Author, Mike Smith
Last Updated on May 17th, 2024
In this article, I’ll explain how to make a transfer from NZD to GBP. I’ll explain the options you have and ultimately, how to save money on your NZD to GBP transfer.
4 simple steps to transfer NZD to GBP
Transferring NZD to GBP can be broken down into 4 simple steps.
Follow these, and it’ll make your money transfer much easier.
Step 1: ID Check
The first time anyone makes an international money transfer, they need to open an account.
And to be able to do that, you’re required to pass an ID check.
This is to comply with anti-money laundering regulations.
If this sound complicated, don’t stress – it’s usually relatively straightforward.
For most people, sending in a copy of your passport or driving licence, and on some occasions, a utility bill is often all that’s needed.
Step 2: Secure an exchange rate
Once your account is created, you can start thinking about securing an exchange rate.
The exchange rate is the most important part of transferring NZD to GBP, as it will largely determine how much it costs.
To achieve as many Pounds as possible, you should target a higher NZD to GBP exchange rate.
You should aim to make your transfer when the New Zealand Dollar is strongest.
In short, a higher NZD-GBP rate gets you more Pounds.
If you’re happy with the exchange rate you’re offered, lock it in.
As a tip, some providers often ask you to send in a deposit before you can secure an exchange rate.
Step 3: Send in your New Zealand Dollars
With the exchange rate secured, you can send in New Zealand Dollars to be exchanged into Pounds Sterling.
Your provider will make it clear where you need to send the agreed amount.
This is an important part of the transfer!
So, I’d recommend taking a moment to double-check check you enter the provider’s bank details correctly.
But once that’s done, you can put your feet up.
Your provider will take care of the rest and ensure the funds arrive safely in the UK.
Step 4: Your New Zealand Dollars are converted to Pounds
Once your New Zealand Dollars arrive with the provider, they’ll be converted to Pounds.
The agreed amount of Pounds will be bought, and they’ll be sent to the recipient’s account.
The currency conversion happens almost in an instant.
The Pounds will soon be on their way to the recipient.
And with that, the transfer’s complete!
How long does it take to transfer NZD to GBP?
NZD to GBP transfers usually take between 1-3 working days.
The time it takes is due to the clearing time at the banks.
There’s clearing time when you send the NZD to your bank or currency broker, and then more clearing time when the Pounds are sent to the recipient.
There’s nothing that can be done about this, unfortunately.
It’s just the nature of the beast.
The large difference between the New Zealand and UK time zones can sometimes extend the waiting time too.
But, if you’re aware that it could take a day or two, and you factor it into the timeline of your transfer, everything will run smoothly.
Exchange Rates & Fees Explained
Costs of NZD to GBP transfers can come in two forms.
- Transfer Fees
- Exchange Rates
It can be confusing to untangle the details of how these work, especially if you’re not familiar with making currency transfers.
So let’s clear up how they all work.
How transfer fees work
Transfer fees are often the most visible costs when you transfer NZD to GBP.
They’re advertised as simple, flat, one-off fees.
But they vary from bank to bank and can be hidden in the small print.
Here are the fees charged by the main New Zealand banks for an NZD to GBP transfer.
| Bank | Transfer Fee | ||
| ANZ | $9 flat fee | ||
| BNZ (Bank of New Zealand) | $25 when staff-assisted | $5 using self-service | $20 additional correspondent bank fee |
| ASB | $30 when staff-assisted | $15 using self-service | |
| Kiwibank | $25 when staff-assisted | £20 using self-service | |
| Westpac | $30 when staff-assisted | $20 using online banking | $10 using Westpac One |
Sure, the flat fees are nice and easy to get your head around.
But really, they’re just a distraction from the larger costs which come from the exchange rate.
Not only that but there are also plenty of providers out there who don’t change transfer fees.
So the dirty secret is, transfer fees are completely unnecessary!
If you can make your NZD to GBP transfer without extra fees, why use a bank that adds them on every single time?
How exchange rates work
The main cost of any NZD to GBP transfer is in the exchange rate.
All providers build in costs to the exchange rate you’re quoted.
This is why they can be so hard to spot.
But they can be significant.
So if you can understand how they work, you’re better placed to save some money!
Let’s start by looking at how exchange rates work with the banks.
Banks often charge exchange rate margins of between 3% to 4%.
This is huge when you work it out.
If you were to transfer $100,000 on a 4% margin, you’d be giving the bank $4,000.
This is much more concerning than a one-off $30 fee.
It shows just how important the exchange rate is in the cost of an NZD to GBP transfer.
Don’t just take the first exchange rate you see at your bank.
Make sure you look elsewhere.
You’re likely to get a better NZD to GBP exchange rate using a currency broker, like Key Currency.
Exchange rates you see online
A common misconception is that there are ‘official’ exchange rates, that are ‘set’ or predetermined.
This isn’t the case.
Here are a couple of exchange rate essentials that you should know:
- Exchange rates change every few seconds
- Exchange rates vary between providers
So, what’s the exchange rate you see online? Where does this come from?
This is the ‘interbank exchange rate’.
Unfortunately, this rate is unachievable for the man on the street and is only used by the banks when they trade between themselves.
Even though it’s not a realistic exchange rate, it’s still a handy yardstick.
This is where you can see how exchange rates differ between providers.
Some will be able to get closer to the interbank rate of exchange than others.
You need to get a genuine quote to see what exchange rate can be achieved for your NZD to GBP transfer.
You never know what exchange rate you can get until you get a quote. Often comparison sites and online tables are only indicative, so you need to get an actual quote.
Getting the best NZD to GBP exchange rate
Exchange rates are notoriously volatile and sensitive, and NZD to GBP is no exception.
Just look at how much it has moved over the last 5 years.
There are a lot of peaks and troughs in there.
But what does that mean for you?
If you transferred $100,000 to GBP at the exchange rate’s highest point, you’d get £54,070.
At the lowest point, $100,000 would only get you £47,860.
That’s £6,210 less at the other end!
What’s more, the drop from the highest point to the lowest happened in less than a year.
That shows you just how quickly and dramatically things can change in the world of exchange rates.
It can certainly be an unforgiving market.
Many providers like banks and app-based services leave you to manage your transfer by yourself.
How are you meant to know the best time to make a transfer?
What if you’re at a low point?
If you’re inexperienced with the currency markets, you may unintentionally get a bad rate.
I think it makes much more sense to deal with a real person who can explain where the market is trending and discuss the best time to make your NZD to GBP transfer.
If it were my money, I wouldn’t want to take any chances.
Having someone talk you through your transfer at every step can help avoid any slip-ups and get you a better exchange rate.
Key Currency: About Us
At Key Currency, we operate differently from banks, apps, and many other currency brokers.
With us, you get your personal Account Manager to guide you through the entirety of your currency transfer.
They take the time to understand the details of your transfer.
If you have an amount you need to achieve or a strict deadline you need to hit, they will help you find the best time to make your transfer.
That way, you can rest easy knowing everything’s taken care of.
They will also answer any questions you may have about the process.
There are no extra fees, and the full costs of your transfer are included in your quote.
You know exactly how much will land in the recipient’s account – down to the final penny.
We aim to take away as much of the confusion as possible and make transferring NZD to GBP as easy and stress-free as possible.
You’re not palmed off to any online apps or complicated systems.
Just a simple, clear, and helpful service.
You can also see exactly who you’re speaking to on our About Us page.
Take a look at our Trustpilot page, where we have a 5-star customer rating from over 2,000+ customers.
You have the peace of mind knowing that Key Currency is an FCA-regulated Authorised Payment Institution (No. 753989), and as such, all money transfers are conducted through safeguarded client accounts.
To compare our exchange rates, get a free, no-obligation GBP to NZD quote below.
