How Do I Send Money Overseas?

Send money anywhere and everywhere.

If you need to transfer money from New Zealand to an overseas account, you have two main options:

  • using a bank, or
  • using an international money transfer specialist.

Read on to find out all about each option, and why you should use the services of a company that specialises in helping you make an international payment.

Sending money to an overseas bank account via a bank

International money transfers are one of the many financial services that a bank can provide — depositing the money straight into your recipient’s bank account. It can even be as simple as managing the transfer from your internet banking with the recipient’s account number, SWIFT code, as well as their bank and branch number (also called telegraphic transfers). If you decide to take this option, it’s important that you research the market to find the bank that will provide you with the best foreign currency exchange rate and the lowest fees for your transaction.  If you don’t do this, you could lose money on the bank transfer and pay more fees than you should.

International money transfers via a specialist provider

Companies that specialise in international money transfers don’t provide a range of other services like banks do. This specialisation usually means that they can offer more expertise and better international money transfer deals than banks, both in terms of the exchange rate and fees. There are three categories of international money transfer specialists:

  • FX brokers,
  • money transfer agents, and
  • FX peer to peer (P2P market places).

Let’s briefly look at each in turn.

FX brokers

FX brokers are foreign exchange specialists who provide international money transfer services to both individuals and businesses. OFX, XE and TorFX are examples of FX brokers. All three allow you to transfer funds online, over the phone or by using their apps. The table below outlines the features of each provider’s service.

FX Broker

Minimum Transfer Amount




$12 if under $10,000

Free if over $10,000



$4 if under $500

Free if over $500


No minimum


Money transfer agents

Money transfer agents tend to transfer smaller amounts of New Zealand dollars internationally than other specialists.

FX peer to peer market places

These are online marketplaces where you can transfer money internationally with other individuals at agreed exchange rates.

What is the cheapest way to transfer money overseas?

While banks are great for everyday personal finance uses, they’re probably not the most cost-effective way to transfer money overseas. A money transfer specialist will generally be more efficient and cost-effective than a bank, but there are extra steps you can take to reduce the cost even further:

  • Find the best exchange rate. Finding the transfer specialist with the best exchange rate can help you save money — especially on large amounts.
  • Send a higher amount of money. The fees to transfer money overseas often get cheaper the higher the dollar figure you’re transferring. If you need to make a couple of transfers in the future, it can be cheaper to combine the money and send it over in one transfer.
  • Find a transfer specialist that suits your needs. When sending money overseas, getting the best price isn’t always the deciding factor. When you’re comparing service providers, be sure to take into account your needs, such as transfer speed and check that you’re choosing a provider that can meet these needs.

If you need to transfer money overseas, you can save money and time by using the services and expertise of a specialist international money transfer company.

How we can help you with an international money transfer

If you need to transfer money internationally, our experienced team at have compiled a list of specialist providers. Keeping your requirements in mind, our comparison can help you find an appropriate service provider, allowing for a seamless international transfer option for you.

Compare Money Transfer

Find the best money transfer option for your needs