Our FX rates are usually cheaper than banks and are competitive with sites like Transferwise. If you compare the live rates from interest.co.nz to the FX rate in Hatch, you'll see how much extra you'll wind up with by depositing NZD through us.
To transfer USD from an existing brokerage account
A bunch of investors have already transferred the US shares and USD balance from their existing broker, and it's easy for you to join them:
- Sign up to Hatch
- Email [email protected] with a current statement from your brokerage account that contains:
a) all open positions (including any USD)
b) your account balance
c) your name on the statement
d) the logo of the broker
We'll check your US shares are available through Hatch, and that we can tick the compliance boxes with your cash balance. Then we'll walk you through the next steps (which vary depending on your broker). We do the grunt work so it's as seamless as possible.
To transfer USD from an existing foreign currency account
We can't accept USD deposits from foreign currency accounts just yet, there's more complexity behind the regulations than you'd think. If you already have USD, we know it's a pain to exchange it back and forth, so we reimburse 50% of our exchange fee. We don't reimburse the cost of getting your USD back into NZD, but will try and make the fees on our side as minimal as possible so that you're not paying full cost twice.
All we'll need is something from you showing you exchanged the funds from USD (ie. a screenshot from the initial transaction) and then when we transfer back into USD we'll top up your account with 50% of our exchange fee.