Sending Money from India to New Zealand? Here’s What Every BookMyForex Customer Should Know!
Understanding Wire Transfers
A wire transfer is a secure way to send money directly to someone else’s bank account, anywhere in the world. It’s fast, reliable, and perfect for international money transfers. The process involves transferring funds to the recipient’s bank using a secure network like SWIFT. When sending money to New Zealand, all you need are a few key details: the recipient’s name, bank account number, and the bank’s SWIFT code. This ensures your money reaches the right person safely.
Now, here’s the catch: most Indian banks charge hefty fees for wire transfers, ranging from ₹1500 to ₹2000, and they add a markup of 2 to 3% on the exchange rate. That’s where platforms like BookMyForex stand out. We offer zero transfer fees and the lowest exchange rates linked to the interbank rates. Plus, your transfer is still processed through trusted partner banks, so it’s just as secure as using a bank – but way more affordable.
Why Indians Transfer Money to New Zealand
India’s Liberalized Remittance Scheme (LRS) allows residents to send up to $2,50,000 abroad per financial year for various reasons. Here are the most common purposes for transferring money to New Zealand:
1.Education: New Zealand has emerged as a popular destination for Indian students, offering world-class education. Prestigious institutions like the University of Auckland, Victoria University of Wellington, and the University of Canterbury attract thousands of Indian students. Families often remit money to students for tuition fees, living expenses, and accommodation costs.
2. Family Support: Many Indians have relatives or loved ones residing in New Zealand, whether they are studying, working, or living permanently. Sending money for monthly expenses, emergencies, or during festivals is a common reason for transferring funds.
3. Emigration and Employment: New Zealand is a sought-after destination for Indians seeking permanent residency or employment opportunities. Those who migrate often need funds to manage initial settlement costs, including rent deposits, furnishing homes, or covering transportation and utilities.
4. Investments: New Zealand’s stable economy and robust property market make it a promising place for investments. From purchasing real estate to diversifying portfolios through stocks or mutual funds, wire transfers are the go-to method for making such payments.
5. Medical Treatment: New Zealand is known for advanced healthcare facilities, particularly for specialized treatments and surgeries. Sending money to cover medical expenses, consultations, and follow-ups is another important reason for money transfers from India to New Zealand.
Documents Required for International Money Transfers to New Zealand
The documents required for wire transfers through BookMyForex depend on the reason for your transfer. For example, you’ll need to share the I-20 form or an admission letter from the university, when sending money to New Zealand for educational reasons such as university fees. For fund transfers to loved ones for family support, proof of your relationship with the beneficiary is needed.
However, there are two key documents needed for all transfers, regardless of the purpose:
—PAN Card
—Remitter Photo Cum Address Proof
For a detailed list of documents based on the purpose of your transfer, visit here
Factors to Consider When Transferring Money to New Zealand
1. Exchange Rates: Even a small difference in the exchange rate can significantly impact the amount received. Banks generally add a markup of up to 2.5% to the exchange rate, making the transfer more expensive. For instance, if you’re transferring $10,000 NZD, a bank might offer ₹49 per NZD, requiring you to pay ₹4,90,000. BookMyForex, on the other hand, might offer ₹48.5 per NZD, costing ₹4,85,000, thus saving you ₹5000 on just one transfer!
2. Transfer Fees: Transfer fee is another crucial factor to consider! Banks typically charge flat fees of ₹1500 to ₹2000 for international money transfers to New Zealand. Some other popular money transfer platforms also charge a percentage-based fee, which can go as high as ₹8000 depending on the transfer amount. BookMyForex offers zero transfer fees when you use the promo code “ZEROBANKFEE,” while placing your order – making your remittance more economical.
3. Intermediary and Recipient Bank Charges: When transferring money internationally, intermediary banks involved in the process may charge fees ranging between $10–$30. Additionally, the recipient’s bank might deduct processing fees upon receiving the incoming funds. Opting for a platform like BookMyForex ensures full transparency about these charges, so you know exactly how much the recipient will receive.
4. Transfer Speed: Time is crucial, especially for urgent transfers. Banks usually take 3 to 5 business days to process wire transfers. In contrast, BookMyForex ensures faster processing, delivering funds to New Zealand within 12 to 48 hours. Transfers for education-related purposes get priority and will be transferred on the same day.
5. Security and Compliance: Transferring money internationally involves sensitive personal and financial information. Ensure the platform you choose prioritizes the safety of your data. Platforms like BookMyForex use advanced encryption, secure payment gateways, and document watermarking to protect your data. Additionally, BookMyForex complies fully with RBI and FEMA regulations, giving you peace of mind.
6. Tax Collected at Source (TCS): TCS applies to all foreign remittances, no matter the platform you use. For education and medical remittances exceeding ₹7 lakh in a financial year, a 5% TCS is applicable. For other remittances exceeding ₹7 lakh in a financial year, a 20% TCS applies. Transfers below ₹7 lakh in a financial year are exempt from TCS. You can claim the TCS amount when filing your income tax return.
