Best Ways To Transfer Gift Money To New Zealand From India

In the heart of New Zealand’s economy, which heavily relies on trade, foreign remittances have become essential. These remittances connect over a million New Zealanders who received a total of NZ$2 billion in the year. The majority of these funds are intended for supporting family members, education, healthcare and even business investments. As digital technology continues to advance in New Zealand, the digital remittances market is forecast to reach US$307 million by 2023, with a growth rate of 6.35%. It is expected to grow and reach an impressive amount of US$392.70 million by 2027. By that time, it is anticipated that around 129.7 thousand users will be engaged in remittances with a transaction value of US$3.18 thousand in 2023. This digital transformation is playing a vital role in shaping New Zealand’s landscape.

Landscape of FinTech in New Zealand

FinTech digital investments have emerged as players projected to reach a value of around US$231.80 million by 2023. On an average, each user is expected to have an investment of US$477.90. The market for digital assets is also experiencing growth, with a projected increase of 23.6% in 2024. Digital payments are gaining momentum and are estimated to have around 3.35 million users by 2027.

Modes of Sending Gift Remittances to New Zealand

1. Cash: There are ways to send money to New Zealand, including using a courier service or sending it through the postal service. It’s essential to be aware that sending cash internationally carries some risk as it is more vulnerable to theft and fraud.
2. Gift Cards: Sending money to New Zealand can be made easier with the use of gift cards. There are plenty of retailers where you can buy these gift cards and have them conveniently delivered to the recipient in New Zealand. The great thing about gift cards is that they provide the recipient with a range of shopping options, making them a versatile and thoughtful gift choice.
3. Certificate of Deposits (CD): A CD is a savings account that provides a higher interest rate compared to a standard savings account. Individuals have the option to buy CD’s from either banks or Non-Banking Financial Companies (NBFCs) in India and have them delivered to recipients in New Zealand. The recipient can later convert the CD into cash upon its maturity. CD’s generally require a deposit and have a term ranging from 1 to 5 years.
4. Wire Transfer: Sending money internationally via wire transfer is an efficient method. You have the option to initiate a wire transfer either from your bank account or by using a money transfer company. On average, wire transfers usually take around 1–2 business days to complete the process successfully.
5. Money transfer companies: There are companies specializing in international money transfers that provide services for sending money across borders. Such companies often provide reasonable exchange rates and ensure speedy processing times.

Comparison of Cross-Border Payment Methods

Documents Required For Remitting Gift Money To New Zealand

The documents required for remitting gift money to New Zealand from India may vary depending on the money transfer service you use. However, some of the common documents required include:

• Passport: Passport number
• Proof of Identity: Government-issued ID, such as driver’s license or PAN card
• Gift Letter: Letter stating that the money is a gift
• Recipient’s Details: Full name, address, and bank account information

Make sure to reach out to the money transfer service you’re using and find out what documents they specifically need. You might have to submit paperwork like a marriage certificate or birth certificate if you’re transferring money to your spouse or child.

Calculation of TCS on Remittances

Here are a few additional points to keep in mind:

• As per the RBI, Under the Liberalized Remittances Scheme (LRS), every Indian resident can send up to USD 2,50,000 in a financial year. An individual can remit multiple times during the year for various purposes permitted under the LRS limit. However, the total amount of all such transactions must not exceed USD 2,50,000 in a Financial Year.
• It’s worth mentioning that the TCS on remittances is applicable even if the amount is sent to a close family member.

Rates & Fees

The charges and fees for sending gifts from India to New Zealand will vary based on the following factors:

• The specific amount of money being sent
• The chosen method of sending
• The bank or money transfer service being utilized

Why choose HOPRemit?

HOPRemit by moneyHOP is an instantaneous, cost-effective, user-intuitive, and contactless international remittance service that is tailor-made to serve every individual. It provides customers with complete transparency and significantly reduces the total transaction costs of sending money abroad. The HOPRemit platform represents the perfect concoction of a fintech’s agility and the security observed in a bank.

Here Are Some Features That Make HOPRemit Different:

• Best Exchange Rates: HOPRemit provides some of the best exchange rates for currency conversions. They regularly update their exchange rates to ensure that customers get the most favorable rates possible.
• No Hidden Charges: HOPRemit is committed to transparency and honesty in their dealings. They do not charge any hidden fees or commissions, so customers can rest assured that the amount they see at the time of the transaction is the exact amount they will be charged.
• Fast Processing Time: HOPRemit understands the importance of timely money transfers. They process transactions quickly, usually within 48 hours, so that the money reaches the recipient as soon as possible.
• 24/7 Availability: HOPRemit operates round-the-clock, 365 days a year. Customers can access their services at any time of the day or night, regardless of their location.
• Freeze Exchange Rates for 24 Hours: HOPRemit offers the option to freeze exchange rates for up to 24 hours. This means that customers can lock in a favorable exchange rate and be certain that the amount they will receive at the time of the transaction will remain the same, regardless of any fluctuations in the market.

5 Simple Steps To Transfer Gift Money With moneyHOP

• Create an Account: To get started with HOPRemit, you’ll need to create an account by signing up using your email address and phone number. This process is quick and easy, and once you’ve signed up, you can start using the platform right away.
• Enter The Amount: Once you’re signed in, the first step is to choose the amount you want to send. You can do this by selecting the currency you want to send, choosing the purpose of the transfer, and entering the amount you want to send.
• We’ll Verify Your Details: To ensure security and prevent fraud, HOPRemit requires all users to complete their KYC (Know Your Customer) verification process. This involves providing some basic information about yourself, such as your name, date of birth, and address, and uploading a valid government-issued ID, such as an Aadhaar or PAN card. The verification process usually takes just a few minutes, and once completed, you’ll be able to use all the features of the platform.
• Enter Recipient Details: Once your account is verified, you can enter the details of the recipient you want to send money to. This includes their name, address, and other relevant information, such as their bank account details. You may also need to upload some additional documents, such as a proof of relationship or bank statement, depending on the purpose you have selected.
• Pay For Your Transfer: Finally, you’ll need to choose how you want to pay for your transfer. HOPRemit offers several payment options, including net banking, credit/debit cards, and UPI (Unified Payment Interface). Once you’ve selected your preferred payment method, you can complete the transaction, and your recipient will receive the funds within a few hours or days, depending on the country and payment method used.

Who Are All Considered As Close Relatives?

The following are considered to be close relatives:

• Husband and Wife
• Father (Provided that the term “Father” includes step-father)
• Mother (Provided that the term “Mother” includes the step-mother)
• Son (Provided that the term “Son” includes the step-son)
• Son’s wife
• Daughter
• Daughter’s husband
• Brother (Provided that the term “Brother” includes the step-brother)
• Sister (Provided that the term “Sister” includes the step-sister)

Who All Do We Serve?

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Summing Up

Sending money as a gift from India to New Zealand is incredibly simple using the moneyHOP service. We strive to make it effortless and meaningful for you to demonstrate your care for someone. Just follow the guidelines provided in this handbook to ensure a secure transfer of funds. It’s important to consider factors like exchange rates and fees when selecting a money transfer service and always verify the recipient’s details prior to initiating the transaction. With moneyHOP, you can enjoy the convenience of our user platform and competitive rates, elevating your money transfer experience further. Whether it’s for a birthday, a wedding or any other special occasion, sending money as a gift enables you to offer support and bring a touch of delight to someone’s day. So let’s join hands in spreading joy across borders and kickstart your gift-giving journey today with moneyHOP!