Currency Exchange Calculator

Banks charge hidden costs for currency transfers

If you are using one of the major banks in New Zealand to transfer currency you are probably being ripped off in hidden fees.

While banks may declare a fee for transferring currency often the real fee is hidden in the exchange rate they are using. The margin between the exchange rate banks disclose and the mid market rate is often around 2%, but can be as high as 5%. New Zealanders are paying around $1.6 billion in extra fees.

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Lyfords has partnered with New Zealand’s largest specialist provider of foreign currency, XE. The app allows you to transfer funds securely via an internet account or from your mobile phone. XE use mid market rates as shown on their XE currency converter app below. 

The international money transfer industry is one of the most strictly regulated industries. XE is a global business with more than 300 million users a year.

If you are an existing client please contact us and we can get an XE account set-up for you.

1) Lyfords is recommending using XE foreign exchange facility, but is not offering advice to clients relating to what rate to select and/or when to undertake the currency conversion.

2) Your relationship and liabilities will lie with XE.

3) Lyfords and its directors, shareholders and employees do not accept any liability or loss arising in any way (including by reason of negligence) for errors in, or omissions from, the information published on the XE website and do not accept any loss or damage, however caused, which arise out of or result from any reliance on, or inability to use or access, any information on XE’s website or currency converter.