Taking The Stress Out of Selling Overseas Property

Selling property can be stressful, particularly if you’re doing it internationally! Learn the best way to transfer your money back to New Zealand after selling overseas property.

What will we cover in this article about selling overseas property?

Small Wooden Cottage in Belgium at DuskSelling your property is no small deal, be it in New Zealand or overseas. If you have however just sold your property overseas, then you’ll probably be somewhat aware of how strenuous, overly complicated and cumbersome the entire process of transferring your money back home can be. On top of this, the process is usually riddled with hidden costs, and because of the size of your transfer, it is vital that you understand and know all of the charges, exchange rates and fees that apply to you before completing the transfer.

This guide aims to highlight the main three methods you can transfer your money back to New Zealand. In this article, we will explore:

  • Foreign cheques
  • Send money to your NZ bank account
  • Using a money transfer company

If you’re buying overseas property instead of selling it, you can read this article here.

Foreign cheques

Perhaps considered a more ‘traditional’ way of payment, this can be tricky and often detrimental to your money. As there are only a handful of banks that offer to convert cheques nowadays, they often charge you higher fees.

If you bring a bank cheque in a foreign currency back to New Zealand, then those that do offer the service will likely take weeks to convert it. They will also charge a lot of fees and a very uncompetitive exchange rate.

ASB Bank

ASB have two ways of converting your foreign cheque:

  1. By negotiation: They convert the funds to NZD at the current, applicable exchange rate and deposit immediately into your account. You will not be able to withdraw these funds for at least 21 days.
  2. On collection: They send the cheque overseas for processing by the issuing bank. This is this converted and deposited into your ASB account. This process can take up to 8 weeks


Sending foreign cheques Sending foreign cheques cancellation fee Receiving foreign cheques

Clean negotiated

Receiving foreign cheques

Clean negotiated dishonour fee

$30 (staff-assisted)

$20 (fast-net classic)

$25 Free $25

Send money to your New Zealand bank account (inward international money transfers)

Each bank has different charges for sending and receiving money abroad. Using your bank account might provide ease and convenience, but it is one of the most expensive ways to receive funds from overseas. It is vital that you understand the fees and charges, but due to the size of the transfer, you really have to watch out for the exchange rate charged with your bank (which in general, is not the best out there).

Most banks charge between $12-$30 for inward international money transfers, plus overseas banks will also impose their own fees and charges as well as banks that also help in the transfer. (That’s a lot of people taking their own cut of your money!).

  • TIP: If you can, then it is probably more beneficial for your funds to transfer your payment in smaller chunks at regular intervals. As the exchange rate fluctuates so much, you are likely to get more cash by the end if you transfer smaller amounts.

Using a money transfer company

If you don’t feel comfortable using your bank then a money transfer company is your alternative option. Usually, they have better exchange rates and lower fees and charges, however please do research before due to the size of your transfer.

You can use companies such as OFX and HiFX who have a maximum cap on $1,000,000NZD.

Talk to our currency conversion specialists at The Currency Shop about the best way to deal with your international money transfers. To compare these companies yourself, you can use our comparison table.

Case Study:

Jodie has recently sold her 1-bedroom apartment in Paris as she has to move back to New Zealand to look after her elderly mum. Due to how quickly Jodie had to move, she didn’t look into the best method for sending the money back to New Zealand with her. She decided to move the money in one load to her ANZ account in New Zealand and decided to complete the transfer through her bank. When the money was transferred, Jodie found that she had lost over $10,000NZD in the process due to the exchange rate and fees she incurred in transition. She couldn’t believe how much money she would have saved if she considered different options.

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