Yes. OzForex customers can now pay New Zealand recipients using local payment rails (EFT). This capability allows for simpler payments that bypass intermediary and recipient bank fees.

To use local payment rails for your New Zealand transfers, ensure you meet the following requirements:

• Create a new recipient: You must set up a new recipient profile to access the local rail option. Existing recipients are all linked to the Domestic Wire payment method and cannot be converted.

• Select the correct payment method: You must choose EFT as the payment method during the recipient setup.

Next Steps

To pay a New Zealand customer via local rails, follow these steps:

1. Log into your OFX account.

2. Navigate to the Recipients section.

   

3. Select Add New Recipient.

   

4. Enter the recipient's details and ensure you select EFT as the Payment Method.

   

5. When making a payment to this recipient, the transfer will be processed via EFT in New Zealand.

6. Confirmation: You will receive a notification once the payment has been successfully processed.

Note: Due to compliance requirements, the sender name will appear as "OzForex Limited" on the recipient's bank statement. We recommend using the Reference field to include your name or business name so the recipient can easily identify the payment.

Why is this important

Using local payment rails for New Zealand transfers is highly beneficial as it eliminates the intermediary and recipient bank fees typically associated with wire transfers. This ensures your recipient receives the full intended amount more efficiently. Additionally, with the introduction of these local rails, the temporary SWIFT/wire fee waiver for New Zealand transfers will be ending shortly, making the EFT option the most cost-effective choice for your business.

Related FAQ Articles

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• How do I create a Recipient?