Flag of New Zealand. Close Up.International money transfers to and from New Zealand have different exchange rates, fees and charges depending on how you choose to send the money.

For a comparison table of exchange rates and fees, click here or use the tool below.

1. Money Transfers Without a Fee

Transferring money online

Some Australian and international companies will allow you to send money from Australia to Austria with $0 transfer fee. They don't charge a fee regardless of how much you are sending. Keep in mind that they all have minimum transfer amounts so
if you are sending a small amount of money, these companies may not be able to help you.

Some fee free alternatives include TorFX and XE

When and why it’s cheaper:

If you are sending more than $500, but less than $10,000 then these companies make a lot of sense. They don't charge a fee and their exchange rates are usually better than the banks.

See: VIDEO: How to Transfer Money to an Overseas Bank Account Without High Fees


2. Transfers at the ‘Real' Exchange Rate

Peer to peer transfer

Transferwise is one company that offers you the ‘real' exchange rate that you see on xe.com or google. Keep in mind that they do
charge a percentage based fee which can add up if you are transferring more than $40,000

When and why it’s cheaper:

Getting the best possible exchange rate makes it much cheaper to send money overseas, particularly for less common currencies or for amounts under $40,000

See: Transferwise Review

3. Paypal

Transferring money online

Yes – Paypal. When you use Paypal to send money overseas, the currency conversion rates aren’t great, but the fees are almost non-existent. It’s also super quick when the person you are paying already has a Paypal account.

When and why it’s cheaper:

If you are paying someone under $1000, like an overseas freelancer, Paypal is cheaper than using a bank. This is because they don’t charge a bank transfer fee, which can range between $18 and $32.

See: Converting and Sending Currency via PayPal – How does it compare?


4. Money Remitters (for transfers under $2000)

World Remit

For smaller transfers under $2000 it can be easier and more cost effective to use a money remitter. These companies tend to have better exchange rates and fees for smaller transfers and no minimum transfer amount. Most money remitters will also give
you the option of paying by credit or debit card. Keep in mind though, many money remitters have a maximum transfer amount of around $10,000.

Some alternatives include WorldRemit and Orbit Remit

When and why it’s cheaper:

These companies are much cheaper than a bank and can be better than ‘fee free' companies, particularly on smaller remittances. They also tend to be faster than larger companies or banks, because they have strong local banking relationships.

See: WorldRemit Review


5. Bank Transfers Online

Transferring money online

If you are going to use a bank, it is much cheaper to transfer money online compared to the branch. Recently CBA reduced their online fee to $6 down from
$22 for smaller transfers under $1000. NAB also dropped it's fee for online transfers from $22 to $10.

When and why it’s cheaper:

Every major Australian bank has a cheaper fee to transfer money overseas online compared to going into a branch.


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.

How To Transfer Money Online



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

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.

Compare Now


Frequently Asked Questions

Paypal and Western Union (cash pick-up) are the fastest options. The transfer can be done in minutes.
If you are sending the money to a bank account, it will take 1-2 days if you are using a bank.
Or 2-3 days if you are using a money transfer

Sending money using a money transfer company is similar to using a bank but there are some important differences. Here are the main steps to do it online:

Setting things up (only has to be done once)

  • Log on to their website and register your details. You'll need to have some I.D handy
  • Once your account has been approved, you'll get a login and password
  • Enter the banking details of where you are sending the money. They are usually called the “Beneficiary” or “Recipient”

Tranferring Money

  • Get a quote for the amount you want to send
  • Confirm the details including the rate and how much it is in Australian dollars
  • You'll get a deal confirmation. Finally you'll need to pay them the Australian dollars before the money is sent.

1. A Bank

Banks in Australia have higher fees and uncompetitve exchange rates compared to Kiwi Banks. But this doesn't mean you should never use an Australian Bank. They are still the quickest way to transfer between bank accounts.

2. Paypal

This is a great option for anyone sending smaller amounts under $1000. The exchange rate you'll get are comparable to a bank but the fees are significantly lower. It is particularly handy when the person you are paying has a Paypal account.

3. A Money Transfer Company

Money Transfer Companies like OFX and HiFX are often the cheapest option when you are sending between $1000 and $1,000,000 at a time. This is because they offer better exchange rates and lower (and sometimes no) fees. The downside to using a transfer
company outside of a bank is that you'll have to set up an account with them first. This can take between 10 minutes and 2 days depending on how much information they need from you. Also, the transfer itself will usually take 1 day longer than
using a bank.

The banks and Paypal don't have a minimum transfer amount but most money transfer companies do. If you are sending less than $500 to New Zealand and intend to use a money transfer company, make sure you check their minimum transfer amount.

To send money overeas, you'll need the following information of the bank account you are sending the money to:

Beneficiary or Recipient Details

  1. The Account Name of your Recipient (person/business you are paying)
  2. Their BSB and Account Number
  3. The SWIFT Code of their bank


A note about sending money to New Zealand:

If you aren't sure, here are some useful online tools:

Search My Bank can help you find the right BSB and bank address

Here is a list of SWIFT codes for the biggest banks in New Zealand:



Bank of New Zealand: BKNZNZ22

HSBC New Zealand : HSBCNZ2A

Westpac New Zealand : WPACNZ2W

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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.