Transfer money to Australia

Transfer money to Australia and general banking

Find below helpful information on moving money to Australia from New Zealand.

When you are moving to Australia from New Zealand, there are a lot of things you have to think about. When it comes to money there are two things you should do which will save you a lot of time and money:

  1. Transfer money to Australia - find out about the benefits of using a foreign exchange company to convert your money. Most banks will charge you a great deal to transfer and convert New Zealand dollars into Australian dollars.

  2. Setup an Australian Bank Account before you go. This will save you time and stress.

Also on this page you will find general information on:

  • Foreign Exchange
  • Exchange Rates
  • Australian Banks 
  • Pension Schemes
  • BPAY (how you will pay most bills)
  • Regulation
  • Taxation

Foreign Currency Exchange

You will save a lot of money by using an online foreign exchange company to exchange your NZ Dollars into Australian Dollars, then deposit them in your Australian bank account. Most banks will charge you a great deal to convert and transfer your money.

  1. Banks charge fees to transfer your money overseas (usually $15-$25)

  2. Banks apply a margin on top of the exchange rate they give to you which can increase the cost of the overall transfer by about 2.5%. This may seem small but it adds up fast!

Editor's Note: We started off using our bank to transfer money to Australia from New Zealand, but got told by a friend that it is much cheaper to use an online foreign exchange company. I compared the costs and were surprised at the difference. We used OFX (used to be NZForex) for our transfers because they gave us the best possible rate for every transfer and did not charge us a fee, I was paying $25.

Find out more about the benefits of transferring your money with OFX.

Exchange Rates

Most people don't pay enough attention to the exchange rates they are getting but exchange rates can make a very large difference when exchanging New Zealand Dollars into Australian Dollars. For the last 15-20 years, the Australian Dollar has been worth more than the Kiwi Dollar however the Kiwi has been strengthening. Since exchange rates change every second, knowing where these currencies stand can help you choose the best time to exchange your currency. Exchanging your money at the right time can end up saving you a lot of money.

Find out current exchange rates here.

Australian Banks

Currently, the Australian banking sector is dominated by four major banks: Commonwealth Bank of Australia, Australia and New Zealand Banking Group (ANZ), National Australia Bank (NAB) and Westpac Banking Corporation.

Editor's Note: My husband and I bank with Commonwealth Bank and find them fantastic! They are very customer focused and regularly keep in touch, which is very refreshing for a bank. Their fees are very competitive, so they are an all round good choice. We both recommend Commonwealth to any friends heading to Australia.

Commonwealth Bank of Australia

The Commonwealth Bank is Australia's leading provider of integrated financial services including retail banking, premium banking, business banking, institutional banking, funds management, superannuation, insurance, investment and sharebroking products and services. The Group is one of the largest listed companies on the Australian Stock Exchange and is included in the Morgan Stanley Capital Global Index. Find out more about getting an Australian Bank Account here.

Australia and New Zealand Banking Group (ANZ)

Our history dates back over 175 years. We are committed to building lasting partnerships with our customers, shareholders and communities in 32 countries in Australia, New Zealand, throughout Asia and the Pacific, and in the Middle East, Europe and America.

We provide a range of banking and financial products and services to around 8 million customers. We employ 48,000 people worldwide.

National Australia Bank (NAB)

National Australia Bank is a financial services organisation with over 40,000 people, operating more than 1,800 branches and service centres, and responsible to more than 460,000 shareholders. We operate major financial services franchises in Australia, as well as businesses in New Zealand, Asia, the United Kingdom and the United States. Each of our brands is uniquely positioned but built on a common commitment to providing quality products and services, fair fees and charges, and relationships built on the principles of help, guidance and advice.

Westpac Banking Corporation

Westpac Banking Corporation (Westpac) was founded in 1817 and was the first bank established in Australia.

The Westpac Group has branches and controlled entities throughout Australia, New Zealand and the near Pacific region and maintains offices in key financial centres around the world including London, New York, Hong Kong and Singapore.

Setting up an Australian Bank Account

Setting up an Australian bank account is best done before leaving New Zealand so you can ensure it is set up before your arrival. Having an Australian bank account to transfer your money to before your departure will help you avoid carrying a lot of cash with you and avoid the hassle of traveler's cheques. This is also the best way to ensure that your funds will be in your account before you arrive and all you will have to do is grab your bank card from a branch when you arrive.

Australian Bank Accounts are made up of an Account Number and a BSB, unlike our bank accounts which is one account number. Please see below:

  • Australian Bank Account
    Account Number:   **** **** (two lots of four numbers)
    BSB:    ** **** (one lot of two numbers and then four numbers)
  • New Zealand Bank Account 
    Account Number:   **-****-*******-**

Editor's Note: When my husband and I moved to Australia he setup a bank account through Commonwealth Bank before we left. The process was very simple and the customer service department were fantastic. I however left it until I got to Australia, as I thought it would be just as easy and one less thing to do before we left. This was a big mistake. Once you get to Australia there is so much more information they want from you. In the end I setup my bank account using the Commonwealth form as if I was still in New Zealand.

I seriously recommend you setting up a bank account before you go, as it will save you time and in my case stress!

Find out more about getting an Australian Bank Account here.

Pension Schemes

Australia has a very good superannuation scheme which requires employers to contribute a mandatory 12% of an employee's annual salary to his or her pension. This amount is not deducted from the employee's salary but contributed by the employer on top of salary. This differs from the superannuation KiwiSaver plan to which New Zealand employers only contribute 2% of your pay if the employee himself contributes from his pay.

Find out more about Australian Super here http://www.australiansuper.com/ and more about KiwiSaver and withdrawing funds from KiwiSaver here http://www.kiwisaver.govt.nz/already/get-money/early/moving/.

BPAY (how you will pay most bills)

Paying bills in Australia is made safe and easy with BPAY. BPAY allows you to receive and pay bills quickly and securely through your internet or phone banking service 24/7. Each bill you have is assigned a unique payment ID that allows you avoid the rest of the details and just use this reference ID which is checked for correctness before the payment is made.

Editor's Note: It took me a little while to get my head around the Australia banking system, but it is straight forward for me now. You access BPAY through your internet banking and the majority of invoices include the BPAY option. You can also pay at your local Post Shop using BPAY.

Find out more about this system on their website: http://www.bpay.com.au/.

Australia Regulation

The Australian Securities and Investments Commission (ASIC) is the major governing body that looks over financial regulations in Australia. They regulate businesses involved in finance and foreign exchange and deal with complaints relating to money, superannuation, insurance and financial advice.

Their website is http://www.moneysmart.gov.au/?referrer=fido.gov.au.

Australia Taxation

If you are going to be working in Australia, you will need to apply for a Tax File Number (TFN) with the Australian Taxation Office (ATO). To apply for this you will need a valid passport and an Australian address. It is best to apply for this at least a month before you being your employment since your employer will ask you to supply your tax file number upon commencement. If you don't have a TFN, your employer must take from your payments the maximum amount of tax.

It will take about 2 or 3 weeks to receive your tax file number after you submit your application, depending on whether you apply online or not. You can find out more about this on the Australian Taxation Office's website http://www.ato.gov.au/.

Further Information

If there is anything else you would like to know about, please ask me a question using the below comment system and I will do my best to find the information you need.

Add comment





Comments   

0 # ANSWER: Family helpMTA Team 2014-09-01 04:14
Hi Tayla,

Thank you for your enquiry.

It completely depends on your individual circumstances. You can find more information below.

Australian Family payments and allowances: http://australia.gov.au/topics/benefits-payments-and-services/family-payments-and-services/family-payments-and-allowances - A list of family payments and allowances available in Australia on the Australian Government website.

Good luck with your move.
Reply | Reply with quote | Quote
0 # Family helpTayla 2014-08-21 17:48
Is there a Any financial help that you can get with Childcare and low income if me and my 6 year old son move over
Reply | Reply with quote | Quote
0 # ANSWER: Transfer moneyMTA Team 2014-06-04 08:28
Hi Sarah,

Thank you for your enquiry.

Yes you will definitely save money by transferring your money using a foreign exchange company like NZForex. They do not charge you fees, which banks do, and their rates are cheaper.

Do you like/use online forms/banking? If so I highly recommend saving your time by registering online for a bank account, as the customer service department of Commonwealth Bank are fantastic and will call you to discuss your requirements, as they probably will do if you opened your account through ASB (https://www.commbank.com.au/eforms/MovingToAustralia/?id=85).

Same with NZForex. Their customer service is fantastic and you can call and talk to someone about your transfer at any stage, or you can complete it all online. Register here with NZForex: https://www.nzforex.co.nz/registration/step-one-private/?pid=1965.

Please note, we do get a small referral fee for any new customers we send our referral partners, e.g. Commonwealth Bank and NZForex. This small fee helps us keep our website up to date and able to respond to enquiries like yours at no cost to you.

Good luck with your move.
Reply | Reply with quote | Quote
0 # Transfer moneySarah 2014-06-04 08:28
Just to clarify because i'm getting a little confused. My partner and i are moving over in October. We were going to go into ASB Bank and set up a bank account with the commonwealth bank in aussie, once we do that your saying go to a foreign exchange shop and they can deposit our money into that bank account cheaper?
Reply | Reply with quote | Quote
0 # Transfer moneySarah 2014-06-04 04:27
Just to clarify because i'm getting a little confused. My partner and i are moving over in October. We were going to go into ASB Bank and set up a bank account with the commonwealth bank in aussie, once we do that your saying go to a foreign exchange shop and they can deposit our money into that bank account cheaper?
Reply | Reply with quote | Quote
0 # ANSWER: Trnasfer funds to AustraliaMTA Team 2014-05-27 04:49
Hi Sam,

Thank you for your enquiry.

From my research you will not be taxed on any money you transfer, as you have already been taxed.

You will also save money if you transfer through a foreign exchange company. I have used and recommended NZForex to a hundreds of happy customers. They have a number of different brands to help customers all over the world.

NZForex has waived the transfer fee for all transactions over $2,000 NZD, for Moving to Australia.co.nz visitors. To receive the agreed benefits for Moving to Australia.co.nz you must Register Free Here or to find out more about the benefits of using NZForex, click here.

Good luck with your move.
Reply | Reply with quote | Quote
0 # Trnasfer funds to AustraliaSam 2014-05-21 13:58
Hi,
I’ve go a permanent residence last year ad planning to shift permanently to Australia next month. Now I want to transfer my money from Egypt ad UAE to Australia. The question is; shall I pay any taxes for that money?

Many thanks in advance.
Reply | Reply with quote | Quote
0 # Answer: TFN From NZMTA Team 2014-04-10 04:30
Hi Georgia,

Thank you for your enquiry.

You are not able to apply from New Zealand. You should apply for a TFN number as soon as you arrive in Australia: https://iar.ato.gov.au/iarweb/default.aspx?pid=4&sid=1&outcome=1.

Let me know if there is anything else I can help with.
Reply | Reply with quote | Quote
0 # From NZGeorgia 2014-04-09 16:34
Can you apply for a TFN while still in NZ?
Reply | Reply with quote | Quote
0 # ANSWER: Finance in AustraliaMTA Team 2013-06-24 08:36
Hi Nella,

This is an interesting question that I has not come up before.

I recommend contacting an expert regarding this, as I am not sure how a credit rating is established for new immigrants.

The easiest way to do this would be to request a new account with Commonwealth and ask one of their helpful customer service team when they call you to establish your requirements: http://www.movingtoaustralia.co.nz/Commonwealth-Bank-Open-Australian-bank-Account.

However, as long as you have all the documentation you can get your hands on regarding your great credit rating, e.g. maybe ask your bank to get on your behalf, then you should have no problem in Australia.

Please let me know how you get on.
Reply | Reply with quote | Quote
0 # Finance in AustraliaNella 2013-06-19 07:23
I have another question, i have pretty awesome credit in NewZealand and i was wondering, if i move to Australia, does that still continue and would i find it hard to get financial help over there? for example purchasing furniture through like Hire purchase or Automatic Payments? being from NewZealand, in general, what would i need to meet their criteria?
Thanks so much for your help on here! Apologies if my question seems all over the place
Reply | Reply with quote | Quote
0 # Selling home in NZ and moving money to AustraliaRV 2012-11-26 10:05
Hi
Would anyone know of the taxation policy on transferring proceeds of house sale in NZ (owner occupied) to Australia? Is there any policy saying that the money needs to be transferred within first three years of arriving. No capital gain on the home.

Thanks
R
Reply | Reply with quote | Quote
0 # ANSWER: Paying NZ MortgageMTA Team 2012-11-13 10:21
Hi Nicole,

Thanks for your comment.

Banks are getting better with international transfers, but the cheapest way to do it would be to transfer funds regularly between your New Zealand and Australian bank accounts using a foreign exchange company like NZForex.

If you haven't already setup an Australian bank account I recommend using Commonwealth. We use them and are very happy. You can setup an account by following the below link: http://www.movingtoaustralia.co.nz/Commonwealth-Bank-Open-Australian-bank-Account

NZForex not only have fantastic customer service but they have great rates and could help you plan when to transfer your money to get the most NZ Dollars. I recommend setting up a obligation free account with them and then discussing your requirements with a consultant: http://www.movingtoaustralia.co.nz/nzforex-foreign-exchange.html

Hope this helped. Let me know if there is anything else I can help you with, or if you have any helpful advice for other visitors.

Good Luck,
MTA Team
Reply | Reply with quote | Quote
0 # Paying NZ MortgageNicole Foster 2012-11-13 10:20
Hi, I am currently in the process of moving to Australia with my young family, and i have been using your guys website as a reference because it really handy We have a mortgage here in New Zealand, and I'm wondering how the process works with paying it whilst still living in Australia, its the one hick up we have besides finding jobs.
Reply | Reply with quote | Quote
0 # MortgageNicole foster 2012-11-13 08:51
Hi,
i am currently in the process of moving to australia with my young family, and i have been using your guys website as a reference because it really handy We have a mortgage here in new zealand, and im wondering how the process works with paying it whilst still living in Australia, its the one hick up we have besides finding jobs.
Reply | Reply with quote | Quote
0 # ANSWER: Moving to Australia with my familyMTA Team 2012-10-24 04:25
Hi Cherie,

Thank you for your comment.

You are going to have to contact Working for Families regarding the payments. Please follow the below link for more information on Australian Family payments and allowances: http://australia.gov.au/topics/benefits-payments-and-services/family-payments-and-services/family-payments-and-allowances

Regarding moving the family, it depends on your circumstances, e.g. going to new job vs finding a job, know people to stay with vs finding a home. If you do not have a job or a place to live it is a good idea to send one parent to sort out, as it does take a lot of organisation and time to setup a new life.

Good luck.

Kind Regards,
MTA Team
Reply | Reply with quote | Quote
0 # Moving to Australia with my familyCherie Anderson 2012-10-24 04:21
Hi there, I am looking at moving to Queensland, Australia between March-April 2013. My partner and I receive Working for Families, how long will payments continue before they stop? Also is it best to move by yourself or with the whole family? Cheers...
Reply | Reply with quote | Quote
0 # MissCherie Anderson 2012-10-24 01:32
Hi there, I am looking at moving to Queensland, Australia between March-April 2013. My partner and I receive Working for Families, how long will payments continue before they stop? Also is it best to move by yourself or with the whole family? Cheers.....
Reply | Reply with quote | Quote
0 # ANSWER: Australian PensionMTA Team 2012-05-15 05:54
Thank you for your enquiry.

You can continue to get your New Zealand Superannuation or Veteran’s Pension payments for up to 26 weeks (inclusive) after you leave New Zealand.

To get an Australian Age Pension, you must be an Australian resident. In general, this means that you must have been in Australia for more than 26 weeks or intend to stay there for more than 12 months.

If you plan to reside in Australia for more than 26 weeks and want your New Zealand Superannuation or Veteran’s Pension payments to continue, you must first apply at Centrelink (http://www.centrelink.gov.au), Australia for an Australian Age Pension. You need to do this within 26 weeks (inclusive) of arriving in Australia (if you’re 65 or over).

Please read the below article for more information:
http://www.workandincome.govt.nz/individuals/travelling-or-migrating/pension-going-overseas/residing-in-australia.html

Hope this helps.

Good luck!
Reply | Reply with quote | Quote
0 # Australian PensionLetty 2012-05-14 16:29
I am 87 years of age and would like to migrate to Australia with my two great grand children who I am the legal guardian of, to help them get better job opportunities. I am a New Zealand Citizen and have never lived in Australia before.

Could anyone tell me if I am eligible to receive the Australian Age Pension without being a permanent resident of Australia and having no previous residency in Australia?
Reply | Reply with quote | Quote
0 # ANSWER: Setting up a bank account in AustraliaMTA Team 2009-10-29 08:15
Thank you for your enquiry.

The best way to setup a bank account within Australia is over the phone with Commonwealth Bank. They will need the below information:
- Full name
- Type of account your after
- Arrival date and city

They will be able to provide your account details within the same day. However, you will be required to put money into the account within 3 weeks, so open the account close to when you leave.

You can call them on their New Zealand number: 0800 229 888 and then go and see then when you arrive in Australia to collect your new bank card.

Good luck!
Reply | Reply with quote | Quote
0 # Setting up a bank account in AustraliaChris 2009-10-29 08:10
hi there, nice site have got a lot of info from it, what i am wondering is, we want to spend a year over there traveling, and i want a bank account so i dont have to carry cash, or pay big fees can iopen a bank account in australia, from new zealand? and what about tax as i wont have a australia tax code ??? thanks for any help!
Reply | Reply with quote | Quote
0 # I like anal sex.James 2009-05-21 19:59
Send me dirty pictures
Reply | Reply with quote | Quote
0 # Im GayJames 2009-05-21 19:58
I am gay by Amery.
Reply | Reply with quote | Quote