Transfer Money Between New Zealand and Australia

Matt Di Vincere (Chief Editor)
Last Edited Jun 05, 2023

If you need to transfer money from New Zealand to Australia, or the other way around, you’re likely searching for the best way to accomplish this and the options that are available to you in either Australia or NZ. The first crucial thing to be aware of is that you DON’T HAVE TO use your bank to facilitate an international bank transfer between Australian and NZ bank accounts. You could use it of course…


It’s essential to know that you DON’T NEED to rely solely on your bank to carry out an international bank transfer from a New Zealand bank account to an Australian bank account, irrespective of their cost and (lack of) service. Transferring money from New Zealand to Australia for cheap for Aussies and Kiwis alike can be achieved with the best international money transfer services, some of which are available in Australia and New Zealand.

Quick Start:


NZD / AUD Corridor is One of the Most Popular Transfer Routes in Both Australia and NZ

Australia and New Zealand share a bond rooted in history, mutual respect, and a unique understanding of each other’s cultures. Trans-Tasman, a term which refers to the interactions between these two nations, signifies a relationship that extends beyond shared geography and has cultivated a transnational sense of kinship. This close connection manifests in various ways, not least in the popularity of money transfers between the two nations.

A key factor is the Trans-Tasman Travel Arrangements (TTTA) of 1973, allowing Australians and New Zealanders to live and work in either country without restrictions. This freedom of movement has led to a large expatriate population, with approximately 670,000 New Zealand citizens living in Australia and around 70,000 Australians in New Zealand. Many of these people maintain strong links with their home country, leading to regular cross-border financial transactions.

Moreover, the two nations share one of the world’s most open and successful free trade agreements, known as the Australia New Zealand Closer Economic Relations Trade Agreement (ANZCERTA or CER). This agreement, along with the Single Economic Market (SEM) agenda, has created a trans-Tasman “single economic market”. The resulting economic integration, facilitating seamless trade and lowering business costs, strengthens the interconnectedness of the two economies. In 2019-20, two-way merchandise trade totalled $17.6 billion and services trade was $11.1 billion, while investments ran into billions of dollars in both directions.

Furthermore, the shared commitment towards regional stability and global challenges, demonstrated through joint deployments and cooperative efforts in various international forums, strengthens the bond between the two countries. This commitment extends to their approach towards handling the financial transactions that take place between them, aiming for convenience, speed, and security.

The popularity of money transfers between Australia and New Zealand can thus be understood as a natural consequence of the profound interconnections between the two nations. The combination of significant migratory flow, free trade, and a shared commitment towards regional stability and economic cooperation results in frequent and substantial financial exchanges. Whether for family, business, or government, trans-Tasman money transfers are a testament to the enduring relationship between Australia and New Zealand.

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

  1. Living Expenses
  2. Business Invoices
  3. Sending to Family
  4. Bill Payments
  5. Emigration

… but in spite of the great popularity of such transfers, both Kiwi and Aussie banks could be under-serving customers and moreover, cost them way too much.


We Seek for the Cheapest Way to Send Money From NZ to Australia (With Good Service)

In this guide, we will explain how much you can save up on fees when it comes to money transfers from New Zealand to Australia and Australia to New Zealand, why we believe specialized services are a superior choice over traditional banks (not just the price!), and why we foresee cheap, effective, online money transfers from New Zealand to Australia becoming the golden standard. We will also discuss the related challenges to such transfers and how to go about with the process in the most efficient way.

How to Send Money Between NZ and Australia [4 Easy Steps]

Follow these four steps to facilitate a transfer through a non-bank provider who will understand your needs and offer better AUDNZD rates than your bank.

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

Choosing the right service is key when it comes to transferring money between Australia and New Zealand. The market offers many providers, from popular ones like Revolut to others you may not be as familiar with. But remember, it’s not just about picking a familiar name. Each service has its own strengths and weaknesses. To help you out,we have listed the various options:

⭐ Best Way to Send Money From NZ to Australia and Australia to NZ⭐

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

UK Australia New Zealand EU #1 TorFX: Best for Large Transfers to and from New Zealand
Australia Offices:
25 Elkhorn Ave, Surfers Paradise QLD 4217
98.4% Editorial rating
3,000 Client Reviews
Minimum transfer:
Why Them?
  • Offices in UK, EU and Australia - Deal with Many NZ Customers with Glowing Reviews (4.9/5 TrustPilot)
  • Not Charging Fixed Fees Per Transfer ($0 Policy Online and By Telephone)
  • Offering Bespoke Guidance for Payments and Hedging, When You Use TorFX Australia - You Deal With One Point of Contact
+Read more
Torfx Money Transfer
#1 TorFX: Best for Large Transfers to and from New Zealand
Editorial rating
New Zealand Australia UK EU USA #2 OFX: ASX Traded Awards Winning Platform, HQ in Sydney, NZ Offices
Local NZ Offices:
Level 26, PWC Tower. 188 Quay St. Auckland
90.4% Editorial rating
1,500 Client Reviews
Minimum transfer:
Why Them?
  • Australian Company with Offices in NZ (Previously Named NZForex in NZ)
  • Traded Publicly, 20bn Turnover per Year
  • Ultra Professional in What They Do - 20 Years of Experience
+Read more
#2 OFX: ASX Traded Awards Winning Platform, HQ in Sydney, NZ Offices
Editorial rating
Australia New Zealand #3 SendPayments: Friendliest Online Platform, Competitive Exchange Rates
Local Australia Offices:
10 Rawlins St, Southport QLD 4215
88.4% Editorial rating
122 Client Reviews
Minimum transfer:
Why Them?
  • Best Website - Friendly and Transparent
  • Easy to Sign Up and Trade
  • Competitive Exchange Rates for Both Small and Large Transfers
+Read more
Send Payments
#3 SendPayments: Friendliest Online Platform, Competitive Exchange Rates
Editorial rating
New Zealand Australia UK EU USA #4 Wise: Great App & MultiCurrency Account
Local Australia Offices:
36-38 Gipps St, Collingwood, VIC 3066
86.8% Editorial rating
32,000 Client Reviews
Minimum transfer:
Why Them?
  • Most Recognizable Brand in Money Transfers Today
  • Offering a Foreign Currency Bank Account to Receive or Hold Money.
  • Boast 1,000+ Employees and $4bn in Monthly Turnover
+Read more
Wise / Transferwise
#4 Wise: Great App & MultiCurrency Account
Editorial rating

If you’re seeking a swift decision, we suggest any of the four providers mentioned above. They’re not only most likely cheaper than Australian banks, but some of them also have expert teams to guide you through the process. Plus, the highest rated providers on this guide offer hedging tools like forward contracts, usually only accessible to big corporations through banks. While all four providers cater to individuals and businesses for various purposes, we recommend certain companies for specific types of transfers.

For more information on foreign exchange management for businesses go here.

Transferring Money between New Zealand and Australia 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
  • 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
  • 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

In terms of simplicity, it’s probably easiest to use your existing bank, but the problem is the cost of bank fees on transfers between Australia and New Zealand.

For example, Australian bank fees are as follows

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

Additionally and importantly, if you are sending money from New Zealand to Australia and require exchanging New Zealand Dollar to Australian Dollar, you will pay those exchange rate markups as per our research on bank fees: between 2% and 4% depending on the bank and currencies involved.

Hence, to make this cost effective it is better to use a non-bank provider for payments.

Step 2: Register With Your Service of Choice

When you register with a new non-bank money transfer method, you must undergo a ‘Know Your Customer’ identity check to comply with anti-money laundering rules. This one-time process, typically completed in a few hours, involves verifying KYC documents. Notoriously slow in banks, fintechs and money transfer organisations aim to streamline this procedure, offering online solutions and minimising manual tasks like scanning personal documents.

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, usually completed online or through 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.

Format to Transfer Money From Australia to NZ Bank Account

Bank 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

BSB Format to Transfer Money From Australia to NZ Bank Account

The Australian BSB (Bank State Branch) code consists of six digits, with the first two digits representing the bank itself and the next four digits representing the specific branch. Here’s a simple breakdown:

Bank CodeIdentifies the specific bank12
Branch CodeIdentifies the specific branch3456
BankExample Australian BSB Number
Commonwealth Bank06-7890
National Australia Bank08-5678

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

Once you’ve organized 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 finalise the deal promptly after setting it up, either via an online portal or through phone/email. This includes any reference details you’ll need to include. Following the reference requirements closely ensures 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.

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.

And there you have it – all done! A little planning, and your funds are where they need to be, whether transferred from Australia to NZ, or from New Zealand to Australia, in local currency! Congratulations!

Extra: Tax Considerations When Moving Money from NZ to Australia and the other way around

The Double Tax Agreement (DTA) between Australia and New Zealand prevents double taxation on the same income. If you’re an Australian resident earning in New Zealand, you may pay tax there, but the DTA allows you to claim a credit in Australia for that tax.

The DTA focuses on income tax, not transfer tax. When transferring money, you’re generally not taxed on the transfer itself. However, tax may apply if the transferred funds are from a property sale or an inheritance.

If you’re transferring income earned in New Zealand to Australia, declare that income on your Australian tax return. You may be eligible for a foreign income tax offset for any New Zealand tax paid on that income.

Remember, both countries require reporting of large transfers to prevent money laundering. It’s not a tax per se but yet another legal requirement.

Will Australian businesses source more suppliers or customers from overseas as the cost of doing business increases?



Are Aussies losing out by using credit cards for overseas purchases rather than money transfers?

Do Australians research lower fees before making international money transfers or purchasing foreign currency?

Papua New Guinea Islands

Moving to Papua New Guinea 

Papua New Guinea has experienced a very unique history in that the territory has influences from Spain, Portugal, Germany, Australia,

Would Australians leave their banks in favour of innovative online lenders and fintech services?

Australia living pros and cons

Living In Australia: Pros And Cons

Australia is a dream destination for expats, digital nomads, and travelers alike. With its vast landscape, diverse natural attractions, and

Are Australian businesses failing to check exchange rates when making international payments?

How will the Australian dollar affect travel and consumer spending?

Basic quiz reveals Australians’ lack of understanding on impacts of AUD fluctuations

Will Australians increase their international payments in FY23?

Have high interest rates and fees in 2022 eroded our trust in the banks?

Are Australians saving money on payments?

Will SMEs expand their sales or suppliers internationally to get through tough economic times?

Are Australians willing to financially help families overseas, despite the rising cost of living?