Transfer Money From Australia to New Zealand

By 
Russell Gous
Last Edited Oct 03, 2023

Are you looking to send money from Australia to New Zealand?

If so, we’ve got you covered.

In this guide compiled by experts, we’ll run through exactly how to go about this process and the best options that are available to you.

First and foremost, we have to make clear that BANKS ARE NOT YOUR ONLY OPTION to facilitate an international bank transfer from Australia to New Zealand.

You can receive better service, a greater variety of solutions and significantly cheaper fees if you opt for a specialist international money transfer service.

We’ll specifically highlight those services available in Australia.

Currency Exchange Rates

AUD to NZD

Current Rate: 1.0910 NZD

Estimated Bank Rate (2.5% markup): 1.0637 NZD

Provider Rate (0.6%): 1.0844 NZD

Indicative rates only. 2.5% was applied as the bank margin and 0.6% as the provider rates, but we don’t guarantee either.

NZD to AUD

Current Rate: 0.9166 AUD

Estimated Bank Rate (2.5% markup): 0.8937 AUD

Provider Rate (0.6%): 0.9111 AUD

Indicative rates only. 2.5% was applied as the bank margin and 0.6% as the provider rates, but we don’t guarantee either.

Transfer Money from New Zealand to Australia

New Zealand is one of the Most Popular Destinations for Transfers From Australia

Approximately 670,000 New Zealand citizens live in Australia. Many of these citizens maintain strong links with their home country, leading to regular cross-border financial transactions.

Likewise, some 20,000 Aussies moved to New Zealand in 2022. Driving a need for things like buying a property in NZ

Businesses play a huge role in money transfers too. According to the United Nations COMTRADE database on international trade, New Zealand exports to Australia totalled US$5.51 Billion. Exporters from New Zealand have a regular requirement to transfer their international revenues back home.

The most common reasons to transfer money today from Australia to New Zealand are as follows:

  1. Business Purposes
  2. Buying Property
  3. Sending to Friends & Family
  4. Overseas Salary Transfers
  5. Emigration

How to Send Money From Australia to NZ [4 Easy Steps]

Follow four simple steps and you’ll be able to complete an AUDNZD transfer at significantly better rates and lower fees than your bank.

Step 1: Choose a Service That Supports the NZ / Australia Corridor

Picking the right service is crucial.

The market offers many providers, each with its own strengths and weaknesses.

To make things easier, we’ll explain the different types of provider you can use:

⭐ Best Way to Send Money From Australia to NZ⭐

Based on Security, Speed and Cost; companies operating in Australia

#1
Australia Send Payments: Friendliest Staff, Top Platform, Best Overall
Local Australia Offices (Headquarters):
10 Rawlins St, Southport QLD 4215
96.4% Editorial rating
289 Client Reviews
Minimum transfer:
$250
Why Them?
  • 4.9 star rating on Trust Pilot
  • Competitive Exchange Rates for Both Small and Large Transfers - Up To x5 Cheaper Than Banks
  • Personal Account Manager - Large Transfers Specialists
+Read more
1
Send Payments
Send Payments: Friendliest Staff, Top Platform, Best Overall
96.4%
Editorial rating
#2
Australia Xe: Biggest Name in Currency Since 1993
Local Australia Offices:
1/75 Castlereagh Street, Sydney, New South Wales 2000 Australia
92.3% Editorial rating
62,000 Client Reviews
Minimum transfer:
$1
Why Them?
  • Smoothest to Register With - Less Than a 2 Minute Process
  • Global Company with Multiple Offices in Australia, Running Since 1993
  • The Most Familiar Name in Currency (One of the World's Most Popular Websites
+Read more
2
Xe
Xe: Biggest Name in Currency Since 1993
92.3%
Editorial rating
#3
Australia TorFX: Highly Experienced - Business Transfers Specialists
Local Australia Offices:
25 Elkhorn Ave, Surfers Paradise QLD 4217
91.5% Editorial rating
5,000 Client Reviews
Minimum transfer:
$250
Why Them?
  • Decades of Experience
  • Very High Client Satisfaction
  • Dedicated Dealer for Transfers above A$5,000
+Read more
3
Torfx Money Transfer
TorFX: Highly Experienced - Business Transfers Specialists
91.5%
Editorial rating
#4
Australia OFX: ASX Traded, Australian Household Name
Local Australia Offices:
60 Margaret St, Sydney, NSW 2000
90.4% Editorial rating
5,000 Client Reviews
Minimum transfer:
$50
Why Them?
  • Australian Company, Traded Publicly, 20bn Turnover per Year
  • Ultra Professional and Serious
  • 24-7 Support Including Live Chat
+Read more
4
OFX
OFX: ASX Traded, Australian Household Name
90.4%
Editorial rating
#5
UK EU USA Currencies Direct: Best For Transfers to Australia
Headquarters:
1 Canada Square, Canary Wharf, London E14 5AA, UK
N/A Editorial rating
7,500 Client Reviews
Minimum transfer:
£100 / €100 / $100 or equivalent
Why Them?
  • 96% Positive Feedback from Customers, Since 1996
  • Service Oriented - Specialising in Large Transfers - Friendly Dealers
  • Very Competitive Rates, No Wire Fees
+Read more
5
Currencies Direct
Currencies Direct: Best For Transfers to Australia
N/A
Editorial rating

Have an urgent payment to make?

Any of the four providers mentioned above will help you save money compared to Australian banks.

TorFX, OFX and Send will even assign you with a dedicated account manager to guide you through the process and ensure a fast, seamless, experience.

With these providers, you’ll also have the option to leverage hedging tools like forward contracts. This can protect you if AUD falls against NZD in the future.

Transferring Money From Australia to New Zealand with banks, brokers, online money transfers, remittances providers – pros and cons:

Australian BanksCurrency BrokersOnline Money Transfer ServicesRemittance Services
Example Service Providers
  • ANZ Bank
  • CommonBank
  • Macquarie Bank
  • Westpac
  • TorFX
  • OFX
  • Revolut
  • Wise (formerly TransferWise)
  • Remitly
  • Western Union
Benefits
  • Conduct transactions through your existing bank, eliminating the need for additional registrations
  • High-level security measures
  • Accommodates payments of various sizes
  • Availability of physical branches for in-person transactions (although they may involve higher costs)
  • Access to multiple hedging tools to manage currency market fluctuations
  • Support from dedicated currency specialists
  • Choice between online and telephone trading
  • No payment processing fees
  • Fast and user-friendly online platforms for quick payment processing
  • Narrower foreign exchange (FX) spreads compared to banks, with transparent rates
  • Lower payment processing fees
  • Option for cash collection depending on the destination and service provider
  • Flexibility to complete transactions online or at local branches
Drawbacks
  • Currency hedging tools may not be accessible to private clients and small businesses
  • High transfer fees
  • Wide FX spreads
  • Lack of consultation with currency specialists
  • FX spreads generally narrower than banks – competitive foreign exchange rates for large international transfers
  • Limited availability of currency brokers in Australia compared to New Zealand, resulting in fewer options
  • No branch network
  • No hedging tools available; acceptance of FX rate at the time of payment
  • Lack of guidance from currency specialists
  • No branch network
  • Wide FX spreads (though potentially narrower than bank FX spreads)
  • No hedging tools available; acceptance of FX rate at the time of payment

A bank might seem like the easy option, but the problem is the cost of bank fees on transfers from Australia to New Zealand.

Australian bank fees look like this:

BankFees – Sent in AUDFees – Sent in Foreign Currency
ANZ Bank$18 / $32 in-branch<$10,000 $9, >$10,000 $0
Commonbank$22 / $30 in-branch$6 / $30 in-branch
Macquarie Bank$15 below $10,000, >$10,000 no fees<$10,000 $15, >$10,000 $0
NAB$30 / $30 in-branch$10 / $30 in-branch
Westpac$20 / $32 in-branch$10 / $32 in-branch

What’s worse, if you require exchanging Australian Dollar to New Zealand Dollar, you will pay huge exchange rate markups. As per our research on bank fees, these are between 3% and 4% with most Aussie banks.

To save money in the process, you have to opt for a non-bank provider.

Step 2: Register With Your Service of Choice

When signing up for a new money transfer service in Australia or New Zealand, it’s mandatory to complete a ‘Know Your Customer’ verification.

This singular procedure, usually finalised within a few hours, is required to comply with anti-money laundering rules.

In contrast to banks, who are known for their sluggishness, fintechs and money transfer entities optimise this process. They predominantly employ third-party applications and conduct 99% of verifications online, making the procedure more efficient.

Step 3: Format the Details of Your Wire Transfer Between NZ and Australia

Once you’ve registered with your service provider, you can organise your Australia to New Zealand bank transfer.

This is usually completed online but you can arrange it with a currency broker over the phone.

Inputting accurate recipient details is crucial to prevent delays or misdirected funds.

New Zealand bank accounts consist of a bank number and an account number. You’ll need to input these correctly for money transfers from Australia to New Zealand.

If you have an invoice, it should list these numbers. If you’re transferring Australian dollars to a New Zealand account in your name, you simply need your bank number and account number.

Enter either the AUD amount you intend to convert or the NZD amount you aim to receive.

When making the payment, you can secure the exchange rate, thereby establishing a legal obligation to complete the AUD to NZD conversion for your transfer.

If you’re required to input a SWIFT code, see our guide to New Zealand SWIFT codes.

How to Format Payments to an NZ Bank Account?

NZ bank account numbers in NZD have a standardised format usually consisting of 16 digits:

  • A prefix which consists of the bank number (two digits) and the branch number (four digits)
  • An account number (seven digits)
  • A suffix, which represents the account type and relates to the specific account of an individual or business (two or three digits)
SectionDescriptionExample
Bank Number / Branch NumberIdentifies the specific bank12-3456
Account NumberUnique number assigned by the bank9876543
SuffixIdentifies the type of account00

Examples with major New Zealand banks could look like:

BankExample NZ Bank Account Number
ANZ06-1234-5678901-02
ASB12-3456-7890123-00
BNZ02-1234-5678901-00
Westpac03-1234-5678901-00

Step 4: Settle Your Deal and Wait for Funds to Hit the Receiving Account

Once you’ve confirmed your Australia to New Zealand money transfer and secured an exchange rate, you’ll need to fund the transaction in AUD.

Your payment provider will supply their account number for you to settle your trade, or, you may be able to settle the deal by paying with your debit card.

Follow any reference requirements closely to ensure your funds are swiftly settled by the payment company and converted to NZD.

Firms like TorFX, Wise and OFX all have a local AUD bank account in Australia, meaning you’ll just need to make a local transfer from your main Australian bank account to the payment provider’s AUD account.

Some payment companies suggest that transferring money from Australia to New Zealand can take 1-2 business days. However, with efficient timing, you can see funds reach your New Zealand account the same day you initiate the transfer.

The main hurdle is the difference in time zones.

Given New Zealand is ahead of Australia, there’s a chance banking systems may already be closed by the time your funds arrive in New Zealand.

This is particularly true for those on the west coast of Australia. But if you’re transferring funds from the east coast before 9:00am, you stand a good chance of achieving same-day completion on your transfer.

If not possible, your transaction should be among the first to process the next morning.

Sounding Off

Australia and New Zealand have a deeply connected relationship that sees billions of dollars flow between the two nations every year.

If you’re an individual or SME contributing to these flows, make sure you aren’t being overcharged by your bank or alternative payment provider.

There are plenty of options that exist today which can save you money, keep your money and make the process seamless.

Non-bank providers, like Send, TorFX and OFX, offer more competitive rates, lower fees, and specialised guidance.

Just be sure to choose the best service for your needs, follow registration instructions swiftly, format the account details correctly, and then simply kick back while your money is sent from Australia to New Zealand.