Exchanging money from uk to nz.



New Member
Hi there guys!!
I am currently resident in nz and am looking to buy a property here.
I have a large amount of money to transfer from an offshore account on the isle of man to nz and was unsure of exactly what needs to be done to minimize the amount the bank will charge me for the service.
The mid rate today is $3.01 dollars to 1 English pound and my bank says its rate however is $2.88.
The difference in settlement is $27, 600.00 dollars is this really what the bank charges for the service. (its an insane amount to make for pushing a button)

also I am told that as a new Zealand resident the government will tax me for the amount the money has made in interest since I left the uk in November, is this also the case as I am beginning to lose heart.

If I was to transfer my money to a sterling account here in nz (bnz offer this service) would the nz banks also hit me for insane fee's at this end also!!
Please help as I am losing my mind over this
Thanks in advance


New Member
Some late reply, Bets ask your NZ accountant for an Answer.

Im a NZdr currently in the IOM and I have to say some great buying in NZ but also few good properties on the Island.


New Member
I suspect that 4 years after posting his query Zacary has moved on !.


New Member
May be But one thing is for sure - there are better opportunity in New Zealand property market then 4 years ago. Especially with the high yielding residential and Commercial properties.


New Member
Hi H,

Fancy meeting you here!

I did notice the date on the first post....and wow $3.01 to the pound. You don't get that anymore!!

Good to see you active we should catch up for coffee some time. :)

Cheers S