Below is all the information you will need to know about moving money to Australia from New Zealand and banking in Australia in general:
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 that will save you a lot of time and money:
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. Banks will charge you a great deal to convert and transfer your money.
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 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.
Find out more about using an online foreign exchange company and read our foreign exchange comparison chart.
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.
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.
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.
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 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) 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 is best done before leaving New Zealand so you can ensure it is set up before your arrival (apply two weeks before you leave for Australia).
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:
| Account Number: | **** **** (two lots of four numbers) | |
| BSB: | ** **** (one lot of two numbers and then four numbers) |
| 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.
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/.
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/.
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.
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/ or read my Australian Tax – what you need to know 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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Fran
November 18, 2019 at 3:40 pmHello JJ,
I am sorry I’m commenting this article so late but I’m on a hunt of info about it in these days only. I worked in NZ for a few years and then I moved to Australia but still have two bank accounts, which I don’t need. I would like to move my money from my Kiwi to my Aussie bank account but I can’t find on the web if there is an international transfer maximum amount regulation or threshold because I would like to avoid being overcharged by extra taxes as I have already paid all my taxes in both countries.
JJ Smith
November 18, 2019 at 9:14 pmHi Fran,
Thanks for your comment.
I too have searched online for a maximum foreign exchange transfer. From my research I discovered that if you are transferring the money to yourself and have paid tax on the money already, you should not be taxed again.
However, I am not a specialist in this area, so I’ve emailed Samuel from OFX who should be able to confirm or deny the above.
I will get back to you asap.
Thanks
Samuel Pitt
November 19, 2019 at 12:37 amHi Fran and JJ,
Many thanks for your email.
Unfortunately, I am certainly no tax expert, but from my understanding, what Johanna says below is correct; if the funds are yours, you have paid tax on said funds already and they are being paid to you, you cannot be taxed twice due to a double taxation agreement enforced between Australia and New Zealand (amongst other participating countries).
There is no limit on the amount of currency you can bring into Australia, however, providers like OFX (and banks too) will always conduct due diligence to understand the origins and nature of funds being transferred. Only in rare cases will documentation be required to support/corroborate these payments (high risk geography, significant volume etc).
It is always best to canvas tax issues with your tax advisor or accountant.
Enjoy the day ahead!
Cheers
JJ Smith
November 19, 2019 at 12:39 amHi Fran,
Thanks for that Samuel!
I personally know people who have transferred millions through OFX from NZ to Australia and did not get taxed again. It is quite common with people selling up and moving over.
Here is the registration link for OFX: https://nz.ofx.com/registration?pid=1965.
Here is more info on why to use OFX instead of your bank, the registration process and about OFX: https://www.movingtoaustralia.co.nz/ofx-global-money-transfers-nzforex/.
Please feel free to email me back any further questions you have.
Helen
October 24, 2019 at 12:18 amHi
I’m looking to move to Australlia. We have family there already. I will live with them in Sydney. What I wanted to know at my age 53 years old, would I be eligible to the dole in Sydney? Thank you.
Kind regards
Helen
JJ Smith
October 24, 2019 at 12:21 amHi Helen,
Thank you for your comment.
New Zealanders living in Australia aren’t generally able to get the Newstart Allowance.
You may be able to get Newstart Allowance for 6 months, if you both:
– hold a non-protected Special Category visa (SCV)
– have lived continuously in Australia for at least 10 years immediately before claiming.
Related post: https://www.movingtoaustralia.co.nz/scv-visa-exclusions/#comment-7624.
Please feel free to email me back any further questions you have.
Good luck with your move.
Sarah
September 18, 2019 at 1:12 amHi,
NZ Citizen considering moving to Australia for 5 years or so. How much money would you recommend having in savings to move over there, get set up, have time to find a job etc.? Two people – myself and partner.
Thanks!
Sarah
JJ Smith
September 18, 2019 at 1:15 amHi Sarah,
Thanks for your email.
That’s a really hard question to answer as there are so many variables. It depends on you and your partners circumstances. What types of jobs you’re looking for, e.g. hospitality jobs are really easy to get in the Gold Coast, so two-three weeks savings would be enough.
I recommend you start looking for jobs on Seek and see how many jobs are listed in the city you are considering moving to: https://www.seek.com.au/.
Then you can look on AirBnB and see how much accommodation will cost depending on your standards, e.g. shared or whole house: https://www.airbnb.co.nz/.
Food is cheaper over there, as are other living costs. Hopefully you can calculate weekly costs and then work out what your comfortable with.
Good news is that Australia’s love employing kiwi’s as we are hard workers, so once there it shouldn’t be hard to find a job or at least something temporary.
Please feel free to email me back any further questions you have.
Good luck with your move.
Gina
August 26, 2019 at 11:19 pmHi JJ
Just a question I’ve been thinking about moving to Australia I’m wanting to work in a warehouse or anything to do with dispatching pick and packing side of things as that’s what I’m use to I’m just wanting to know from here in New Zealand what would my first steps be and cause I have a student loan that I’m still paying as well could I carry on my payments from Australia
Thank you kindly
Gina
JJ Smith
August 26, 2019 at 11:21 pmHi Gina,
Thank you for your comment.
Have you read this post: https://www.movingtoaustralia.co.nz/nz-student-loan/? It explains that you can move to Australia with a student loan but it will no longer be interest free. You are able to carry on payments from Australia.
It is completely a personal choice if the improved lifestyle and possible higher wages in Australia are worth increasing your student loan over the period it will take you to pay it off.
You can see the repayment amounts here: https://www.movingtoaustralia.co.nz/nz-student-loan/#Howmuchdoyouneedtopay. You can use the IRD student loan repayment calculator to work out how much interest will be added to your loan and how long it’ll take to pay it off: https://www.classic.ird.govt.nz/calculators/keyword/studentloans/sl-repayment-calculator.html.
You can search for possible jobs here: https://www.seek.com.au/, which will give you an idea of what you could earn if you moved to Australia.
When I searched ‘packing’ on Seek these were the results: https://www.seek.com.au/packing-jobs, which states you could be earning AU$20-AU$32.
Please feel free to email me back any further questions you have.
Good luck with your move.
Andrea Cook
April 25, 2019 at 2:14 amCan I open an account in Australia from New Zealand and not be moving there?
If I am not employed in Australia am I still expected to pay into the Pension Scheme?
Thank you.
JJ Smith
April 29, 2019 at 10:34 pmHi Andrea,
Thank you for your comment.
I haven’t come across this before. I recommend you call Commonwealth Bank and discuss your situation with them +61 2 9999 3283. They will be able to answer your question re the pension scheme too.
When you speak to them can you please mention that you were referred by Moving to Australia.
Please let me know how you get on.
Bronwyn
March 7, 2019 at 9:23 amHi there, we are thinking of moving to Aus this year and my partner has read that non-residents pay higher tax, even with an Australian tax number. Is this correct? He may not be able to get a higher paying job and is worried that he will end up earning less than here if the tax rate is higher for kiwis.
Thanks
Jewel
February 25, 2019 at 10:59 pmHi!
My husband and I are NZ citizens and 67 and 70 years old. Our reason for moving to the Gold Coast, is 2 kids and their spouses, and our 5 grandchildren all live on the Gold Coast. We’ve done trips every year and once for 6 months. We are planning to sell our house in Feb. 2019 and this begins next week!!
We are already well into Real Estate.com.au searching for a home. We have read over and over the Australian and NZ Govn pages re the Pension requirements and cut-offs. I am writing to hear if you’ve had other Seniors give any tips or useful info. On your blog.
We understand we can buy a Home after we sell in NZ and then we can bring assets – or buy – car, furniture etc. We are on the border it seems to receive the Pension. The amount of Assets outside our Home – that we are allowed must be under the limit of $387,000. After that our pension will decrease by $3 for every thousand that we are over the limit of personal finance and effects. Has anyone had experience of this process?
We realise buying a caravan, boat or any other asset over our Home will mean our likelihood of receiving the Pension, decreases. What experiences have others had?
Thanks so much. Your website is very informative. Its easy to think you know the ropes but all the information is great!
Jewel
JJ Smith
February 25, 2019 at 11:05 pmHi Jewel,
Thank you for your comment.
I’ve had a look into the Australian pension and haven’t been able to discover any more than you have and unfortunately haven’t had any experience with this.
You will continue to get your New Zealand payments for up to 26 weeks, but then you will need to apply for the AAP. If you haven’t already check out this Australian Government site and complete the income and assets tests, but I think you may have already done this: https://www.humanservices.gov.au/individuals/services/centrelink/age-pension.
Regarding buying a home in Australia. It is important to know you will need to physically be in Australia to buy a home.
You should look into the first home owner grant if you want to buy or build a new house, unit or townhouse (valued at less than $750,000) and have not previously owned a property in Australia. More info: https://www.movingtoaustralia.co.nz/are-new-zealand-citizens-eligible-for-australias-first-home-owners-grant/.
As you are planning on selling your home to buy in Australia it is important that you read this article on foreign exchange, as it will save you a lot of money: https://www.movingtoaustralia.co.nz/foreign-exchange-money-transfer/.
Sorry I couldn’t be of more help with the pension. Please feel free to email me back any further questions you have.
Good luck with your move.
Tayla
August 21, 2014 at 5:48 pmIs there a Any financial help that you can get with Childcare and low income if me and my 6 year old son move over.
JJ Smith
September 1, 2014 at 4:14 amHi 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.
Sarah
June 4, 2014 at 8:28 amJust 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?
JJ Smith
June 4, 2014 at 8:28 amHi 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.
Sam
May 21, 2014 at 1:58 pmHi,
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.
JJ Smith
May 27, 2014 at 4:49 amHi 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.
Georgia
April 9, 2014 at 4:34 pmCan you apply for a TFN while still in NZ?
JJ Smith
April 10, 2014 at 4:30 amHi 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.
Nella
June 19, 2013 at 7:23 amI have another question, i have pretty awesome credit in New Zealand 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 New Zealand, 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.
JJ Smith
June 24, 2013 at 8:36 amHi 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: https://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.
RV
November 26, 2012 at 1:05 amHi
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
Nicole Foster
November 13, 2012 at 10:20 amHi, 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.
JJ Smith
November 13, 2012 at 10:21 amHi 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: https://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: https://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
Cherie Anderson
October 24, 2012 at 1:32 amHi 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…
JJ Smith
October 24, 2012 at 4:25 amHi 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
Letty
May 14, 2012 at 4:29 pmI 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?
JJ Smith
May 15, 2012 at 5:44 amThank 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!
Chris
October 29, 2009 at 8:10 amhi 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 i open a bank account in australia, from new zealand? and what about tax as i wont have a australia tax code ??? thanks for any help!
JJ Smith
October 29, 2009 at 8:15 amThank 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!