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

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

It takes a while to go through every option available, so here are our Top 5 Ways based on safety, value for money and how easy it is.

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

Exchange Rate Comparison Tool


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 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.


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.

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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