GUIDE: 5 of the Best Ways to Transfer Money Between New Zealand and Australia

The Best Way to Safely Transfer Money to New Zealand:

1. Compare your local banks and money transfer services

2. Set-up an account with the bank or service you’ve chosen. Most of the time it can be done online but you will need to have some I.D. available

3. Transfer the money by confirming the exchange rate and fees. You’ll need the bank details of the person you want to pay in New Zealand. You also may need to pay for the transfer before the money is sent abroad

Exchange Rate Comparison Tool


New Zealand Money Transfer Guide

Transferring large amounts of currency

Transfering a Large Amount of NZD

Every Australian bank allows you to transfer money to and from the New Zealand, and the transaction is very easy to set up. Problem is that the exchange rate you receive usually makes it the most expensive option.

Using an online money transfer service is one way to avoid these hefty fees and the choices are varied.

Safety, exchange rates and service are most important when sending bigger amounts to and from NZ.

Our Verdict: For larger transfers, consider Transferwise. They give you the same exchange rate as you see on They also offer a lower fee for amounts over $10,000.

Winner: TorFX
Read more about TorFX


Moving from New Zealand to Australia

When moving country, you often have to move your money after you've settled in. With so much at risk, look a trustworthy bank or money transfer company that has a presence in both Australia and New Zealand. If you are sending more than $10,000 choose an option with the best exchange rate and no hidden fees.

Our Verdict: OFX for their track record, particularly with people moving to Australia. They have exceptional exchange rates for New Zealand Dollars (NZD), making them a cheaper alternative to using a bank.

Winner: OFX
Read more about OFX


Friends and Family

Transferring money shouldn’t be a negative experience. With the right information at your fingertips and a professional currency conversion expert at your disposal, you can boost the potential benefits and minimise your risks. Look for a bank or company that has an online payment platform and that has a local customer support centre in case you need help.

Our Verdict: With the right foreign exchange specialist, such as OFX it is possible to achieve a spread of 1% - and even lower, reduce or remove fees, create a strategy for purchasing currency and also access hedging tools.

Winner: World First
Read more about World First


Buying or Selling Property

Select a provider with a strong presense in Australia and New Zealand. This will provide you with the support and flexibility you may require when purchasing a property.

Our Verdict: With the right foreign exchange specialist, such as World First it is possible to achieve a spread of 1% - and even lower, reduce or remove fees, create a strategy for purchasing currency and also access hedging tools.

Winner: TorFX
Read more about TorFX

Transferring currency for business

Business FX Between Australia and New Zealand

Transferring money for your business? Find the best option with these 2 key points:

1. The exchange rate margin - this is the difference between the wholesale exchange rate you can see on and the rate you get

2. The business products they offer like forward exchange contracts, foreign currency accounts and limit orders

Our verdict: TransferWise. Their borderless account is the best product for transferring money in and out of France. It's almost fee free and they have no exchange rate margin.

Winner: Transferwise
Read more about Transferwise


Studying Across the Ditch

Tuition fees have become steep and ever-increasing. As an international student, you would expect to pay between $15 000 to $50 000 annually, depending on your course. Bring in accommodation, bills and living expenses to the equation and you'll be dreading the escalating numbers.

For large payments like tuition, make sure you hunt down the best exchange rate.

Taking a part time course? With smaller payments, look out for the transfer fee that is being charged.

Our Verdict: Worldfirst. This is perfect for students and their parents paying the bills to save on hefty transfer costs.

Winner: World first
Read more about World First


How much will it cost to transfer money to or from New Zealand?

Calculating the cost of your transfer can be tricky. Depending on how you send the money, the fees, charges and margins aren't always obvious. Here are the most common charges to transfer money from one bank account to another

1. Standard Fees

These are the most common fee types.

Money transfer fees

Transfer Fees

Also known as a TT, Telegraphic Transfer, Wire or Remittance fee. This is the fee that banks and providers charge to transfer your money across to another country.

Exchange rate margin fees

Exchange Rate Margin

This is the difference between the wholesale exchange rate you can see on and the rate you receive.

2. Bank Surcharges

These are fees that your bank may or may not charge you for.

Money transfer bank fees

Corrospondent Bank Fees

This is a bank charge for transferring money to an international account. The fee is deducted from the amount that you transfer to your receipient. Note: This fee is not always charged by your bank.

Money transfer receiving bank fee

Recieving Bank Fee

If you are paying foreign currency into an account, the receiving bank will charge you for it. For instance, if you send Chinese Yuan to your Australian bank account, your Australian bank will charge you to convert it.

OFX offer


Ready to go?

Get your first two transfers to New Zealand with OFX for free


How To Transfer Money Online

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 company.

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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