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Foreign currency fees in New Zealand schemes

Most New Zealand QROPS superannuation schemes are in the business of passing on benefits to their members. This extends to foreign exchange rates. Many have negotiated really good deals with banks and get exchange rates a little bit above a wholesale rate. These rates are almost always better than money brokers such as HiFX so members really are getting the best deal.

Not all schemes pass on the benefits – costing you loads

We have noted a New Zealand scheme whose Product Disclose Statement states that if they can get a better exchange rate than that shown by the banks in New Zealand they can pocket the difference. This is a real cause for concern because the exchange rates quoted by NZ banks as retail rates are way different to the actual underlying rates and can therefore cost members so a scheme a significant amount of funds – potentially over 5% of their funds.
So take for example this situation:

  • A major NZ bank offers a current buy rate for GBP is 1.6485
  • The interbank rate is 1.7591
  • So for someone transferring 10,000GBP they would get
    • $16,485 investing with the New Zealand scheme that does not care about the rate
    • $17,592 at the interbank rate
  • That is a whopping 6% difference and the member would lose over $1,100 on that transfer

The New Zealand scheme would effectively pocket most of that difference which could be around $800. Make sure that you don’t fall into the trap of paying over the odds on exchange rates. We only deal with schemes that offer extremely competitive exchange rates.

NZ free phone:0800 102 599 / OZ Free Phone:1800 857 410 /

very stress free

Thank you Cambel for your help and guidance throughout this process in getting my pension transferred (very stress free for me). It is greatly appreciated and I would certainly recommend you and Charter Square to others who are interested in transferring their pension.

David R, New Zealand

You guys rock!

I just wanted to say a great big thank you to you and your team. You are all totally awesome. I received a cheque yesterday from the Prudential to apologise for the ‘recent inconvenience’ that I had experienced. Thank you for doing this for me. You guys rock!

Noelle B, New Zealand

professional, insightful

Charter Square were professional, insightful and a pleasure to work with. They rose to the challenge of consolidating my overseas pensions and bringing them home with minimum fuss for me and maximum effort on their part.

Jens H, New Zealand

thorough, professional and prompt

Very thorough, professional and prompt service from the team at Charter Square. Thanks for making the bewildering world of pension transfers super simple.

Jules T, New Zealand

Best party to deal with

Thank you kindly for keeping in touch with me. For now, I will not be moving my pension. I will however be keeping your details and referring back to you when I wish to pursue. You by far are the best party to deal with, no nonsense, professional and in my opinion genuine. I do sincerely thank you for your advice to date.

GE, New Zealand


Securing the freedom to use savings that are actually ours to work with has been stressful in the extreme. While I never planned on giving up there were many times when the current (UK) holder made the whole process seem well beyond my determination and ability. It’s easy to look at the 36 month history of this claim with the benefit of hindsight, but the conclusion is that employing Charter Square in the first instance would have been wise had I been able to anticipate the red-tape that appears to have been deliberately created to stall access.

CP, Auckland
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