When we first moved to New Zealand, one of the key logistical needs was to be able to transfer money from our US accounts to our New Zeland ones. While pretty much all of the other migration processes, like getting our visas, have run their course, we’ve found we still need to move money back and forth occassionaly.
Back in 2016 we looked into the different options for international money transfers and ended up using a website called Transferwise. It gave you the mid-market rate and lower fees than using a bank – when you’re transferring large amounts (like when moving countries) they can add up. You had to fill out a form on Transferwise, then go to your US bank account (filling a another transfer form) and move the money from your account to Transferwise’s (including being on call for a call from my bank to verify it was me transferring the money). Then once Transferwise had it in their account, they would send it on to our NZ account, with it showing up a couple of days later. It was pretty nerve wracking to transfer all the money you had into the account of a strange company, and even though we did it a number of times with no problems, it was always a relief when the funds would show up in our NZ account.
These days Transferwise is just called Wise and the process is a bit smoother. Now it’s possible to connect Wise directly to your accounts so you only have to set things up once and the money moves more quickly. It’s still a bit nerve wracking to move large amounts of money, but the process feels a little more routine and less risky.
Wise also offers debit cards now for travelling. Basically you move money from your account in one country into funds for the country your visiting in your Wise account, and then use the debit card to pay for things. The advantage is that you get a better exchange rate than using a credit card and can easily top it up if needed. Nowadays there are many similar offerings from Wise and other companies to choose from, making moving money for travel (not just when moving) easier.
Kiwi Bound 