MoneyHub compares various companies for money transfer services
MoneyHub’s guide to international money transfers explains to consumers everything they need to know to get the best foreign exchange rate and pay the lowest fee.
MoneyHub has published a guide to money transfers, designed to explain and compare the various companies offering 'best rate' services. MoneyHub's guide to international money transfers explains to consumers everything they need to know to get the best foreign exchange rate and pay the lowest fee.
MoneyHub Senior Researcher Christopher Walsh said:
"Before making a money transfer, or converting currency, we suggest consumers check the real mid-market rate. This can be done using Google, for example searching "NZD to GBP" and seeing what it shows. This will work for any currency, e.g. "NZD to Thai Currency". Despite an array of providers advertising themselves as market leaders with the 'best' rate, we observed few providers offering a mid-market rate".
"We studied the seven online transfer websites over a period of five days during June 2019, to compare the total amount received in local currency for a range of NZD amounts. We used bank transfer as the method of payment and compared the cost of sending a range of payments (NZ$100 to NZ$5,000) to AUD, INR, GBP, EUR, USD, CAD, SGD, JPY, MXP, and ZAR. Our results, which will be updated again in early 2020, showed TransferWise offered the best exchange rate and lowest fees for the transfer sizes we sampled".
"Ultimately, the best way to compare each money transfer company is to ask how much foreign currency you will get for your New Zealand dollars after all charges have been deducted. Online tools make it easy, so the average consumer can get around five quotes in less than two minutes. It's then relatively straightforward to use the provider with the best foreign currency for NZD".
"We expect our detailed guide to international money transfers to be popular, and our research team will be updating the details on an ongoing basis".
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