Kiwi Hacks: Top Tips on Currency Exchange
This month, Kiwi Hacks investigates what you need to know around currency exchange. Geraldine Collett, Business Development Manager at currency specialist, Halo Financial, offers answers to the most frequently asked questions on making cost-effective international money transfers safely.
“We get asked these questions time and time again,” says Geraldine, “so we hope you find the team’s answers useful. The British Pound is really strong against the New Zealand Dollar at the moment, so many Halo clients are asking how they can make the most of this to maximise any international payments or currency transfers they are making, whether that’s to family back home in turbulent times, for bills, salaries, school fees, or any other important international money transfers.”
So read on for some top tips...
1. How much difference do exchange rates really make to my money?
The simple answer is a big difference! Current economic events have pushed the Pound up so that interbank rates – the rates at which banks buy and sell currency to each other – are pricing over two NZD to the Pound. This is a dramatic change in exchange rates from even earlier this year and means that in the current market, you will get far more New ZealandDollars for your money if you need to send money back home. Currency markets move all the time, however, in response to a number of global influences, and can easily catch you off guard if you are not aware and prepared.
H Pinks theory on how timing might enable us to make the most of the hours in our day through his book “When”. As with all our books some people loved it more than others but the book itself was easy to read and gave the right mix of stories to illustrate points and practical takeaways. What did we each find interesting? Did we learn? And most importantly what changes had we, or did we want to make, as a result of reading this. 
