In recent years, the New Zealand dollar has moved significantly against major currencies. This can be either beneficial or detrimental to your finances depending upon whether you are bringing money to New Zealand or sending money overseas for a holiday, to a family member or for a purchase.
Exchange rates tend to follow a trend for a period based on a whole host of factors. However, within that trend, exchange rates fluctuate every minute of the day, 5-days a week. The market does not open and close as such, it just moves from London to New York to Asia to London and so on: as they say "Money Never Sleeps".
Currency conversion, or foreign exchange, is big business for banks and they make big money out of it - both in the fees they charge you plus in the margins they can make on short -term fluctuations. Often the fee or margin you pay for converting money is outrageous and it is definitely worth your while shopping around for a better deal.
Milestone has negotiated a foreign exchange/currency conversion arrangement with one of Australasia’s largest foreign exchange specialists. This enables client’s to piggy back on the massive discounts that Milestone has negotiated, enabling clients to transfer funds or currency at often less than half the cost they would be charged by their local bank.
The arrangement includes:
- Zero transaction fees for payments above NZ$2,000.
- Access to 52 currencies with really good exchange rates.
- Online, 24/7 access.
- The ability to set a price and receive exchange rate alert emails.
- Having a Forward Exchange Contract (FEC) so as to avoid exchange rates moving against you. This enables you to buy or sell a specified amount of foreign currency at a fixed exchange rate (agreed upfront) for settlement at a specified future date.
- Having a ‘limit order’ where you nominate the desired exchange rate you want and then the exchange watches the fluctuations on your behalf. Once your desired rate is reached, then the exchange transaction is undertaken.
Setting up a transfer facility is quick and simple. Either give your Milestone adviser a call or set it up via the Milestone website