Whether you’ve just started your new life in Expatland or are looking to move back to your country of origin, the need will undoubtedly arise to exchange foreign currency.
Your personal circumstances will determine why you need to exchange currency, the frequency by which you transact and the volume. A currency need will typically arise from:
- Transferring life savings
- Selling and/or buying a property in your country of origin and/or Expatland
- Pensions transfers
- Repatriating income
- Investing in assets domiciled in Expatland
- Sending money home to friends and/or family
So what should you be aware of when converting your currency and sending or receiving cross-border payments?
- Are you really getting the best rate?
You trust your bank with your day-to-day banking needs so surely they must be the best option for your foreign currency and international payments needs? The reality is however, that for retail clients the daily buy/sell rates set by the banks often include a cost to transact plus additional sending and receiving fees.
By doing your research and venturing beyond the banking relationship to an alternative foreign exchange provider like XE Money Transfer, you’ll find that you will be able to take advantage of a much higher rate of exchange and no transfer fees – saving you thousands of dollars on your international money transfers.
- Protect yourself from currency risk on high value transactions
When making high value transactions that occur over a longer period of time, you may want to mitigate currency risk by locking in a favourable rate of exchange.
Currency risk refers to the uncertainties faced by fluctuating exchange rates and can have a significant effect on the outcome you achieve when it comes to executing your currency conversion.
Contrary to what you may think, you are not restricted to simply accepting the spot rate you are given on the day.
At XE, we provide a range of risk management transactions from Market Orders to Forward Exchange Contracts (FECs) and more complex structure options and our team will be able to advise you on the right strategy to ensure you are getting the best rate of exchange and are not left at the mercy of exchange rate movements.
Auckland E-Team member, The Business Advisory Group, has been named as one of the top 30 accounting firms in New Zealand by the Sunday Star Times for the second year running.
The ranking originates from a survey of accountancy firms carried out by Chartered Accountants Australia & New Zealand (CAANZ) in partnership with Fairfax media.
The firms listed in the Top 30 are measured on three core areas – adaptability/agility, emotional intelligence and critical thinking.
CAANZ launched the Top 30 list in 2017 to highlight the expertise in the accountancy sector.
Peter Vial, the New Zealand country head of CAANZ, said the accountancy profession was changing in the face of digital disruption.
“Accountants are moving away from just doing the numbers,” Vial said. “Yes, people will see their accountants about those things. But they will also be seeking strategic planning advice, valuation advice. It’s an ongoing relationship.”
Read more here: Accountants need high ’emotional intelligence’, survey finds
Business may be aware that change is in the air as the coalition Government’s Employment Relations Amendment Bill (“ERAB”) makes its way through Parliament.
The Education and Workforce Select Committee have recently completed their analysis of the Bill and have recommended it be passed into law, with a few tweaks made.
Here are ten key points you should be aware of.
To read more click here.
The New Zealand legal system is based on English law. New Zealand was a British colony before becoming an independent country. It recognises the Queen as its head of state – represented by the Governor-General.
The New Zealand’s Parliament has 120 members (MPs) who are elected under a democratic mixed-member proportional system every three years. The party (or coalition) with the largest majority forms the government. The New Zealand Parliament has authority to pass statutory laws by majority vote subject to certain procedural requirements.
Our guide to the NZ Legal written by Israel Vaealiki from Jackson Russell Lawyers is an essential read for anyone making a move to Auckland. This guide will provide you with a general understanding of all the issues you need to consider – from ensuring your will is effective in New Zealand to setting up a company.
To read our guide click here.
For those people planning a move to New Zealand, Mary Noonan from Heartland Immigration have written this guide to outline 6 key points to be aware and plan for.
The guide discusses the general process of obtaining a New Zealand work visa and essential skills required for a work visa.
Anyone wanting to make Auckland their new home should aim to do the following:
- Plan and consider your position as everyone has different circumstances and there are a multiple options so matching the right one for you and your family is critical.
- Work with trusted professionals – mistakes cost money, destroy opportunities and create stress.
- Grasp the opportunity – life is for living when you come to Expatland.
Expatland is a country, life is a journey and that is how you should view the process to obtain a visa to work, undertake business or reside in New Zealand.
This guide will be helpful tool for anyone moving to Auckland.
Download the publication here.
The Overseas Investment Amendment Bill (Bill) was passed by Parliament on 15 August 2018 and will come into force in late October 2018.
This note summaries the key changes the Bill makes to the Overseas Investment Act 2005 (Act).
The overseas investment regime established by the Act regulates investments by “overseas persons” in New Zealand significant business assets, certain types of sensitive land (including farm land), and fishing quota.
The regime is a consenting regime, rather than a prohibition.
The regime governs who needs to obtain consent, when consent is required, and the process for obtaining consent.
One of the common issues facing migrants to New Zealand from the United Kingdom (UK) is how to transfer their pensions.
Tom Gilbert from Pension Transfers Ltd have written a chapter to provide information and talk though the considerations required when making the move.
In this guide Tom highlights the following issues:
- Major benefits of transferring to a NZ QROP
- Tax implications on transfers
- FX considerations
- Using a financial planner
This guide will help provide you with essential information you need if you are looking to take your pension with you on your move to Auckland.
Download the publication here.