How to Transfer GBP to NZD - June update

GBP has been strengthening against NZD in the last 8 months. There are a 100’s of factors baked into FX rates but the biggest one in my view for NZD is that it is a “risk on currency”

This basically means that when there is optimism in global markets, the NZD tends to strengthen, and when there is pessimism and uncertainty, the NZD generally weakens.

Therefore, it’s not too surprising when we look at news to see that GBP/NZD is now at 2.26. Good if you’re bringing money over from UK to NZ, great if you’re selling a property or transferring a pension.

We regularly keep an eye on latest rates offered by the leading currency transfer specialists, because the best rates provider moves around quite often, as you would expect in a market.

Currently we are seeing that XE has a slight edge over other currency specialists, and a big edge over banks. comparison details above. Personally, I use Wise because I’m used to it and their rates are good, but if I was transferring a large amount, I would use XE. As said above, these rates move around, so it might be another provider with the edge next month.  

Also, if I had a large lump sum to transfer I wouldn’t go all in on one day, as this subjects you to risk of bad luck, as well as bad emotions. We usually advise clients to transfer in tranches. You could transfer 30% in week 1, and 10% for 7 weeks following. This way you are protected against GBP going up or down, and you’ll get the average rate over time. This is much better than trying to crystal ball it, as FX is a market that is notoriously difficult to predict.