They add hidden markups to their exchange rates – charging you more without your knowledge. You’ll only be able to spend in NZD while you’re in New Zealand . Carrying some money in cash and using a travel debit card from a service like Wise is usually the best way to spend while you’re away from home. You’ll be able to use a travel debit card from a provider like Wise to make convenient payments and cash withdrawals and to convert funds online. If you’re paying for things in New Zealand with a AUD bank card you might find a foreign transaction fee is added. This pushes up your costs when you spend in a foreign currency, and can be tricky to calculate.

• The designs remained much the same, but were changed slightly to accommodate new security features, with the most obvious changes being the two transparent windows.
• However, generally having a few different payment methods is a good plan.
• Other factors affecting the NZD are dairy prices and tourism numbers.
• Due to the discontinuation of the 1 cent, 2 cent and 5 cent coins, when buying something in cash, the retailer will either “round” the price of the good up or down.

New Zealand banks are open weekdays 9.30am-4.30pm and sometimes on a weekend. Most will work with an international credit or debit card as long as your card has a four-digit pin code. Find out more in The Best Places to Exchange Money in New Zealand. There are no restrictions on how much cash you can bring into New Zealand, however, those who bring in NZ$10,000 or more must complete a Border Cash Report. You can send a variety of international currencies to multiple countries reliably, quickly, and safely, and at a rate cheaper than most banks. Our currency rankings show that the most popular New Zealand Dollar exchange rate is the NZD to USD rate.

Exchange rate

The final releases were given more conservative designs in line with public expectations. The official currency in Wellington is the New Zealand dollar. Card holders get some free ATM withdrawals available every month, and there’s no annual or monthly fees to pay, and no minimum balance requirement.

This article has been reviewed and approved by Robin, who is the co-founder of NZ Pocket Guide. With more than 15 years of experience in the New Zealand tourism industry, Robin has co-founded three influential tourism businesses and five additional travel guides for South Pacific nations. He is an expert in New Zealand travel and has tested over 600 activities and 300+ accommodations across the country.

The Guys’ Guide to Backpacking in New Zealand

This guide to New Zealand currency will go through how money is commonly using in New Zealand, from currency values to banking in New Zealand to the Goods and Services Tax. A floating currency is one with value that is permitted to change as it’s compared to other currencies. Australia ranks as New Zealand’s second-largest trading partner behind China. The neighboring country reports 6.2% of New Zealand imports in 2023. The performance of Australia’s economy has a significant impact on the New Zealand dollar as a result.

In addition, the new polymer composition has increased the longevity of the note. She holds a Bachelor of Science in Finance degree from Bridgewater State University and helps develop content strategies. In 1971 the US devalued its dollar relative to gold, leading New Zealand on 23 December to peg its dollar at US$1.216 with a 4.5% fluctuation range, keeping the same gold value. From 9 July 1973 to 4 March 1985 the dollar’s value was determined from a trade-weighted basket of currencies. The New Zealand dollar also circulates in the Cook Islands, Niue, Tokelau, and the Pitcairn Islands.

New Zealand dollars to US dollars today

Traders purchase the New Zealand dollar and sell a lower-yielding currency to execute a carry trade, such as the Japanese yen. The objective is to profit from the interest rate differential. But the New Zealand carry trade has become much less appealing as the RBNZ has aggressively reduced interest rates to combat slowing economic growth and subdued inflation. The carry trade is one of the most popular trading strategies in the currency market. Executing a carry trade involves nothing more than buying a high-yielding currency and funding it with a low-yielding currency.

On 11 November 2004 the Reserve Bank announced that it proposed to take the 5c coin out of circulation and to make the 50c, 20c and 10c coins smaller and use plated steel to make them lighter. After a three-month public submission period that ended on 4 February 2005, the Reserve Bank announced on 31 March that it would go ahead with the proposed changes. The changeover period started on 31 July 2006, with the old coins usable until 31 October 2006.19 The old 50c, 20c, 10c and 5c pieces are now no longer legal tender, but are still redeemable at the Reserve Bank. The U.S. dollar is the currency most used in international transactions.

Currencies

Each banknote and coin of New Zealand’s currency looks different. The currency usually has a bird on one side of a banknote or coin as well as an important historical figure of New Zealand. In limefx 1934, the Reserve Bank of New Zealand was established, becoming the only supplier of banknotes.

The original notes had a variety of designs, including that of a kiwi, the nation’s Coat Forex sentiment analysis of Arms, Maori King Tawhiao, and Fiordland’s Mitre Peak. The New Zealand dollar contributes greatly to the total global exchange market—far in excess of New Zealand’s relative share of population or global GDP. The most recent issue of New Zealand banknotes is the seventh series, first released in October 2015 and May 2016. On the introduction of the dollar, coins came in denominations of 1c, 2c, 5c, 10c, 20c, and 50c.

Banks and traditional providers often have extra costs, which they pass to you by marking up the exchange rate. Our smart tech means we’re more efficient – which means you get a great rate. Beware of bad exchange rates.Banks and traditional providers often have extra costs, which they pass to you by marking up the exchange rate. Today the currency in New Zealand is the New Zealand dollar. If you’re worried about currencies changing, why not get a travel review encyclopedia of chart patterns debit card from a service like Wise which will automatically pick the currency needed in your destination when making a payment – with no penalties or inflated fees.

Traders and investors have favored the New Zealand dollar as a carry trade currency because the country has had higher interest rates compared to other developed nations. The NZD currency has a long history of colorful and vibrant money and, since its first issuing, has changed its printed design several times. If you carry AUD with you on your trip, you’ll probably need to exchange it before you can spend.