Knowing about BNZ money transfer costs is key for sending money abroad. It’s vital for business, personal needs, or helping family. This guide will help you understand
BNZ is a big bank in New Zealand with different accounts and fees. Business accounts have fees for overdrafts and withdrawals. For example, overdraft fees are 0.15% per month, with a $5 minimum.
It’s important to know about monthly fees for any account. These fees can change the cost of sending money abroad. Fees range from $0.20 to $3.50. Manual transaction fees are $1.00, and overdraft fees are 0.10% to 0.15% per month, with a $5 minimum.
Monthly fees for certain accounts can vary. Knowing these can help you choose the right account. Also, exchanging leftover foreign currency, like USD, can save you money in New Zealand.
When using BNZ for international money transfers, consider both direct fees and exchange rates. Understanding these can help you save money. Keep reading for more on BNZ money transfer rates and tips for saving on international transactions.
Overview of BNZ International Money Transfer Rates
It’s important to know about BNZ fees, exchange rates, and the total cost of sending money abroad. This section breaks down these costs to help you understand before you start.
BNZ charges different fees for international transfers, depending on the method and direction. For sending money out, the fee is $5 online or $25 with staff help. Receiving money has its own fees:
- $10 if credited to a BNZ account
- $15 if received by BNZ and credited to another bank
- $25 if credited to another bank or uplifted in cash
The exchange rate for 1 NZD to EUR is 0.5992 EUR at BNZ. They add a 2.1% markup to the mid-market rate. There’s also a $20 fee for correspondent bank fees. Plus, canceling, tracing, or amending a transfer costs $25 each.
The cost of sending money with BNZ includes more than just fees. The exchange rate and transaction limits are also important. For example, the daily limit for international transfers via Internet Banking is $100,000. To compare BNZ with others, check out this complete guide.
| Service | Wise | Revolut | Westpac | ANZ | BNZ |
|---|---|---|---|---|---|
| Account Opening Fee | No fee | No fee | No fee | No fee | No fee, minimum deposits vary |
| Account Maintenance Fee | No fee | 0 – 19.99 NZD/month depending on account | No fee | No fee | Fees vary based on currency |
| Multi-Currency Account Support | Supports 40+ currencies | Hold and exchange multiple foreign currencies | Single-currency accounts | Single-currency accounts | Single-currency accounts |
| Foreign Transaction Fees | No foreign transaction fee | No foreign transaction fee | Not applicable | Not applicable | Not applicable |
| Exchange Rate | Mid-market + conversion fees from 0.43% | Mid-market initially, then fair usage fees | Markup applied | Markup applied | Markup applied |
BNZ offers good services but has different fees for international money transfers. Comparing these with other providers can help you choose what’s best for you.
Guide to international money transfers exchange rates bnz new zealand
Understanding how international transfer rates BNZ affect your money is key. BNZ offers the Flexi debit card for overseas use. It works for online and in-store buys and lets you withdraw cash from ATMs abroad.
The BNZ Advantage Visa Platinum credit card has a minimum limit of 8,000 NZD. It also covers up to 90 days of travel insurance. But, remember, BNZ charges a 2.25% fee for every transaction with their travel cards.
Also, cash withdrawals with BNZ credit cards have interest rates. The Advantage Visa Classic has a rate of 22.95% per annum. The Advantage Visa Platinum has a rate of 18.95% per annum. This is something to think about when using the BNZ money transfer guide.
BNZ’s exchange rates might be higher than the market rate. This can lead to extra costs for you. To avoid these, check out guides like this currency conversion guide to save money.
Here’s a comparison of BNZ cards for international use:
| Card Type | Currency Conversion Fee | Interest Rate | Additional Benefits |
|---|---|---|---|
| BNZ Flexi Debit Card | 2.25% per transaction | N/A | Foreign currency withdrawals from ATMs |
| BNZ Advantage Visa Platinum | 2.25% per transaction | 18.95% per annum | 90 days of international travel insurance coverage |
| BNZ Advantage Visa Classic | 2.25% per transaction | 22.95% per annum | Standard credit card benefits |
When you plan to send money abroad, using the right BNZ products is key. Knowing the international transfer rates BNZ helps manage your costs. Think about all the fees and interest rates to choose wisely for your money.
How to Make an International Money Transfer with BNZ
Sending money abroad with BNZ is easy. You can do it online, through the BNZ mobile app, or at a branch. This guide will help you with each step, including any fees or delays.
Start by logging into BNZ Internet banking or using the mobile app. You can make international payments from 7am to 11pm NZT on weekdays. First, choose the international payment option. Then, enter the recipient’s name, bank details, and address.
You’ll also need to state the payment’s reason and check BNZ’s sanctions rules. After filling in all the information, look at the fees. Remember, there’s a $5.00 fee for sending New Zealand dollars online.
At a branch, the process is similar but you get help from BNZ staff. This might be better if you need help with the transfer. Be ready for extra fees, like $15.00 for payments to another bank or $25.00 for trace requests.
For the latest on fees and terms, check the BNZ support page. It has all the details on fees, how long transactions take, and more.
