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Changing currency

Our family is moving to New Zealand at the end of the year and we were wondering how we can get the best exchange rate – $AU to $NZ. Is it best to change the $AU to $NZ here in Australia or take the money with us and exchange it in New Zealand?

The simple answer is I don’t know, but that often happens with outside the square questions like this one. Of course, banks here have branches or partner banks over there. You should approach the first part of your challenge in a business-like way.

The other part of question will mean you will have to be an investor. Imagine you transferred your money to a Kiwi bank and see what the costs will be. Then see if it’s cheaper to transfer to related bank in NZ. Actually ask for the costs.

The next part of your question is to time the switch. When you transfer, the bank will make the conversion based on what the exchange rate was. Why not ask a few banks what cost is associated with the conversion? They can have different charges and policies, so find them out. Also you have work out is sooner better than later.

Our currency has been helped by resource prices and the Kiwis are in this space.

Basically, you are gambling in exchange rates and they can be tricky but most tipsters think the Oz dollar can go higher. Keep your fingers crossed.

Book a complimentary first appointment with Switzer Financial Services today. 

Important information:This content has been prepared without taking account of the objectives, financial situation or needs of any particular individual. It does not constitute formal advice. For this reason, any individual should, before acting, consider the appropriateness of the information, having regard to the individual’s objectives, financial situation and needs and, if necessary, seek appropriate professional advice.

 

Published on: Monday, February 15, 2010

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