Next door is calling and you’ve decided to move from New Zealand to Australia, what a thrilling time ahead! Before heading off on your new adventure, it’s important to decide how you’re going to manage your finances, particularly if you’re going to be sending savings from NZ to Australia.


Before you jump and move your life savings from NZ to Australia, you need to take the time to work out the best and most cost effective way to do it is. Our guide is designed to help you find the best way to transfer a large amount of money from New Zealand to Australia and show you how you can save.

While this might be the last, least exciting part of your move, it is important and could save you a lot in the long run.
In this guide we’ll look at:

  • sending savings from nz to australiaReasons you for transferring your life savings.
  • How currency exchange and money transfers work.
  • The importance of getting the best deal.
  • Typical fees and commissions for transferring savings overseas.
  • Your bank versus a dedicated currency exchange provider.
  • The services dedicated currency providers offer.
  • How to use a currency provider to transfer your savings from New Zealand to Australia.
  • What to do with your money that’s still in New Zealand.
  • Hints and tips.

Read on for our advice on how to make the most of your money and get off to a great start in Australia.



How to Find the Cheapest Way to Transfer Money From New Zealand to Australia

Compare The Total Cost

The total cost of the transfer comes down to 2 things:

Money transfer fees

1. Transfer Fees

Every Australian bank and money transfer company will charge you a different fee to send money overseas. Usually it’s between $10 and $32.

Exchange rate margin fees

2. Exchange Rate Margin

There is no “standard” exchange rate. Each bank will offer you a different exchange rate based on the currency you want to send overseas and the amount you need to send.

Provider Exchange
Total (AUD) Rates last updated August 16 2018
XERead Review 1.0989 $0.00 2-3 Days $9,099.98Lowest Cost Option Go to site Read Review
So, sending NZD 10,000 to New Zealand at an exchange rate of 1.0989 will cost you $9,099.98 with no fees.

About XE

XE is a well known and trusted name in the money transfer industry. With over twenty years experience, they now help 33,000 people and 2,000 businesses make transfers each year. Over 60 currencies can be transferred with XE and they pride themselves on the free tools and transparent rates they offer. Click here to read the full review


  • Well known and trusted brand.
  • Very informative website. Extensive information on currency and money transfers.
  • XE App is available on both iOS and Android. It allows you to see the interbank rate for over 100 currencies.
  • XE themselves charge no fees for international money transfers.
  • Offers support for both individuals and businesses when it comes to international money transfers.


  • Cannot pay via cash or cheque. Must pay via bank transfer, BPay is also accepted in Australia.
  • Maximum transfer amount is $500,000USD.
  • While XE compares more than 100 currencies, there are only 60 that are available for money transfers.

TransferwiseRead Review 1.1038 $46.30 1-2 Days $9,106.24$6.26 more expensive Go to site Read Review
So, sending NZD 10,000 to New Zealand at an exchange rate of 1.1038 will cost you $9,106.24 which includes a fee of $46.30

About TransferWise

Transparency and an easy online experience are the 2 things that set TransferWise apart from the banks and other money transfer companies. If you prefer to bank online, you'll like TransferWise. Setting up an account and making a transfer is very easy. They are also very clear on the exchange rate and fees you'll pay before you make a transfer. Click here for the full review


  • Clear and transparent exchange rates fees
  • The online experience is first class
  • Like the banks, they are regulated by ASIC and registered with AFSL
  • Constantly bringing out new innovative products


  • There are currently a number of global currencies they do not currently support
  • Limited support based in Australia
  • Percentage based fee can add up on very large transfers

WorldFirstRead Review 1.0971 $0.00 2-3 Days $9,114.63$14.65 more expensive Go to site Read Review
So, sending NZD 10,000 to New Zealand at an exchange rate of 1.0971 will cost you $9,114.63 with no fees.

About World First

World First was founded in 2004 in the UK and has grown rapidly with offices now in the U.S., Canada and throughout Asia. They consistently receive strong customer reviews and in a recent study, 98% of their clients said they would use them again.World First have a strong online offering, particular for businesses selling online. They do provide local support as well with offices in Sydney. Click here to read the full review


  • Low fees and great exchange rates
  • Safe and secure transfers
  • Regulated by ASIC and registered with AFSL
  • Great for personal and business payments


  • Does not accept BPAY, credit card, cheque or cash
  • Limited currencies available

TorFXRead Review 1.0971 $0.00 2-3 Days $9,114.63$14.65 more expensive Go to site Read Review
So, sending NZD 10,000 to New Zealand at an exchange rate of 1.0971 will cost you $9,114.63 with no fees.

About TorFX

TorFX are particularly good taking care of customers over the phone but using their website isn't the easiest to use. They don't charge a flat fee which is great but it's important to consider their exchange rates. While, they don't offer fantastic rates for small amounts under $2000 , TorFX offer exceptionally good exchange rates for larger transfers to the UK, New Zealand, South Africa and Europe.


  • No transfer fees
  • Highly competitive exchange rates
  • Secure transfers with authorised
  • Assigned account manager
  • 24 / 7 Assistance
  • Available range of transfer options


  • Limited exotic currencies available
  • Exchange rates on small transfers aren't great
  • Website experience could be better

HIFXRead Review 1.0971 $0.00 2-3 Days $9,114.63$14.65 more expensive Go to site Read Review
So, sending NZD 10,000 to New Zealand at an exchange rate of 1.0971 will cost you $9,114.63 with no fees.

About HiFX

HiFX are one of the biggest money transfer companies in the world. Their parent company Euronet is listed on the NASDAQ and recently acquired They are particularly useful for individuals doing regular transfers overseas. HiFX provide competitive exchange rates no matter how much is being transacted. Their $50 minimum transaction size and flat fee makes them a great option for any international payment. Locally, HiFX have Australian offices in Sydney, Melbourne and are expanding to the remaining capital cities. Click here to read the full review


  • Fantastic bank - beating exchange rates
  • Low fees for transactions less than $10, 000
  • No fees for transactions of $10, 000 or more
  • High security transfers regulated by ASIC and FMA
  • Fast and easy for personal or business accounts


  • Only electronic bank transfers accepted
  • Limited exotic currencies
OFXRead Review 1.0872 $0.00 1-3 Days $9,197.94$97.96 more expensive Go to site Read Review
So, sending NZD 10,000 to New Zealand at an exchange rate of 1.0872 will cost you $9,197.94 with no fees.

About OFX

OFX (formally known as Ozforex) is the largest Australian owned money transfer company. It launched in 1998 and grew rapidly until finally listing on the Australian Stock Exchange in 2013. OFX excels in 2 areas – Online experience and customer service. The company was born online and continues to develop easy, intuitive products. While OFX customers do most of their transactions online, they are backed up with exceptional customer service.


  • Better exchange rates compared to banks
  • Highly safe and secure transfers
  • 1 - 2 days delivery times for most countries
  • Quick response time
  • Fantastic customer service


  • Credit cards, cheques and cash are not accepted
  • Transfers to Thailand can take up to 4 days
  • Fees for transfers smaller transfers

ANZRead Review 1.0528 $0.00 1-2 Days $9,498.48$398.50 more expensive Go to site Read Review
So, sending NZD 10,000 to New Zealand at an exchange rate of 1.0528 will cost you $9,498.48 with no fees.
ANZ International Money Transfer is a secure and fast way to transfer money overseas.


  • Fast transfers
  • Safe and secure
  • No fee for transfers under $10 000 via Internet banking


  • $12 fee for transfers under $10 000 via Internet banking
  • Poor exchange rates
  • 24 hour hotline not available

WestpacRead Review 1.0401 $10.00 1-2 Days $9,624.46$524.48 more expensive Go to site Read Review
So, sending NZD 10,000 to New Zealand at an exchange rate of 1.0401 will cost you $9,624.46 which includes a fee of $10.00
Westpac is one of the big four banks in Australia offers speedy and secure transfers.


  • Fast payment processing times
  • Secure transfers


  • Must be Westpac account holder
  • $20 fee for transfers via Internet or phone banking
  • $32 fee for transfers at an ANZ branch
  • Poor exchange rates
Commonwealth BankRead Review 1.0388 $12.00 1-2 Days $9,638.49$538.51 more expensive Go to site Read Review
So, sending NZD 10,000 to New Zealand at an exchange rate of 1.0388 will cost you $9,638.49 which includes a fee of $12.00
Commonwealth Bank provides secure and easy transfers to over 200 countries and more than 30 currencies.


  • Fast transfers+ Easy transfers
  • Security guarantee covers any losses from unauthorised transactions


  • $6 fee for transfers under $1000 via Internet banking
  • $12 fee for transfers under $1000 via Internet banking
  • Poor exchange rates


Reasons You Could Be Transferring Your Life Savings from New Zealand

There are many reasons you could be making the move to Australia, from New Zealand.

  • You might be coming to study in Australia for the next few years and want to have your savings with you.
  • Maybe it’s getting a bit to cold down in the South Island and it’s time to head to the sunny Australian coast.
  • Your company could be expanding internationally and you’ve been given the opportunity to work in the Australian office.
  • Maybe you’re retiring and want a change of scenery to welcome this new chapter of your life.

Whatever your reasons, it’s important to make the best financial decisions when winding down your life in New Zealand and jet setting across to Oz.


Managing New Zealand Money in AustraliaHow Currency Exchange and Money Transfers Work

If you are looking at transferring your savings from New Zealand to Australia, it will mean converting your finances from one currency to another. In this case from the New Zealand Dollar to the Australian Dollar. This rate is used to work out how much of your money will be converted and can be based on how much you are transferring.
Your New Zealand Dollar amount will be subject to certain fees and exchange rate commissions which will determine how many Australian dollars you receive. This depends on several important factors:

  • The prevailing, interbank, baseline exchange rate between NZD and AUD.
  • The amount you are transferring.
  • How you will be paying for your transfer in the UK (typically via bank transfer or debit card).
  • The variation between the baseline exchange rate and the exchange rate you are offered by the provider you use.
  • How you will be receiving your money in Australia (typically directly into a bank account).
  • Any other fees and charges



Why You Want the Best Deal when You’re Moving Savings

It may seem like the easiest option would be to use your bank, or even PayPal to transfer your savings from New Zealand to Australia. While this might be the case, keep in mind that the exchange rate your bank offers will not be anywhere near as competitive as a currency exchange provider will be. Banks and PayPal will generally;

  • Have a much less competitive rate than dedicated providers.
  • Charge higher or additional fees.
  • Won’t provide dedicated customer service to answer any questions or help you through the transfer
  • Won’t allow you to set a ‘forward contract’ allowing you to lock in a rate that you want to exchange at.

Taking into account the average exchange rates and fees provided by banks, compared to a dedicated currency exchange provider:
On a transfer of $50,000NZ, you could pay nearly $1,500 more if you use a bank or PayPal.


Typical Fees and Commissions for Transferring Savings Overseas

There are a number areas that have a big influence on how much you will pay to send your money from New Zealand to Australia. Let’s dig into the main areas that impact how much you will pay.


The Exchange Rate

There are a lot of options when it comes to deciding to transfer a large amount of money internationally. Whether you use a provider, a bank or PayPal, the thing that will make the most impact is the exchange rate. More importantly, the difference between the interbank rate, and what the provider is offering you.

Any difference between those rates directly impacts the amount of money you will receive
Here’s an example of converting New Zealand dollars to Australian dollars: Exchange rates when moving to Australia

  • Interbank, the mid-market rate for transferring NZD to AUD (baseline) — 0.956AUD per NZD.
  • PayPal exchange rate for transferring NZD to AUD — 0.930AUD per NZD.
  • ANZ exchange rate for transferring NZD to AUD — 0.932AUD per NZD.
  • WorldFirst currency provider exchange rate for transferring NZD to AUD — 0.953AUD per NZD.
  • Difference between PayPal and baseline rate — 2.6% worse.
  • Difference between ANZ and baseline rate — 2.4% worse.
  • Difference between WorldFirst and baseline rate — 0.3% worse.

These exchange rates are correct as of late June 2017. The exchange rate you are offered may vary depending on multiple factors including date, time, the amount you are transferring, and various other areas.


Commissions or Extra Fees for Money Transfers

While providers make money based on the exchange rate they offer, some will charge additional fees as well. It could appear as a fixed fee or an additional commission percentage.


Payment Fees for Deposit and Withdrawal

Sending or receiving money can also incur a fee from some banks, this can be known as an international wire fee.


Your Bank Versus a Dedicated Currency Exchange Provider

Our money transfer and currency exchange comparison tool allows you to compare providers, their fees and rates. This can accurately demonstrate how you can save money. We looked at transferring about $50,000NZ to see how much you could get in Australian dollars from various providers.


Provider NZD to AUD Exchange Rates Transfer Fee Total AUD for $50,000NZD Difference to Baseline
Baseline Rate 0.956 n/a $47,800 n/a
WorldFirst 0.953 $0 $47,673.85 $126.15
OFX 0.952 $0 $47,588.71 $211.29
PayPal 0.930 $0 $46,517.29 $1,282.71
ANZ 0.932 $15 $46,565.96 $1,234.04
Commonwealth 0.926 $11 $46,302.45 $1,497.55

Looking at the table we can see there are definite savings to be had if you use a dedicated currency provider such as WorldFirst or OFX. You could save up to 9% by using a dedicated provider instead of your bank.


Benefits of Dedicated Currency Exchange Providers

When it comes to transferring your savings from New Zealand to Australia, there are dedicated providers for you to choose from. Examples include TorFX, HiFX, OFX and World First offer competitive options that for transferring money quickly and easily.

These providers have several benefits including:

  • Noticeably lower fees and better exchange rates than PayPal or banks.
  • Fast transfers, meaning transfers can sometimes be made within one working day.
  • Dedicated customer support and advice. This is really important when you’re dealing with your life savings.
  • Online options for sending money through their website or app.
  • Offer forward or limit orders to manage risk and allow you transfer at the rate you want.
  • Mobile apps and other tools to manage the money transfer processes.

Fee Free Offer

OFX is a trusted partner of The Currency Shop. OFX customers using this link through The Currency Shop will not incur a transfer fee for their first two international money transfers, regardless of the size of the transaction.


Minimum transfer $250. Please note that the receiving bank or intermediary bank may charge fees on transactions.

Using a Currency Provider to Move Your Savings From New Zealand to Australia.

It’s easy to setup an account with a currency provider to transfer your savings:

  1. Go to our comparison tool to see which provider can offer you the best deal.
  2. Once you’ve decided on a provider, visit their website directly from our tool.
  3. Create an account with the currency provider — you will generally need a proof of identification and a proof of address.
  4. Get an up-to-date quote for converting your New Zealand and to Australian dollars.
  5. Organise to transfer your money either online, through their app or over the phone.
  6. Provide details of the bank account receiving the money — you will generally need an IBAN or SWIFT number.
  7. Fund your account with the provider, usually via a bank transfer.
  8. Your currency provider will then make the exchange and deposit funds into your Australian bank account.


What to Do With Your Money That’s Still in the UK

If you decide to transfer all of your savings to Australia, you may still be in a position where there are still payments going into your account in New Zealand. This could be a pension or investments from property or stocks.
With the provider you’ve decided to use, you could set up regular transfers to happen from New Zealand to Australia so that you still have easy access to your money. Alternatively, you could leave them in New Zealand so that you have access to funds if you’re travelling back there at any time.


Final Tips

Here are a few tips on getting the most value out of your international currency exchange.

  1. Use our quote tool to find the best value transfer for any circumstance.
  2. Check with the sending and receiving banks to see if they charge any fees for sending or receiving funds.
  3. Ask your currency provider about “forward” or “market limit” orders — these allow you to set a “threshold” for exchange rates, so you only move money if it hits the rate you’ve set. This can help you manage risk and get a better rate for your money transfer.
  4. Because you’re transferring a large amount, give your currency provider a call as they may offer more competitive rates.

And that’s our guide to transferring savings between New Zealand and Australia. Hopefully, this will help you save some money which can be put towards your time in Australia.

All figures and estimates provided in this article were correct as of June 2017. Exchange are subject to change at all times, so these numbers are not indicative of what you will receive at any other time. The article is designed to demonstrate the savings that are possible, depending on the provider you choose to use.


Recommended For You

The currency shop calculator

Currency Calculator: Australian Banks and Money Transfer Specialists

This calculator helps you compare exchange rates and fees of banks and money transfer specialists.


Cheaper ways to transfer money overseas

5 Cheaper Ways to Transfer Money Overseas

Using a bank is one of the easiest ways of sending money overseas but it is also the most costly. Here are 5 cheaper alternatives…


How to transfer money back to Australia

Transferring Money Back to Australia

Transferring money back to Australia isn’t easy and can also be really expensive. This articles compares the best ways of moving money back to Australia.


Helping You Save Money on Currency

Buying travel money or transferring money overseas can be expensive and confusing. So how do you make the best choice and get the most out of your money?

An easy way is to use a comparison table for either international money transfers or currency exchange. These tables list and compare the banks with other large foreign exchange companies.

We’ve also put together tons of helpful videosguides and reviews that will help you make the right decision. You can work out a cheaper way of converting currency while still keeping your money safe.