International payment currency


#1

I want to send money to Malaysia. The international payment have two options: NZD and USD. What’s the difference and which one should I be using? If I choose USD does it mean there’ll be two conversions - once from NZD to USD, then from USD to MYR at the recipient bank? If that’s the case why would I ever choose this option?

I assume both would convert at the recipient bank based on the recipient bank’s exchange rate?

Cheers
Nick


#2

Can you provide more information? It sounds odd they would accept NZ$ and $US, but not MYR in the case of purchasing products, but your post gives me the impression you are sending a payment?

I use Orbit Remit for my international payments:


#3

Sorry, I meant making international payment in BNZ online banking. When I’m setting up payee, I only get USD and NZD for “payment to be made in” (see screenhost below).


#4

No idea sorry because I do not use T/T for anything. I pay $4-6 (depending on recipient’s country) for an international transfer and the correct amount shows up in the recipient’s bank account with no deductions, unlike the overpriced and vague money pit which is SWIFT.

What is the currency of the recipient’s bank account? This is typically the currency you would make the payment in.


#5

Which service are you using? The recipient’s bank account is in Malaysian Ringgit.


#6

I am sure that for MYR the BNZ no longer has this as an acceptable currency for sending as a Telegraphic Transfer, hence why you are only seeing NZD or USD when sending to Malaysia.

You could contact our International Support Team:

International help and support

If you need some help call 0800 275 269 (or +64 4 931 8209)

I hope this has been of some help.


#7

Orbit Remit - as I have linked to above.


#8

Thanks Michael. Will try it out.


#9

Thanks bonzo for the info.


#10

On the BNZ site, you can make a payment to Malaysia using any of the major currencies. If your payee has a Foreign Currency Account with their bank, they can receive payments through it and this gives then flexibility as to when they can convert the funds in the local currency. For example, if they have an NZD account with their Malaysian bank, you can send NZD and your payee can keep the NZD in their account until they feel the rate is right for the MYR conversion. I hope I am making sense.


#11

Then I must be missing something. As you can see from the screenshot above, I’m only able to pay in either USD or NZD.


#12

You may need to consider signing up for Internet Banking for Business and have the FX/International piece added. There are no channel fees applicable but you only pay the Telegraphic Transfer fee of $15 per transaction instead on $25 that you pay on your current channel. Even as an individual, not a business, you can sign up too.


#13

Consider anything but TT I had $A 225 sent from Australia I ended up with $NZ 203 in my account even after the australian customer paid his bank $A30.00 and then BNZ took another $15.00 off
Pay pal the same amount different customer cost my customer nothing and I paid paypal $NZ3.67
The banks have to wake up that people are tired of being continually squeezed