The New Zealand dollar (NZD) has been the official currency of New Zealand since 1967. It is denoted using the “$” sign within New Zealand, and the “NZ$” sign outside of the country. One New Zealand dollar is divided into 100 cents. The Zealand dollar also serves as legal tender in the Cook Islands, Tokelau, the Ross Dependency, Niue, and Pitcairn Islands.
If you wish to transfer money to a bank account in New Zealand, you will need the bank’s SWIFT code. Here are SWIFT codes of some popular banks in the country.
|Bank of New Zealand||Aucland||BKNZNZ22100|
Benjamin moved from New Zealand to Australia because of work. His wife and young daughter were to join him in around a year’s time. Until that happened, Benjamin wanted to keep sending some money to his family each month. While using the services of popular Australian banks was an option, he decided to compare his alternatives. The corresponding table gives you an indication of what he found.
|BANK||MONEY TRANSFER SERVICE|
|Exchange rate||AUD 1 = NZD 1.0312||AUD 1 = NZD 1.0548|
|Transfer fee||AUD 25||AUD 0|
|Amount received for AUD 2,000||NZD 2,036.62||NZD 2,109.6|
|Transfer time||2 to 5 days||1 to 3 days|
|Transfer options||Bank account||Bank account|
|Difference of||NZD 72.98|
Benjamin had good reason to use the services of the money transfer company. It was more cost effective, it got the money to his wife sooner, it let him schedule transfers, and he could also lock in exchange rates for up to six months.
If you want to transfer money to New Zealand quickly, consider sending it to a cash pickup location. You may also use this method if you do not have the recipient’s bank account details. Popular companies that let you send money to physical locations in New Zealand include Western Union, MoneyGram, and Ria.
|WESTERN UNION IN NEW ZEALAND|
|Wellington Higher Taste Hare Krishna Restaurant 233-237 Lambton Quay||Shop 3, Lower Ground Wellington|
|Karore Central Postshop 245 Karori Road Wellington|
|Auckland Super Food Market, 60 Hobson Street Auckland||Fexco 175 Queen Street Auckland|
|MONEYGRAM IN NEW ZEALAND|
|Wellington Travel Money 280 Lambton Quay Wellington Central Wellington||Payless Minimart 241 Riddiford Street Newtown Wellington|
|Auckland Lotus Foreign Exchange Westfield St Lukes Auckland||Lotus Foreign Exchange 210 Queen Street, Auckland Central Auckland|
New Zealand has typically low levels of crime. However, street crime tends to take place in major cities and towns. If you plan to collect a large sum from a cash pickup center, consider going with someone you trust.
An increasing number of thefts from unattended vehicles have been reported from major tourist areas, and thieves usually target hired vehicles and campervans. Do not leave valuables or other belongings in parked vehicles, even in boots. Thefts have also need reported from hotel rooms so use hotel safes when possible.
The transfer method you choose has a bearing on the information you need when sending money to New Zealand.
There are no restrictions on the inflow and outflow of foreign currency to and from New Zealand. However, it you enter the country with more than NZD 10,000 you are required to complete a “Border Cash Report”. The country’s Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) Act requires that customer due diligence to be carried out when it comes to cross-border fund transfers.