Review of CurrencyFair International Money Transfers in New Zealand: Guide to Fees, Exchange Rates, and more.

Sending abroad and receiving money has never been easier with online international transfer providers. CurrencyFair is one provider in New Zealand that lets you send money to bank accounts worldwide.

New Zealand residents can use CurrencyFair to send money for tuition abroad, to book holidays, or to send gifts to loved ones. Businesses can also use CurrencyFair to pay employees or receive payments.

Learn more about how CurrencyFair works, how much it can cost to send money, and how it compares to providers like Wise.

What is CurrencyFair in NZ?

CurrencyFair is an online cross-border payment and foreign exchange service provider with over 150,000 personal and business clients worldwide. Founded in Ireland in 2010, CurrencyFair now has representative offices in Australia, the United Kingdom, Singapore, and Hong Kong.

With CurrencyFair, New Zealand residents can send money to their loved ones and business associates in over 150 countries in 20+ major currencies. While sending money requires you to sign up for a CurrencyFair account, you do not need to have one to receive money from abroad.¹

Is CurrencyFair safe?

The Central Bank of Ireland regulates CurrencyFair. The company has a corporate authorized representative (No 419450) for CurrencyFair Australia Pty Ltd and is regulated by ASIC (AFS License No 402709) in Australia and New Zealand.²

CurrencyFair offers bank-level security, making it a safe international cross-border payment platform. It follows thorough verification and two-factor authentication for the highest level of protection for users. The network uses 256-bit encryption via SSL from VerSign to ensure the most secure connections.³

CurrencyFair International Transfers in NZ

International transfers are simple with CurrencyFair. In addition to sending money to bank accounts abroad, the provider offers additional services to New Zealand users, such as:⁴

• Receive overseas pensions.
• Receive proceeds from selling shares abroad.
• CurrencyFair can be used to buy properties overseas.

Family, friends, and businesses abroad can also use CurrencyFair to send money to New Zealand residents. Here are the steps for sending and receiving money in the country with CurrencyFair.

How to send money abroad with CurrencyFair from NZ

New Zealand residents can use CurrencyFair to send money to bank accounts in more than 150 countries in over 20 currencies. To begin sending money, you will need to sign up for a CurrencyFair account:⁵

1. Visit the CurrencyFair website and click on “Sign Up.”
2. Enter your email ID and create a password to sign up.
3. Verify your email ID and follow the instructions to create your account.
4. CurrencyFair will need your identification documents to verify your identity.
5. Once verified, your account becomes live for login.

Now that you have a CurrencyFair account, here is how to send money:⁶

1. Login to your CurrencyFair account and set up your transaction.
2. Enter the amount and the currency.
3. Add the recipient’s details.
4. Choose the deposit method from the provided options.
5. Transfer money from your bank account to CurrencyFair.
6. Complete the payment and transfer.

The minimum amount you can send is 15 NZD and the maximum is 10,000,000 NZD.⁷

Once your transfer is complete, your money can be deposited within seconds. However, the standard deposit time is between one and two days, depending on the recipient’s country.

How to receive money with CurrencyFair in NZ

Receiving money with CurrencyFair is easy and doesn’t require having an account. If you have given the sender your account details and information, the funds should arrive in your local bank account once the transfer is complete. It can happen instantly, but depending on the sender’s country, it can take a day or two to arrive.

The minimum and maximum transfer limits are the same as sending money, 15 NZD and 10,000,000 NZD, respectively.

You won’t pay any fees or incur any costs from CurrencyFair if you receive funds in your bank account. But as a sender, you can expect to pay fees.

CurrencyFair Fees in NZ

When sending money abroad, CurrencyFair has two fees: the first is an international transfer fee, while the second is charged on the exchange rate—more on the exchange rate below.

The fee for sending money with CurrencyFair depends on where the money is being sent. For instance, transfers to a European Union country can be 3 EUR while transfers to the UK may be 2.50 EUR. CurrencyFair has a transfer fee list online and you can also use the online converter to confirm how much recipient would receive from the transfer.⁸

CurrencyFair Exchange Rates

CurrencyFair adds 0.53% markup to the mid-market currency exchange rate.⁹ The mid-market exchange rate is the one you usually see on Google — and the one used by Wise.

This markup can seem small, and is often better than what many providers offers - but it's still a cost that can make a dent in how much your recipient receives.

As an alternative, we invite your to check out Wise - that does not charge any markups on the mid-market rates. Here's what it would cost to send the transfer via Wise:

Sending money internationally? Wise could help you save.

If you need to have your money collected in cash - or if you want to pay in cash, Wise can’t help. But if you’re arranging a digital payment for deposit to a bank, Wise can help you save with the mid-market rate conversions.

Send money to 160+ countries, online or in the Wise app, and pay for your transfer from a bank or with a card. Wise uses the mid-market rate and a low conversion fee starting from 0.33% to calculate the amount that the recipient receives in the end. Because the costs are split out from the exchange rate, it’s straightforward, and you know there are no hidden fees to worry about.

Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up-to-date pricing and fee information.

Sources used for this article:

1. CurrencyFair New Zealand - An overview
2. CurrencyFair New Zealand - regulating entity
3. CurrencyFair NewZealand - Safe operations
4. CurrencyFair New Zealand - Services provided
5. CurrencyFair New Zealand - Sign up for an online account
6. CurrencyFair New Zealand - Send money abroad
7. CurrencyFair New Zealand - Transfer Limits
8. CurrencyFair New Zealand - Transfer fees
9. CurrencyFair New Zealand - Exchange rates

Sources verified on 2 July 2024.