Who might need to transfer money overseas?

Over the past two generations, many nations in the world have become global citizens. Technological advancement, rising incomes, the reduction of trade barriers and the opening of geographic borders has revolutionized commercial life.

This has necessitated the cross-border transfer of money for many people, with The World Bank estimates that in 2013, approximately $550 billion worldwide was remitted overseas – a figure it expects to reach more than $700 billion by 2016. So who might need to transfer money?

Overseas Students

New Zealand offers a diverse range of study options for international students and according to the Ministry of Education, there are more than 90,000 international student enrolments across the country.

Useful resources for students: 

www.educationcounts.govt.nz

http://www.minedu.govt.nz/NZEducation/EducationPolicies/InternationalEducation/ForInternationalStudentsAndParents.aspx

 

Overseas workers

New Zealand is a fantastic place to live – something that is reflected in the number of overseas workers currently residing here.

Useful resources for overseas workers: 

http://www.nzembassy.com/belgium/going-new-zealand/working-new-zealand

http://www.newzealandnow.govt.nz/working-in-nz/practical-info-visas/tips-on-job-hunting

 

Returning Expats

Moving overseas, temporarily or permanently, is a popular option for many New Zealanders. For many it is short term option though. According to Statistics New Zealand, the country is unique in having the highest rate per capita of both immigration and emigration, with around 24,000 New Zealander citizens returning home each year.

Returning may mean leaving behind investments and savings, necessitating a regular transfer of funds overseas.

Useful resources for returning expats: 

http://www.ird.govt.nz/

 

Those with family members who are travelling

In the year ended January 2014, New Zealanders took 2.2 million short-term overseas trips. When family members travel, there is always the risk that they might run into trouble – or out of funds. A fast and efficient money transfer service can become essential!

Useful resources for those with family travelling: 

http://travelsmart.co.nz/

http://www.mfat.govt.nz/

 

Businesses

As commerce goes global, businesses may find an increasing number of their transactions are being conducted overseas.

Useful resources for businesses

http://www.dol.govt.nz/

 

 

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