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How To Send Money To New Zealand

If you need to send money to New Zealand, using a foreign exchange broker to make international payments could be your best option.

As a key area where many elect to relocate and pursue a new life, New zealand offers plenty.  The process to send money to New Zealand is often lost in the planning but can significantly help your relocation and ensure you save money when needing to transfer money to New zealand. 

New Zealand is a country split into two islands, North and South. The largest area of population is the North Island which is the home to around three quarters of the New Zealand population with well over 3 million residents. It is dominated by the largest city, Auckland, the only city in New Zealand with a population of over one million people. The next largest cities are Wellington and Hamilton. Although larger in area by one third than the North Island, the South Island is less populous and the largest cities are Christchurch and Dunedin.

It could be just a 2-year working contract or a full-on, permanent relocation of your family and life to a country that has more sheep than people, New Zealand. The task of finding the best way of transferring your money into New Zealand Dollars will be far from the top of your priority list.

The Zealand Dollar is heavily affected by large macro factors like the Chinese economy and oil prices but is mainly reliant on soft commodities such as dairy, food (meat), grains and wood amongst other things. The key when transferring money to New Zealand is to seek adequate guidance long before your visa is approved. Foreign exchange brokers will offer a convenient and cost-effective service when you need to send to New Zealand and companies such as Rational FX and Moneycorp can assist before you depart and once you arrive.

Many foreign exchange brokers allow you the ability to send money to New Zealand via app’s, online platforms or via telephone at your convenience.


Opening A New Zealand Bank Account From Overseas

There are many banks operating in New Zealand offering a variety of services. International banks such as Rabobank, Deutsche Bank and Citibank have a presence but New Zealand based banks or those with strong Antipodean links dominate the market. The Bank of New Zealand (BNZ) is a wholly owned subsidiary of National Australia Bank but has operated in the country since 1861 when a branch was opened in Dunedin. Other major banks include ANZ Bank of New Zealand, Westpac New Zealand and ASB Bank which is majority owned by Commonwealth Bank which has a strong Australian presence. Kiwibank is a wholly owned subsidiary of New Zealand Post and offers banking service through a national network of post offices and book stores. ONe you have selected your bank you need to open an account before you can send money to New Zealand, please find the process below…..

What You’ll Need To Know In Order To Open A New Zealand Bank Account

In order to open an account in New Zealand, you will need to supply a few details relating to your move to New Zealand

  • The date you arrive in New Zealand – you may need to activate the account or confirm you arrive when you get there
  • The address you plan to reside – in many cases, you won’t be aware of exactly where your next home will be there. Banks are aware of this an may just request the state you plan to live
  • The type of visa you have applied for and the professional sector you’re planning to work in upon your arrival
  • Your projected salary or household income
  • Copies or proof of identity – Banks will almost certainly require a passport number or copy upon application

Naturally, all banks work on different criteria and eligibility but  generally the following rules will apply to whether or not you can successfully open a bank account.

  • If opening an account before arriving in New Zealand, you should look to do so between 3-12 months before you land in the country
  • The majority of banks will only accept applications from applicants over the age of 18. There are exceptions but do your own research well in advance as these compliance and KYC criteria change constantly

Applications can be made online or via phone just make sure you are aware of the time zone you’re calling before dialling.

Important Numbers And Banking Terms In New Zealand

Once you have your new bank account application approved you will need to send money to New Zealand in order to credit your account. Global bank account formats can differ significantly from those in other parts of the world, New Zealand is no different and therefore the following details will be required.

When transferring money from your home bank account to your New Zealand bank account, you will need to provide the following information:

  • Bank account name (your name)
  • Your physical address in New Zealand
  • Your full NZ bank account number (found on your bank statement or online banking account)
  • Your NZ bank address details
  • Branch identifier, if available (i.e. IBAN, NCC, sort code or BSB number)

From your local account, you may need:

  • IBAN and BIC or home bank credit/debit card details
  • Some banks in the US require a US phone number (check with your bank)

When approaching your foreign exchange broker, you will need to give the following details in order to send money to New Zealand. Similar details will be needed for payments to third parties, these might include your visa agent, rental property owner or agent or car hire company.

  • BSB number
  • Account number
  • Account name
  • Bank name
  • The amount being sent in NZD

As previously mentioned, the New Zealand Dollar (NZD) can fluctuate due to a number of scenarios (here’s why) whilst this volatility can occasionally be a source of frustration and can, in many cases provide a great opportunity to maximise your base currency and gain more NZD Dollars when transferring money.

Benefits Of Using A Foreign Exchange Broker – Send Money To New Zealand

Whilst many banks will be more than capable of helping you  transfer money to New Zealand they remain far from experts in the fields. Banks are large, slow and fragmented and offer a variety of services which dilute their knowledge of private client’s foreign exchange requirements. More importantly, they have a lot of liabilities that customers can default on like mortgages and Fis a quick and easy way to make a profit off the convenience. Therefore, foreigner exchange brokers will not only have a greater understanding of your scenario but excellent pricing when you need to send money to New Zealand. Here just a few of their core benefits.

The Process

Give yourself ample time to open an account with a foreign exchange broker. For security reasons, you will need to send a copy of photographic ID (usually your passport or driver license), as well as proof of residential address to open an account. This should be reviewed within a couple of working days as KYC and compliance checks are performed as standard. Once you account is activated you can transfer money to New Zealand immediately. 

Excellent Customer Service Levels

International payments providers and Foreign exchange brokers work with key partners and networks meaning their services are recommended. They often come highly recommended and can be easily followed on sites such as Trust Pilot and Feefo. Whilst Banks will offer a very limited telephone and online service specialists will offer a suite of services including online dealing platforms and apps to ensure your transfer money to New Zealand is as hassle-free as possible.

They will also have dealt with thousands of clients who have also made a similar journey and will be more than aware of the process. The timelines involved and your specific aims, they will also be able to deal with you once you have moved to New Zealand.

Those located in the US will require the services of a US regulated Foreign Exchange Broker. The documents required will be very similar to those needed by a London based foreign exchange broker.  Once your account is activated in the US you can transfer money to New Zealand at ease. 

Far Better NZD Dollar Exchange Rates On Offer

Photo: Kalyakan / Adobe Stock

Whilst Banks and other institutions still trade the largest volume of Foreign Exchange the ultra-competitive pricing they receive is rarely passed down to the consumer. Put simply Banks still dominate the market and make more than enough money from their market share which makes them reluctant to improve pricing. Whilst some banks are trying to be more competitive at pricing currency it is far from their most profitable products with insurance, savings accounts and other sophisticated investment products proving far more lucrative.

In comparison Foreign exchange brokers work from similar rates to the bank and process so many of these international payments. Despite this, they are no way near the size of banks meaning they are much more agile, processing payments quickly and effectively whilst still remaining competitive in terms of pricing.

No Transfer Fees Or Hidden Charges

Another key advantage of using a specialist is that many will process your money transfer to New Zealand with no international transfer fees. Their segregated account networks can also ensure no charges or fees are taken along the way although this will differ from a provider. Banks will however charge to send money to new zealand and if you make regular international transfers this will quickly add up. 

Secure Payments Provide Ease Of Mind

All payments facilitated through reputable foreign exchange broker will be sent via secure segregated accounts and kept away from their operating funds. You should, however, ensure that they have the correct regulation and their accounts are held with Tier 1 institutions such as Barclays. Providers such as the ones mentioned in this article fit the bill nicely and perform quick easy transfers to New Zealand on a daily basis.

Transfer money to New Zealand –  Advice Is Just A Call Away

Another key advantage is that you will receive a personalised service, your account will be proactively managed by an expert rather than a bank clerk who won’t be familiar with the process or currency pairing.

The expert guidance on offer from a specialist is unrivalled with the live Foreign exchange market at your adviser’s fingertips. They will also be able to structure a strategy which complements your time frame and requirements and can even fix a rate for a future deliverable date allowing certainty and eliminating the risks associated with Foreign Exchange rate fluctuation.

A Word Of Financial Warning: Things To Avoid

Traveller’s cheques

Expensive and hard to redeem, the length of time to sort out how to use them in New Zealand makes traveller’s cheques an absolute no-no when transferring money into your New Zealand bank account.

Travel money and “No fee” credit cards

The option of multiple currencies, travel money cards claim to be usable like a credit card anywhere in New Zealand. However, we have found that they are not accepted everywhere and credit card usage fee incurs on each use. Plus, the exchange rates are usually pretty poor.

Many credit cards offer “no fees” when using them overseas. However, this comes at a much worse exchange rate than if you were to simply transfer your money. Credit cards also often incur extra fees (2-5% extra) on many transactions in New Zealand. Over a whole trip, this can really add up.

Cash Tip: for safety reasons don’t carry too much cash (enough for the first week). When arriving in New Zealand with your home currency, make sure to shop around to exchange your cash, as you will find huge differences from one money exchange place to another. Forget using an airport or bank to get or exchange cash!

We cover foreign exchange, currency and cryptocurrency news and guides. Our readers can find currency-specific foreign exchange news, political updates affecting currency and insight into where foreign exchange trends may go, as well as the latest cryptocurrency analyses and trends.
Foreign Exchange Live

Foreign Exchange Live

We cover foreign exchange, currency and cryptocurrency news and guides. Our readers can find currency-specific foreign exchange news, political updates affecting currency and insight into where foreign exchange trends may go, as well as the latest cryptocurrency analyses and trends.