The ASB Streamline Account is a great choice for New Zealand residents, including students. It has no monthly fees and lets you make unlimited free electronic transactions. You also get a Visa Debit card, which is useful for both local and international use. If you’re sending money abroad, knowing about ASB’s exchange rates and fees is key.
ASB has a foreign exchange service with fees for sending and receiving money. For example, branch transfers cost NZD 30, while online transfers are just NZD 5. The ASB Visa Debit card also charges a 2.10% fee on international transactions. These costs are important to remember when moving money across borders.
ASB offers more than just everyday banking. They provide detailed solutions for currency conversion and international money transfers. While their exchange rates are good, it’s important to know about the fees and charges. This is true if you’re often sending money internationally.
Understanding ASB’s Exchange Rates for International Money Transfers
When you send money internationally with ASB, knowing the exchange rates is key. ASB’s rates are often higher than what you see on Google or Wise. This means you might get less value for your money when sending abroad.
ASB charges different fees for international transfers. For example, sending money at a branch costs NZD 30. But online, it’s just NZD 5. Receiving money also has a fee of NZD 15. These fees can add up, making regular transfers expensive.
Using the ASB exchange rate calculator can show you the real cost of sending money overseas. But remember, ASB’s rates are usually higher than what non-bank services like Wise offer. Wise is known worldwide and trades on the London Stock Exchange. They have clear fees, like NZ$14 for a debit card, making them a good choice for saving money.
If you want to save on international money transfers, look at the rates and fees. New Zealand banks can charge up to NZD 12 per transaction. Wise, on the other hand, has lower fees. Even services like Revolut offer savings by avoiding bank rates and fees.
Guide to international money transfers exchange rates asb new zealand
When you use ASB for international money transfers in New Zealand, knowing the costs and exchange rates is key. ASB charges NZD 30 for transfers at their branches. Online transfers through FastNet Classic cost NZD 5. Receiving money from abroad costs NZD 15, so it’s important to understand these fees.
Keep in mind that ASB’s exchange rates might not always be the best. Their rates are often higher than the mid-market rate, leading to more costs for you. This is a big deal if you send a lot of money. For tips on how to save money, check out these ASB exchange tips.
Also, ASB Visa Debit Cards have a 2.10% Offshore Service Margin on each international transaction. This can add up and affect your costs when using these cards abroad. Knowing these foreign exchange rates ASB helps you make smart financial choices.
| Service | ASB Fees | Wise Fees |
|---|---|---|
| Branch Transfer | NZD 30 | Transparent, Lower Fees |
| Online Transfer | NZD 5 | Transparent, Lower Fees |
| Inbound Payment | NZD 15 | No Additional Charges |
| Debit Card Fee | One-Time Fee of NZD 14 | Lower, No Monthly Charges |
| Exchange Rate | Above Mid-Market Rates | Mid-Market Rates |
Looking at services like Wise can also help. Wise uses mid-market exchange rates, which can save you money compared to ASB. Wise’s debit card has a one-time fee of NZD 14 and no monthly charges. It also offers local bank account numbers for different currencies, making international transactions easy and clear.
In summary, while ASB provides good international money transfer services, it’s important to know their fees and exchange rates. This guide aims to help you make the most of your international banking with ASB.
Comparing ASB with Alternatives: Wise and Currencies Direct
When we look at ASB’s international money transfer services, Wise and Currencies Direct seem more affordable. ASB charges higher fees and rates, making it pricey for those who send money abroad often. Wise, on the other hand, offers rates close to the market average with clear fees. This makes Wise a good choice for those watching their spending.
Currencies Direct also shines by tailoring currency exchange solutions. It often beats ASB in cost, thanks to better rates and lower fees. This makes it a solid pick for both personal and business users who trade internationally. It’s important to compare rates to find the best fit for your budget.
Using platforms like Monito can also help save money. Monito’s tool can find services like Wise and Currencies Direct, saving up to 95% on fees. For more tips on saving on transfers, check out this guide.
