland, and Cameron, WorldRemit enables over 5 million customers to easily send money to their loved ones around the world through its website or mobile app.
Key Information About WorldRemit
Transfer Fees | Depending on several factors, such as your options to receive money and your destination country. |
Transaction Limit | NZD 6,000 per 24 hours per transaction (when sending with card payments) NZD 50,000 per 24 hours per transaction (when sending with bank deposits) |
Speed | Ranging from a few minutes to 2 working days, depending on factors such as receiving method, currency, and destination country. |
Options for Sending Money | Bank deposits, Credit cards, Debit cards, and Pre-paid Cards |
Options for Collecting Money | Bank transfers, Cash pickup, Mobile wallets, and Airtime top-ups for mobile credit |
Other Considerations |
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***This promotion is accurate as of 18 December 2024.
WorldRemit Pros & Cons
- Flexible delivery options, including cash pickup, mobile wallets and mobile credit top-ups.
- Offers round-the-clock customer support in six languages via live chat.
- Transaction limits may not suit clients who need to send large sums
- Primarily focus on personal remittance.
Who Is WorldRemit Best For?
- Individuals sending remittances to family and friends, especially in developing regions with limited banking infrastructure.
- People looking for affordable and fast transfers for small to medium-sized amounts.
- Users needing mobile credit top-ups, offering a practical solution for regions with high mobile phone usage and limited internet access.
4
Wise
Wise, formerly TransferWise, is a London-based international money transfer service provider founded in 2011. It offers cross-border money transfer services to over 10 million active individual and business customers, with offices in 11 locations worldwide.
Wise provides products to facilitate global money transfer needs, including virtual accounts that can hold and manage money in more than 40 currencies.
Key Information of Wise
Transfer Fees | From 0.27% (fee varies by currency) |
Transaction Limit |
|
Speed | Transfer to bank account: Up to 2 working days Transfer to Wise account: Instantly |
Options for Sending Money | Bank transfer, Direct Debit, Debit Debit cards, Credit cards, and Your Wise account balance. |
Options for Collecting Money | Wise or bank accounts |
Other Considerations |
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Wise Pros and Cons
- Competitive exchange rate based on mid-market rate
- Instant transfers between Wise accounts
- Multi-currency account for managing and holding funds across currencies.
- Expense cards added flexibility to spend money abroad.
- Transfer money to bank or Wise accounts only.
- Required Wise account to fully access customer support.
Who Is Wise Best For?
- Entrepreneurs and business owners who are looking for a tool to receive, hold, and send money to streamline their international transactions.
- Travellers and digital-nomads looking for a cost-effective way to spend, send and manage money abroad.
- Wise network users, as you can send money to them instantly.
Interested in Wise Business? Read our Wise business account review to to learn about its features, fees, ratings, and more.
5
Revolut
Revolut, founded in 2015, is a UK-based neobank offering a wide range of services, including multi-currency accounts, international money transfers, and debit cards for spending and cash withdrawals.
With a team of over 8,000 employees, Revolut serves over 50 million personal customers and more than 500,000 businesses, making it one of the most widely used neobanks globally.
Key Information of Revolut
Transfer Fees | Depending on factors, including the amount you send, and the country of destination Also, paid plans offer discounts on international transfer fees: Premium plan (NZD 9.99/ month) - 60% Metal plan (NZD 19.99/ month) - 80% |
Transaction Limit | Limits depend on the destination country and currency |
Speed | Transfer to bank account: A few days, depending on currency and destination country. Transfer to Revolut account: Instantly |
Options for Sending Money | Bank Transfer, Apple Pay, Google Pay, Debit and Credit cards, Revolut account balance |
Options for Collecting Money | Bank accounts and Revolut accounts |
Other Considerations |
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Note: While Revolut offers business accounts in some regions, this feature is not currently available in New Zealand.
Revolut Pros & Cons
- Instant transfers between Revolut accounts
- Hold and exchange money in 25 currencies from a single account.
- Debit cards support multiple currencies
- Invest in crypto and valuable commodities to grow your wealth.
- 24/7 live chat with customer support in multiple languages
- A monthly fee applies to get a discount.
- Limited receiving options.
Who Is Revolut Best For?
- Individuals who need a combination of banking tools, including international money transfers, multi-currency debit cards, and investment options.
- Revolut network users. They can send and receive money instantly.
Interested in Revolut? Learn how to open a Revolut personal account with our guide.
5 Key Considerations When Choosing the Right Provider
Choosing the right money transfer provider comes down to your specific needs. Here are the 5 key factors to keep in mind:
1. Transfer Fees
The total cost of transferring money depends on several factors, including:
- Sending Method: Fees vary depending on whether you use a bank transfer, debit card, or credit card.
- Receiving Method: Delivery methods like bank deposit, cash pickup, or mobile wallets may come with different costs.
- Exchange Rate Markups: Each charges different markups on the base rate, leading to different conversion rates.
Transfer Amount: Larger transfers may qualify for fee discounts or waivers, while smaller transfers often incur higher fees.
Tip: Use the fee calculators offered by providers to compare the total amount your recipient will receive after fees and currency conversion. This ensures transparency and helps you identify the most cost-effective option.
2. Speed of Transfers
The time it takes for a transfer to be completed depends on the provider, the chosen payment method, and the recipient’s location. Some providers offer instant transfers, especially for account-to-account or mobile wallet payments. However, transfers to bank accounts or regions with less financial infrastructure may take 2-5 business days.
Important: Before submitting your transfer, double-check all details, including your full name, phone number, and the recipient’s bank account information (e.g., SWIFT code and account number) to avoid further delays.
3. Sending and Receiving Options
Flexibility in how you send and receive money is crucial when choosing a provider. Each provider offers different methods tailored to specific needs:
- Sending Methods: Most providers allow payments via bank transfers, debit/credit cards, or even app balances (e.g., Wise, Revolut).
- Receiving Methods: The available options vary significantly:
WorldRemit and Remitly offer flexible pay-out methods such as cash pickups, mobile wallets, and even home delivery. WorldRemit also offers mobile credit top-ups in some regions.
Wise, OFX, and Revolut focus primarily on bank-to-bank transfers, catering to more traditional payment needs.
Choose a provider that aligns with your recipient’s preferences and access. For example, mobile wallets or cash pickups are ideal for recipients in regions with limited banking infrastructure, while bank transfers may suit those with established accounts.
4. Transaction Limits
Understanding the minimum and maximum transfer limits of each provider is critical, as it determines their suitability for your specific transaction size:
- Small Transfers: If you’re sending smaller amounts, providers like Remitly, WorldRemit, and Wise are excellent options. They cater to low-value transactions with reasonable fees and lower minimum transfer requirements (e.g., Wise starts at NZD 1).
- Large Transfers: For significant payments, such as property purchases or international business transactions, OFX is ideal. It has no maximum limit and offers tools like forward contracts and limit orders to help you manage currency fluctuations.
5. Customer Support
Strong customer support is essential, especially when dealing with international transactions where delays or errors can have significant implications.
- 24/7 Availability: Providers like Remitly and WorldRemit offer round-the-clock support via chat and phone, ensuring you can resolve issues anytime, anywhere.
- Specialised Assistance: OFX stands out with phone support from real agents experienced in handling large or complex foreign exchange transactions, such as high-value transfers or currency risk management.
- Multi-lingual Support: Providers like Remitly and WorldRemit offering multi-language support if you or your recipient are more comfortable in a language other than English.
Recommended: Check reviews on platforms like Trustpilot to see what real customers say about each provider’s reliability, response times, and the quality of their support services.
Conclusion
The right money transfer provider depends on your priorities. Whether it’s saving on fees, fast delivery, or diverse delivery methods. Compare providers using their fee calculators to find the best fit for your needs, and enjoy a seamless transfer experience from New Zealand to anywhere in the world.
FAQs
How long does it take to send money overseas from New Zealand?
Bank transfers typically take around 2-5 business days to arrive. In contrast, transfers using mobile wallets, cash pickups, and transfers between accounts within the same service provider (e.g., via Wise and Revolut) can take only a few minutes to reach the recipient.
What is the cheapest way to send money overseas?
Are money transfer services safe to use?
Can I send money overseas without a bank account?
Disclaimer
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