As in most other countries, currency exchange in New Zealand is available in all popular ways.

The most affordable ones:

• withdrawing cash from a bank card;
• exchange of cash in banks and exchange offices;
• money transfer with conversion into New Zealand dollar.

In this article, we’ll go over the main currency exchange options and take a closer look at each of them.

Money transfer from account to account with currency conversion

At the moment, a money transfer with a conversion to New Zealand dollars looks like the least profitable way to exchange currency. You may encounter difficulties in your country in the process of transferring funds, as well as difficulties from foreign exchange controls. You will need to prove the origin of the money in New Zealand in case the amount is large. Do not forget to find out the commission that your bank and the bank of New Zealand can take when sending funds abroad. The amount of a commission can be significant. The exchange rate via bank transfer may not be the most profitable either.

Exchange of cash

You can bring any currency up to NZD 10,000 into New Zealand without a declaration. It is best to take with you some of the main reserve currencies (US dollar or Euro) since the rate of the New Zealand dollar to such currencies will be most relevant.

Currency can be exchanged directly at the airport but an additional commission is charged in exchange offices at the airport terminals. If you urgently need pocket money and you decide to exchange currency at the airport, you should limit yourself to buying a small amount of New Zealand dollars and exchange the remaining money at the most favourable rate.

The exchange rate will depend on the amount you want to change, as well as on different currency exchange companies. We advise you to look at several exchange offices to find the most favourable rate. In order to clearly see the difference in the exchange rates, we advise you to find out the rate based on the amount that you want to change. So companies will be able to offer you the most attractive rate based on your amount.

Using a bank card

Using a card to make payments in New Zealand is the most profitable foreign currency exchange not only when paying with a card, but also when withdrawing cash from ATMs of New Zealand banks with conversion into New Zealand dollars. However, in this case, you should pay attention to the commission of the New Zealand bank, which you want to use. Usually, the conditions for withdrawing cash are displayed on the ATM screen when this operation is selected.

Before travelling to New Zealand, it is worth checking with your bank the conditions for using the card when travelling abroad. Since some banks may negate the benefits of such currency exchange by their commission fees. It would be useful to clarify if your bank has restrictions on the use of cards outside your country and what needs to be done to remove these restrictions before travelling.

If you do not have exact plans for spending in New Zealand, especially in the case of a short visit to the country, then using bank cards is the most convenient way.

“Natural” currency exchange between people

In New Zealand, it is possible to directly exchange currency between individuals, for example through appropriate social media groups such as NZ Exchanger. Technically it looks like this. You have money in your currency in one of the banks in your home country and you need New Zealand dollars in an account in New Zealand, and someone, on the contrary, has New Zealand dollars in an account in New Zealand and needs your currency to their account in your home country. You agree on the transaction amount and exchange rate. Then, you transfer the required amounts to both accounts. This may turn out to be the most profitable way of exchange since the exchange between individuals is carried out at the weighted average exchange rate on the day of the transaction and without intermediaries and commissions.

However, in such cases, it is important to keep in mind that such transactions are based solely on the mutual trust of the participants. In the event that the person to whom you transferred the money do not fulfil their obligations to transfer money to you, you will have to resolve this issue on your own. Therefore, you should not exchange large amounts this way. Also, remember that most countries have legislation governing money transactions between individuals. To you or to the person with whom you made a transaction, questions may arise from the controlling financial authorities in case of transferring large amounts.

It is important to note that foreign exchange transactions are strictly regulated by the legislation of most countries, and your private currency exchange transaction may be considered an offence.

We hope that this information will be useful to you and will definitely come in handy in the future.