Question 1

What are the different modes through which I can transfer money through Relianz Forex?

Accepted Answer

• Cash Over-the-Counter (COC)
• Credit to Bank A/C
• Wire Transfers

Question 2

Would the beneficiary get full payment in case of transfer done through TT/Wire Transfer?

Accepted Answer

Generally, there are correspondent bank charges that are deducted and full payment may not be possible.

Question 3

Do you charge commission on buying and selling of Foreign Currency notes?

Accepted Answer

No. We do not charge any commission on buying of Foreign Currency notes and Travellers Cheques and selling of Foreign Currency notes.

Question 4

Do you buy Foreign Currency notes?

Accepted Answer

We buy and sell about 30 currencies which are generally traded in the market. However, sale of currency notes is subject to availability of stock.

Question 5

I have a bank account in a remote and small town in India. Can you arrange for credit to bank account on the same day?

Accepted Answer

Yes. We do ensure same day credit to any bank account in India if we are provided the correct IFSC code and beneficiary details. Same day credit is subject to compliance clearance and local and international bank holidays.

Question 6

Can you arrange to handover the bank draft locally in India?

Accepted Answer

We can arrange for the bank draft to be hand over locally but this may not be necessary as we are able to arrange credit to bank account on the same day subject to abovementioned conditions.

Question 7

If I need to make a cash pickup transaction, are there any restrictions?"

Accepted Answer

We generally do not encourage cash pickups as bank transfers initiated are credited same day. However we ever we have arrangements with Banks, we could arrange for payment against identification which is generally the National ID Card.

Question 8

How do I pay funds to Relianz Forex Ltd for transfers?

Accepted Answer

We accept payment by eftpos, bank cheques, funds transfer to our bank. Please note that funds should come in from your own account and we may require bank statements to verify the source of funds as may be deemed necessary to comply with government regulations.

Question 9

Can I pay by my personal Cheque?

Accepted Answer

As a company policy, we do not accept personal cheques. However, we do accept bank cheques issued by New Zealand banks and the transaction is processed on obtaining clear funds. Please note that the transaction will be processed only after the bank cheque is cleared and after receiving confirmation that the bank cheque was issued by your bank by debiting your own account.

Question 10

Can I pay partially in cash and the balance by bank cheque?

Accepted Answer

No, We do not accept cash for any remittance transactions irrespective of the value of the transaction.

Question 11

What happens if I don’t have a valid identification but intend to send money?

Accepted Answer

We undertake transactions only for our onboarded customers. A customer profile is created for all customers and is reviewed at timely intervals. Our onboarding process involves face-to-face interaction along with the required documentation.

Question 12

What are the charges for remittance transactions to various countries?

Accepted Answer

Our fees vary between $2 to $ 15 maximum. Please do look around for fee free transfer days to difference countries that Relianz has been offering for the last 9 years.

Question 13

What is considered as Valid Identification for receiving money?

Accepted Answer

We do not pay out cash for any inward remittances. For inward remittances coming into our account for further credit to beneficiary account, we could process the same only after we have onboarded you as our customer. In case we do undertake the transaction after the onboarding process, payment will only be made to the bank account of the beneficiary in NZ.

Question 14

Would the beneficiary get full payment in case of transfer done through TT/Wire Transfer?

Accepted Answer

Generally, there are correspondent bank charges that are deducted and full payment may not be possible.

Question 15

What do I do if there is a long delay in receipt of payment by beneficiary?

Accepted Answer

The delay could be on account of various reasons including wrong account number, incorrect beneficiary name, wrong bank details. However, any delays brought to our attention will be promptly attended to and we shall have the same resolved at the earliest. It is also possible that charges may be incurred for reissue or resending the transaction which has to be borne by the remitter.

Question 16

Are there Fee free days for remittance transactions?

Accepted Answer

Yes, Relianz offers fee free facility on Tuesday and Thursday evenings for transactions to India. However, value limits may apply which please check at any of the branch locations.

Question 17

Is onboarding a long and time consuming process?

Accepted Answer

As part of our KYC (Know Your Customer) and onboarding process, you are required to provide us your identity documents and address proof.  Further information will be obtained before a customer account is created. The entire face-to-face onboarding process is likely to take around 10 minutes.

Question 18

What other documents will you seek from time to time?

Accepted Answer

Once we have created your account, we regularly review and update your details. For example, in case of change of address, we require you to submit us the latest address proof. Similarly, as and when required, as part of our AML/CFT requirements, we may seek your bank statement to ascertain the source of funds.

Question 19

Why do you need the bank statement and at what intervals?

Accepted Answer

We shall seek your bank statements as and when our compliance department, as part of their AML/CFT responsibilities and the company’s obligations to the AML/CFT act require the same for verification of source of funds for a single transaction or for a series of transactions done by you. This generally would be for a period not exceeding three months.

Question 20

How does my bank statement help when I get one time lumpsum credit into my bank account?

Accepted Answer

It is possible that our compliance department will seek your bank statement or any other related document pertaining to the lumpsum amount. This could be sale and purchase agreement of a property, solicitors statement, etc.

Question 21

Do you transfer funds to all countries in the world?

Accepted Answer

No. We do not facilitate transactions to extremely high risk countries and also to countries which are under sanctions.

Question 22

Other than high risk countries and countries under sanctions, do you send to all other countries?"

Accepted Answer

We maintain our own list which is based on our risk perceptions and could be guided by local bank policies and our arrangements and the list keeps changing depending on various factors including our ability to service.

Question 23

Can you refuse to undertake my transaction?

Accepted Answer

Yes. Depending on the circumstance and the information available with us, we may not proceed with your transaction even after initiation or completing invoice as all transactions are subject to internal compliance process and you undertaking to provide all supporting information.

Question 24

Do you undertake trade-based remittances?

Accepted Answer

We do undertake trade-based remittances. It is possible that we shall seek the supplier invoice as a supporting document before we process your transaction. You are requested to provide the same.

Question 25

Will any of our information be shared with any institution or Government departments?

Accepted Answer

As part of the remittance/ wire transfers, information will be shared with local/overseas banks for further processing of transaction which is normal. Further, as per the regulatory framework or as stipulated by law, if we are required to submit any information to Government departments, it will be done.

Question 26

Can you onboard me as a customer on submission of KYC documents?

Accepted Answer

As part of our current policy, we only onboard customers after face-to-face meeting. Though you may submit the documents through email, we will still make arrangements to visit you before we onboard you. The visits are purely based on time and convenience and is not guaranteed. However, we could still onboard you, if all the identity documents are attested and sent to us. Please do call our office for further information on this procedure.

Question 27

For trade remittances on behalf of our company, can I use your services?"

Accepted Answer

Yes. We cater to big and small companies. We make sure that we have all documentation necessary to onboard your company as our customer. We may visit you to complete the paper work, meet and  collect identification for all beneficial owners before we are able to undertake your transactions.

Question 28

Do you deal with trusts?

Accepted Answer

No. Currently we do not onboard any trusts as our customer.

Question 29

Can we deposit cash into your bank account?

Accepted Answer

No. Cash should be deposited into our bank account. Any cash deposited into our Forex bank account may result in delays in refunds and further minimum handling fee of 5-10%.
We may mention that we do not collect or pay cash for any remittance transactions.  All payments should be from the remitter’s own bank card or account.
It is also possible that any additional documents may be sought as part of our AML/CFT compliance programme.
All transfers will be effected on sighting credit into our bank account and subject to clearance by Compliance Department.

Question 30

How does Relianz Forex operates ?

Accepted Answer

Relianz Forex Limited (RFL)  operates through their own branches and currently serving from seven locations in Auckland.

Question 31

Is Relianz Forex, a registered financial service provider?"

Accepted Answer

Yes. Relianz Forex Ltd is an authorised Financial Service Provider (FSP) with registration number FSP27922
 
Click the following link https://app.companiesoffice.govt.nz/fsp/app/ui/fsp/version/searchSummaryCompanyFSP/FSP27922/18.do

Question 32

What are the limits to send funds to various countries?

Accepted Answer

There are no set limits for transfer of funds if the same is going into beneficiary bank accounts. However we may mention that we may need more information and documents and the transactions could be subject to clearance by our compliance department.

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FAQ's