Anti Free trade: BNZ and USA

Why is it so complicated to wire money from the USA to NZ? I know the US laws are convoluted, but BNZ certainly isn’t helping reduce barriers to free trade with these instructions:

Dear Mr Wiggs

Thank you for your enquiry about transferring funds from the United States
to Bank of New Zealand.

In order for funds to be sent successfully from Banks and Credit Unions in
the United States, the following instructions need to be followed. If these
instructions are not followed, there is a risk of your payment being
delayed or being returned to the United States.

The instructions the sender will need to forward to their bank in the
United States are:

“Pay via FEDWIRE type code 1000 Customer Transfer utilising product code
centre Payment through SWIFT by MT103 (Customer Transfer).”

Pay to Receiver:

ABA #021000089
Citibank N.A.
New York City, NY

For A/C with Bank:

A/C 10933728
Bank of New Zealand
Wellington

Favour Beneficiary:

xxxxx (me) Wiggs
xx-xxxx-xxxxx-xxx

Bank to Bank Info:

xxx Branch
xxxxxx
Wellington

There is an inwards processing fee of $15.00 to receive a TT. This fee is
generally debited from the amount transferred. The overseas bank may also
charge a fee to process the transfer.

If you have any questions about the above information, Mr Wiggs, or if I
can help further, please reply to this message or contact us on the numbers
listed below.

Thank you for contacting Bank of New Zealand.

Kind regards

xxx xxxxx
Customer Service Representative
Better Off – Bank of New Zealand

Phone – 0800 275 269 or +64 4 494 9098 from overseas
Fax – 0800 329 269 or +64 4 470 3071 from overseas
(Toll charges may apply for international numbers.)

Find your nearest Bank of New Zealand branch:
http://www.bnz.co.nz/About_Us/1,1184,3-52-146-465,00.htm

Published by Lance Wiggs

@lancewiggs

3 replies on “Anti Free trade: BNZ and USA”

  1. Just open a PayPal account and transfer the money people deposit in that account to your BNZ account.

    Simply, automatic, BNZ doesn’t charge the money coming in and Paypal makes it cheap. And the money is usually in your account in two days.

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  2. Not a bad idea – I’ve US and NZ paypal accounts, and use them to shuffle money at times.
    But this was to transfer money from eTrade to NZ, which is a different story. The kicker is I just used the standard SWIFT code and it all worked. Keeping it under $10,000 per transaction is the key.

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  3. You should open an account with XE.com. They’ve got great rates and are really simple. They’re based in Canada and I use them to transfer from the UK to NZ. Makes working with banks in NZ look like a really bad idea.

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