Foreign Exchange, Transfer Money to Australia

How to Get the Best Exchange Rate on Every Money Transfer

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 forex transfer. From our research, online foreign exchange companies give the best rates with less margin and no fees.

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 personally used OFX for 10 years and successfully referred 100's of clients to them and never received one complaint. They are a great company.

We have recently changed our foreign exchange company to XE. They are worlds 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!

How does foreign exchange/money transfers work?

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.

First: Analyze Transaction Fees

Online foriegn exchange companies either don't charge fees or wave fees. Banks charge fees to transfer your money overseas (usually $15-$25)

Second: Get to know Exchange Rates

Get better rates from a specialist FX provider. Banks have 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. Find out more here.

Third: How to Transfer

There are a number of options on how to make a transfer. Different options suit different people better:

  • Online
  • Phone
  • Account to account
  • Using an app
  • Agent

Who should you use?

Below is a comparison of XE and OFX. Both companies are great so you can decide who will work best for you:

Name Min. Transfer Speed Services Online Transfer Fee
OFX NZD 0 1 day Online, Phone, Bank Account to Bank Account NZD 0
XE NZD 0 1 day Online, Phone, Bank Account to Bank Account NZD 0

As you can see from above, both the companies we have chosen are the best in the industry. You can read more about each company here.

Add comment


0 # ANSWER: Should we convert cash after property sales or purchase from NZMTA Team 2014-04-29 07:15
Hi 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:, or find out more about the benefits of using NZForex by clicking here:

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.
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0 # Should we convert cash after property sales or purchase from NZMaxine 2014-04-29 07:12

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
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0 # Highly Recommend NZForexDesiree Prendergast 2012-11-19 09:19
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.
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0 # ANSWER: Transfering money to NZ regularlyMTA Team 2012-11-07 01:16
Hi 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:

Benefits of NZForex:

Setup a free no obligation account with NZForex:

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 fill out the form on the top right side, as this will save you time and stress on trying to do it over there:

Good luck with your move and please let me know if there is anything else I can help you with.

Kind Regards,
MTA Team
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0 # Transfering money to NZ regularlyHilton 2012-11-06 11:32
I 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?
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