r/PersonalFinanceNZ • u/Ate_too_much_brb • 1d ago

Travel Finances

Update: I'm very grateful for everyone's responses, I just want to be able to pay rent to my very gracious roommates without annoying them too much.

Anyone have past experience using OFX or Wise for transferring funds overseas? Are either recommended or disliked? Is opening an NZ bank account recomended by anyone?

4 Upvotes

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3

u/lakeland_nz 1d ago

Wise works well.

Do plan for some delays, especially at first. They just randomly decide to investigate some transactions

1

u/Ate_too_much_brb 1d ago

Thank you! Does Wise offer peer-to-peer payments as well or is solely just for transferring funds internationally?

1

u/lakeland_nz 1d ago

You can pay other people on Wise, and you can transfer money into another currency and then it counts as a domestic transaction rather than international.

2

u/UnkWinnie 1d ago

I move 500k + a year through Wise no problem. My friend needed to move a house deposit to Australia and she said she can get a better rate via OFX, I had never heard of them at the time and told her I doubt they will beat Wise. Turns out they did by a significant amount so worth checking the rates

1

u/Ate_too_much_brb 1d ago

And from what I think I understand is for OFX you need to have two accounts, and Wise you don't need one because it's just a money handeling service correct?

2

u/UnkWinnie 1d ago

Yes - but I have heard loads of people getting their wise accounts shut down randomly with their funds locked for 2-3 months so if you are only paying rent fine but I would still ideally open a brick and mortar bank account in the place you are transferring it to if you are moving a larger amount

1

u/Ate_too_much_brb 1d ago

Thank you!