Transferring your money from New Zealand to Australia is a big deal. It is important to use a trusted foreign exchange partner and make sure you get the most money possible from your money transfer.
From our research, online money transfer companies give you the best rates with less margin and no fees. Find out why and how…
In this post you will find information on:
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 got the best possible rate for every transfer, with a way lower margin than the bank and did not get charged a fee, I was paying $25 with an extra 5% margin on the rate.
We love XE Money Transfers. Their customer service is fantastic! Their exchange rates are extremely competitive! And they are the world’s most well known and trusted FX company.
XE’s clients funds are held on trust in segregated client accounts. This is unique to XE and ensures that client funds are safe, giving you peace of mind!
Learn how to transfer money easily without wasting a fortune of fees and charges.
International bank to bank transfers cost more and take longer. You will save at least $50 when you use an online foreign exchange specialist, like XE.
To give you an idea of how much you could save, XE have done a comparison with three New Zealand major banks for a $1,200,000 NZD / AUD transfer. Depending on which bank you use, XE would have saved you between $9,070 and $25,870.
**This comparison was made on 21.08.17, by speaking to the foreign exchange teams at 3 of the leading banks.
See how much you could save… Join XE now!
Online foreign exchange companies either don’t charge fees or will wave fees in our case. Banks charge fees to transfer your money overseas (usually $10-$25)
Below is a comparison of the main foreign exchange companies that transfer New Zealand Dollar and the Australia Dollar. The table compares international money transfer rates, services, speed, min transfer and the online transfer fee.
| Name | Min. Transfer | Speed | Services | Online Transfer Fee |
| XE | NZD 0 | 1 day | Online, Phone, Bank Account to Bank Account, APP | NZD 0* |
| OFX | NZD 250 | 1 day | Online, Phone, Bank Account to Bank Account, APP | NZD 0* |
| World First | NZD 2,000 | 2 days | Online, Phone, Agent | NZD 10.00 |
| fc exchange | NZD 3,000 | 1 day | Online, Phone, Bank Account to Bank Account | NZD 10.00 |
| HiFX | NZD 50 | 2 days | Online, Phone, Agent | NZD 15.00 |
| Bank Average | NZD 0 | 1 day (extra $25) | Online, Phone, In-store | NZD 15.00-25.00 |
| * The online transfer fee is wavered if registered through our referral link. | ||||
Get better rates from a specialist FX provider. Banks add a margin on top of the exchange rate they give you, which increase’s the cost of the overall transfer by 2-5%. Money is money, it’s better in your pocket than the banks.
Rates change daily so if you want to get the most form your FX transfer, start researching the transfer rates and discover what is a good rate and average rate.
The easiest way to do this is register with a FX online provider like XE, download their app and get live exchange rates. This way you can easily check the exchange rates and get to know what is a good rate and average rate. Do this now so you know what your doing when it’s time to make the transfer. You can also get rate alerts (see below).
You can study the XE Currency Charts. The Charts let you see a pair’s currency rate history for up to 10 years. XE uses highly accurate, live mid-market rates. Below I’ve compared NZD to AUD on the XE website and got the below including low and high rates:
After you have registered with XE you can set currency rate alerts. This allows you to easily maximise the amount of Australian dollars you receive:
Please note, it costs nothing to set up accounts with XE, apart from a few minutes of your time. There is no obligation to transfer through them. However once you have registered, you will then easily be able to research and learn more about currency rates, set currency alerts and keep more of your valuable funds.
 | 2021 Outstanding Value Award Winner Canstar is the biggest financial comparison site in Australia. Canstar recognized the 2021 Outstanding Value Award winners for having the best exchange rates, low to no fees, and who can save customers the most money. Learn more > |
Great rates – access competitive exchange rates for your international business payments.
Trusted brand – over 330,000 people and 2,000 businesses trust us to make global payments.
Easy to use – make international transactions online in just a few minutes.
Market expertise – 25+ years in the currency business and a team of FX specialists ready to help.
XE have a fantastic customer support team. They are always available 24/7 to answer any questions you have or give you advice on making the most from your money transfer. You can call them now on 0800 932 66400. Please make sure you tell them that you heard about them through Moving to Australia.co.nz:
Read more in my XE Money Transfers post.
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.
Hi… I’m JJ Smith.
I’m the creator and editor of Moving to Australia and have been for 10 years! I know everything there is to know about New Zealanders moving their families and life to Australia. Either from first hand experiences and research or through the questions from visitors to this website… and I’m here to help!
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Albert
January 27, 2022 at 10:26 pmHi JJ
I just moved from NZ to Queensland yesterday. Thanks for creating this great website and it has been very helpful with the move.
I sold my property in New Zealand and now needs to transfer the money to Australian bank account. The lawyers are happy to transfer the settlement money to Australian bank account directly. Your posts recommend to use Forex company than a bank. Is there any particular company you would recommend and do you know whether the solicitor in New Zealand would be able to use Forex company? I have nearly $500000 to transfer
Thanks
Albert
JJ Smith
February 16, 2022 at 9:24 pmHi Albert,
Thanks for your comment and sorry for the delay in replying.
I highly recommend XE. I use them and so do all my family.
Any solicitor should be able to transfer through them, as it is a bank account number like anyone else’s. With the large sum you are transferring it will definitely be worth your while.
Please let me know if you would like me to put in you in touch directly with my XE contact. Otherwise, setup an account using the above link and any of their customer support representatives will be able to hep you.
Have a lovely day.
Thanks
Peter
February 1, 2020 at 8:59 pmHi, I am moving to Perth in end of March I have three questions please as below :
1. I will be opening an account at Common wealth bank online before I leave. I want to know if it is possible to transfer funds into this account before I leave so that when I get there I can visit the bank collect the EFTPOS card and start using the money. Also I have some commitments in NZ so will need to transfer money here on regular basis how do I go about same?
2. I also want to know if i will be able to buy a car with NZ full license in Australia. Or I need to wait till I convert to Australian license?What is process for conversion of NZ full license to Australian license and how long will it take?
3. When I find place to rent how to get the services like electricity, internet etc started . How do I know which provider is the best in terms of value. Would it take a long time to get this organised after I find place?
JJ Smith
February 17, 2022 at 12:27 amHi Peter,
Thank you for your comment. Sorry for the delay in replying.
I know a few people who have been waiting for Perth’s borders to open. It’s a beautiful place to live.
Unfortunately because of Australia’s anti-money laundering laws, they are no longer able to accept funds before you arrive in Australia. So to get around this, you should do the following:
– Setup an account with Commonwealth.
– Register with XE.
– A day or two before you leave for Australia (or when there’s a great foreign exchange rate), transfer some funds into Australian dollars, which will then be held in XE’s account.
– As soon as you collect your eftpos card from Commonwealth, log into your XE app/call/go online and transfer the funds into your Commonwealth account.
Please note, if you do this early enough in the day, you will receive the funds the same day. Worst case the following day. You do not need to transfer all your funds into Australia dollars at once, you can transfer a small amount for initial use and then watch the exchange rate and transfer the bulk of your money when there is a favourable exchange rate.
You will then be able to transfer money using XE whenever you need to. You will probably get very good at knowing what a good exchange rate is and transferring then. Or you can setup rate alerts with XE and you’ll get notified when your desired rate is triggered.
Regarding buying a car in Australia, you are able to do this with your NZ drivers license.
You don’t need to transfer to an Australian license until you’ve been living in Australia for 3 months. The process differs state to state. Because you are moving to WA and you are moving from NZ (a recognised country), you should be exempt from taking the computerised theory test on the road rules and the requirement to undertake a Practical Driving Assessment. As long as your NZ full license hasn’t expired by more than 12 months. You can read more about the process here: https://www.movingtoaustralia.co.nz/driving-and-licences-in-australia/ and here https://www.transport.wa.gov.au/licensing/transferring-your-overseas-licence.asp.
Love your last question regarding utilities! I spent a lot of time researching the best deals and then trying to go direct. Turns out, I didn’t have the right paper work because I hadn’t been in Australia long enough. I then found On The Move who had all the best deals and I only had to complete one form with them. You can read my post on New Utility Connection Service here: https://www.movingtoaustralia.co.nz/new-utility-connection-service/.
Please feel free to email me back any further questions you have.
Good luck with your move.
Maxine
April 29, 2014 at 7:12 amHello
My family is thinking of moving over to the Brisbane area and we well be selling 2 properties in NZ so we can purchase in Australia is it easier to purchase from NZ as an overseas investor or is it better to have all the money exchanged over to AUD and purchase when there??
Thanks Maxine
JJ Smith
April 29, 2014 at 7:15 amHi Maxine,
Thank you for your enquiry.
New Zealand citizens are exempt from the requirement to obtain approval from the Australian Foreign Investment Review Board (FIRB) before they purchase an urban property in Australia, so it is possible for you purchase while in NZ.
However, I am unsure of if you would still need to transfer your money to Australia to pay for the home. I recommend calling an Australian agent and asking them, as they will be able to tell you the best way for you to buy a home in Australia based on your circumstances.
Regarding transferring your money to Australia. You will save a lot of money if you use a foreign exchange company rather than your bank and it is easy to setup and make transfers. I recommend using NZ Forex for your foreign exchange as I have used them and now a number of our clients. You can register using this link: https://nz.ofx.com/registration?pid=1965.
I have lived in Brisbane and it took us three months to discover what suburb we wanted to live in, so you do need to take that into consideration. It’s a lovely city. You will love it.
Please let me know if there is anything else I can help you with.
Desiree
November 19, 2012 at 9:16 amHighly Recommend NZForex
I just wanted to say thanks to NZForex for helping me transfer money internationally . I was recommended them and from beginning to end it was a straight forward and easy process, plus someone was always on hand to answer any questions. I will be recommending NZForex to anyone who needs to transfer money around the world.
Thanks again.
Hilton
November 6, 2012 at 11:32 amI am moving over to Sydney in the next 2 weeks and I need to be able to transfer funds over to NZ easily.
Does the commonwealth bank cater to this? ie. I want to go online transfer over to NZ and have this done on a weekly basis…
What are the additional costs for this service?
JJ Smith
November 7, 2012 at 1:14 amHi Hilton,
Thank you for your comment.
Yes Commonwealth would be able to help you with that, but I recommend you setup an account with NZForex, as they will save you a lot of money on transfer fees and margins.
They have an Australian division OZForex, so you will be able to deal with customer service in Australia when there.
More information on NZForex: https://nz.ofx.com/registration?pid=1965
Setup a free no obligation account with NZForex: https://nz.ofx.com/registration?pid=1965
However, Commonwealth are a fantastic bank and you will need an Australia account either way. We bank with them and we love their high level of customer service, which is not standard in Australia, like NZ.
If you have not already setup a bank account in Australia, please read this post, as this will save you time and stress on trying to do it over there: https://www.movingtoaustralia.co.nz/open-an-australian-bank-account/.
Good luck with your move and please let me know if there is anything else I can help you with.
Kind Regards,
MTA Team