Posted by Jason on 07/12/2011

If you use currency online do you avoid paying bank fees?

I'm just trying to get my head around the pros and cons of using currency online vs Kiwibank for moving my money to OZ. I've set up a Commonwealth bank account and they charge $11 to receive a transfer while Kiwibank charge $20 to send one. Will I avoid these fees by using currency online or is it just the better exchange rate that makes it worth while?

#1 response from Mike in OZ at 02:08 on Thu, 8 December 2011

Hey there - I too moved $ from my kiwibank to commbank, yes it did cost as you stated, I put it down to the cost of travel.

Good luck, post here if you need more info.


#2 response from ben at 04:12 on Tue, 17 January 2012

Yes, you can usually avoid both the sending bank fee and the receiving bank fee by using Currency Online as they use local bank accounts in the relevant country (in Australia for paying AUD etc).

You may however have to pay a transfer fee, levied by Currency Online, if you are transferring less than a 'zero fee threshold' amount. See this page for the threshold amounts and the fee if you are transferring less than the threshold amount: http://www.currencyonl...

#3 response from Chrissy @ COL at 11:09 on Thu, 19 January 2012

Hi Guys

Ben is correct, Currency Online pay your AUD funds from our local NAB account no fees will be charged by Commonwealth Bank as it's just like an internet transfer. One AUD bank account to another.

If you are sending less than 10k NZD Currency Online will charge 9 NZD if you do the transfer online. (it's really easy)

Feel free to contact me if you have any questions.

Chrissy @ Currency Online
0508 399 399

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