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…
Below you will find information on the below:
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 started off using OFX and successfully referred 100’s of clients to them and never received one complaint. They are a great company.
We have recently started using XE Money Transfers. 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. Peace of mind! We loved this, so thought what’s the harm in offering two great companies and letting you decide who to use.
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 or OFX.
To give you an idea of how much you could save, XE have done a recent 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* |
| NZForex (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. Link on logo above. | ||||
Get better rates from a specialist FX provider. Banks add a margin on top of the exchange rate they give you that 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 or OFX and 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 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:
With OFX you can fix your FX rates. Create cash flow certainty, fix FX rates for up to 12 months and transfer later:
Please note, it costs nothing to set up accounts with XE or OFX, apart from a few minutes of your time. There is no obligation to transfer through them. However once you have, you will then easily be able to research and learn more about currency rates and keep more of your valuable funds.
There are a number of options on how to make a transfer. Different options suit different people better:
Both XE or OFX have fantastic customer support teams. 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 the numbers below. Please make sure you tell them that you heard about them through Moving to Australia.co.nz:
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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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 by Ausmove 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