Moving to Australia from New Zealand?
Get all information you need to make a successful and stress-free move across the ditch.
Whether it’s opening an Australian bank account, moving money into that bank account, having money ready to spend after you arrive, Australian tax obligations and BPAY (I was like, what is BPAY). 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, and then deposit them in your Australian bank account. Banks will charge you a lot more 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 use 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 everyone we know uses XE too.
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 for 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. There are now a lot of easy tools at your disposal that make this a lot easier. You can even set up rate alerts with XE.
Find out more about how to transfer at the best time here.
Commonwealth used to allow you to transfer money into your new account before you arrived in Australia, ready to use when you collected your eftpos card. 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:
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 Australian 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, or you can set up rate alerts with XE and you’ll get notified when your desired rate is triggered.
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 traveller’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 are 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 that 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 the salary. This differs from the superannuation KiwiSaver plan in 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/.
If you are currently receiving the NZ pension and want to know about getting the Australian pension read my post on Can an NZ citizen get an Australian benefit or pension?
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 to 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.
The below posts might interest you:
If you’ve read the above content and the answer to your question isn’t there, please write a comment below and I’ll research the answer for you. Please note, if the answer to your question is in the content above, I will not reply. Sorry, I just get too many questions these days and I can’t keep up.
If you need advice on moving to Australia from New Zealand, I’ve created a helpful little questionnaire to point you in the right direction. It takes less than 30 seconds, so give it a go!
Hi… I’m JJ Smith.
I’m the creator and editor of Moving to Australia and have been for 15 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!
I love helping people via Moving to Australia.
Providing the answers to questions we all ask when deciding whether to make the move from New Zealand to Australia. Even giving individual specific advice where needed.
I have learned a lot over the last 15 years from personal experience and through interacting with visitors. This is my job, making sure the information here is comprehensive and up to date.
If you would like to help me, you can use one of my referral partners.
© 2008 - 2023 Copyright Cybersmith Ltd. All content is copyright.
Design by ThemeShift.
Kip
November 19, 2023 at 2:51 pmHi JJ,
When you used XE for transferring money to your Commbank account, was there a receiving fee? A bit confused about whether it’s classified as an international or a local transfer, so would appreciate your insight and maybe an example?
Cheers,
Kip
JJ Smith
November 24, 2023 at 2:44 pmHi Kip,
Sorry for the delay in replying. I ran your question past Simon at XE to make sure I had my facts straight. This is his reply:
When clients are transferring between NZ and Aus, they lock in an exchange rate and do a local transfer between their NZ bank account and XE’s BNZ bank account.
Once the funds hit XE’s account, they pay out of their NAB bank account into the clients designated Australian account.
Therefore, both transfers will be local and should have no additional bank fees at either end. That’s the point right, saving you money 🙂
Please feel free to email me back any further questions you have.
Good luck with your move.
Ray Liebenberg
July 28, 2023 at 11:51 amHi there. great website and information. Thank you
As ASB and the Commonwealth Bank are “same same but different” is there a service offered to just transfer everything over from ASB ?
JJ Smith
August 10, 2023 at 12:12 pmHi Ray,
Thank you for your comment and sorry for the delay in replying.
Unfortunately no, there is no transfer service offered by either company/brand. Why? I have no idea. Great idea though.
You will need to set up a new account with CommBank direct: https://www.movingtoaustralia.co.nz/open-an-australian-bank-account/.
Please feel free to email me back any further questions you have.
Good luck with your move.
Kash
April 13, 2022 at 6:06 pmHi there JJ, thank you for the information. It is very nice of you to privide advice through this platform, greatly appreciated. I have a quick question. We are also moving to Australia and taking our life saving money. I rather have large amout of cash (less than $1m) and bit nervous about using foreign exchange. Is it safe to use foreign exchange comoany like XE money, as you mentioned, for large amount or should I use bank? How do I ensure that they are safe to use? What do you recommend?
Thanks for you help, greatly appreciated.
JJ Smith
May 4, 2022 at 9:03 pmHi Kash,
Thank you for your comment and sorry for the delay in replying.
XE are the most trusted foreign exchange company in the world, which is why I partner with them. I’ve actually just updated the foreign exchange post with some info about XE (https://www.movingtoaustralia.co.nz/foreign-exchange-money-transfer/#AboutXE).
I always like to refer to independent review websites when considering if I should use a company and XE have a 4.4 rating from 51,478 reviews. This is why you can trust them.
If my reply isn’t too late and you haven’t already transferred your money, I would be happy to put you directly in contact with Simon Kelly at XE. He would be more than happy to assist you in any way.
Please feel free to email me back any further questions you have.
Good luck with your move.
Sunny
December 2, 2022 at 7:29 pmHi Firstly thank you for creating this web page and adding tonnes of golden information.Very helpful.I am planning to move to Melbourne and have been offered a job at 75k.Just trying to figure out.My employer pays me super at 10.5% and can i opt out of not paying my super from my salary ? or this is mandotory as like in NZ i have pay 3% kiwisaver in order to get my employer to pay 3%.Please clarify
JJ Smith
December 5, 2022 at 2:17 pmHi Sunny,
Thank you for your comment. Congratulations on the job offer!
Super contributions are mandatory in Australia.
Employers make compulsory contributions to super funds on behalf of their employees. Superannuation is compulsory for all employed people working and residing in Australia. The total balance of a person’s superannuation is then used to provide an income stream upon reaching retirement.
You should be able to choose what fund you want these payments made into.
If you are planning on buying a home in Australia eventually, then I recommend you open a First Home Buyer scheme with First Super. If you have money in KiwiSaver, you will be able to withdraw $15,000 under this scheme. Here is more information: https://www.firstsuper.com.au/kiwisaver-transfers/kiwisaver-and-first-home-super-saver/.
I will be writing a post about the above shortly.
Please feel free to email me back any further questions you have.
Good luck with your move.
karla
March 24, 2022 at 12:52 amHi,
I will be working in Darwin on a 2yr contract, with Super payments made. What happens to that when I return to NZ? As I already have kiwi saver?
Thank you
JJ Smith
March 24, 2022 at 2:32 amHi Karla,
Thank you for your comment.
When you have moved back to New Zealand you can transfer your super funds to your kiwisaver. However, only complying super funds, regulated by the Australian Prudential Regulation Authority (APRA), New Zealand KiwiSaver scheme provider can participate in these transfers.
Therefore you should decide what super fund will allow you to transfer your funds to NZ and setup your super with them.
This post should answer all your questions: https://www.ato.gov.au/individuals/super/in-detail/withdrawing-and-using-your-super/trans-tasman-retirement-savings-portability-scheme-for-individuals/.
Please feel free to email me back any further questions you have.
Good luck with your move.
Kepa
March 4, 2022 at 3:11 pmCan I transfer kiwisaver funds straight into Australian account Super… or other institution.
Thanks
Kepa
JJ Smith
March 7, 2022 at 1:22 amHi Kepa,
Thanks for your message.
Are you living in Australia? As you aren’t able to transfer your Kiwisaver until you are.
To transfer your Kiwisaver to an Australia Super Fund you need be physically living in Australia, have a tax file number and Australian address.
You will also need to decide what super you want to join. Here is a post on the top 10 super funds: https://www.superratings.com.au/top-10-super-funds/.
If you are living in Australia and have decided what super you want to join, then contact your Kiwisaver provider and they will help you with the process.
Please feel free to email me back any further questions you have.
Thanks
Gray
August 16, 2021 at 3:20 amHello,
Thank God for your website, this will help me tremendously when I move to QLD at the end of the year, being a solo traveler without family nor friends there. I hope you won’t get tired answering questions regarding moving to Aus.
Please tell me if I’m making a right move. I checked 2 online companies to quote how much to send a box (0.19 cubic ft, basically 72cm x 56cm 48cm) box to QLD, and it costs around $380. Now I checked Air NZ flight and they have this deluxe scheme where you can upgrade your flight and add $100. Not sure if that is true, as I don’t have a booking , maybe it might changed or there might be hidden cost. I only need to bring extra luggage for my clothing and gadgets as the standard 30kg luggage won’t be enough for me.
Also, do you have any links where to find a cheap flat or maybe a 1 bedroom apartment below $250 in a specific area, between Brisbane and Gold Coast, something like Coomera or Beenleigh or similar? The reason for this is because I need to travel every weekend to GC, so I’m my work is in Brisbane, mid-way will be just okay for travel. I don’t know if I can find a job in GC, but Brisbane has lots of opening, so I’m leaving my options open and I just want to live in between those 2 cities.
Thank you very much for reading my inquiry. More power to your website.
JJ Smith
August 17, 2021 at 12:59 amHi Gray,
Thank you for your comment. I’m really glad you’re finding it helpful.
Definitely try and get extra baggage with your flight, as this does sound like the cheapest way to do it. Or you can get a quote from Pack and Send: https://www.packsend.co.nz/sending-international-freight/australia/.
I recommend checking out the below websites for rooms to rent, which would give you an idea of how much you will need to pay in rent per week:
– https://flatmates.com.au/rooms/coomera-4209?search_source=search_function
– https://www.gumtree.com.au/s-flatshare-houseshare/gold-coast/c18294l3006035
– https://ozflatmates.com/rooms-for-rent/gold-coast
However, you rent short term accommodation through AirBnB until you get a job. It’s better to live close to work so you can cut travel time and enjoy the lifestyle that Australia is famous for: https://www.airbnb.com.au/.
At the moment you can still travel quarantine free to Queensland. However, if you can not get on a green-zone flight then you will need to quarantine. Therefore I suggest you book a site asap. Here is the link to current Covid travel advice for Queensland and who needs to quarantine: https://www.qld.gov.au/health/conditions/health-alerts/coronavirus-covid-19/current-status/public-health-directions/quarantine-for-persons-arriving-from-overseas#:~:text=New%20Zealand%20is%20now%20a,on%20overseas%20travel%20from%20Australia.
I am keeping my Covid-19 page up to date so you can check current restrictions there: https://www.movingtoaustralia.co.nz/trans-tasman-bubble/.
Please feel free to email me back any further questions you have.
Good luck with your move.
S.Grace
May 26, 2021 at 5:08 amHi, im moving to Perth at the end of the year. I’m going to be sending my clothing, 1x box of miscellaneous items and 1x average sized bicycle. Could you please let me know what is the cheapest way to do this?
Thanks in advance
JJ Smith
May 31, 2021 at 12:13 amHi S.Grace,
Thank you for your comment.
As you only have 2 items I recommend you get an estimate from Pack Send: https://www.packsend.co.nz/sending-international-freight/australia/.
They will give you costs to send by air freight and sea freight so you can decide. They have locations throughout NZ and Australia.
Please feel free to email me back any further questions you have.
Good luck with your move.
Marta Brennan
June 15, 2021 at 11:59 amHi, Just to share our experience with opening a bank account in Australia. We followed your advice and set up an account with Commbank from NZ. The new anti laundering laws have meant we could not transfer money to Australia without first going in person to the bank in Aust. We arrived in Aust. over a week ago and went to the bank with the papers they required. Because I am Australian my passport and Aust credit card along with NZ drivers license was fine and I was immediately given the okay. My husband however produced his NZ passport and licence and showed them his certificate of Aust citizenship which at the time they did not require. We were told that once his papers were verified probably that afternoon we would get an email saying our account would be opened. We received an email asking for more ID for him. The next day we took in his original NZ birth certificate and were told again that as soon as it was verified the account would be ready to use. We received another email asking us to bring in his Aust citizenship paper, which we did, and were told that the team would need to verify this. The next day when we inquired about how long this would take we were then told in an email that this would take three to five days as they were overseas documents. It is now eight days later and we still have no open Aust bank account.
M Brennan
JJ Smith
June 21, 2021 at 2:02 amHi Marta,
Thank you for your comment.
Opening a bank account before you go is meant to take the hassle out of the process. Sorry that it didn’t work for both of you.
I’ve emailed my contact at CommBank Ankur, so that he can make sure you get sorted asap.
Thanks for sharing as I do need to know if they have changed their process and haven’t been advised anything from them.
Kelsie
April 25, 2021 at 1:33 amHi there,
Do you know much about whether NZ and Australia share credit reporting information?
Kind regards,
Kelsie
JJ Smith
May 3, 2021 at 1:35 amHi Kelsie,
Thank you for your comment.
It appears to be a bit of luck when it comes to bad credit ratings. Some people get away with it and some people don’t after they move to Australia.
Your credit file is maintained by the same entity either side of the Tasman- Veda Advantage (previously Baycorp Advantage/ Baynet).
A ‘good’ credit rating means that firstly you have one (have applied for credit at some stage in the past), and that nothing ‘bad’ has happened on it. Therefore, after you have moved make sure you get some good credit rating before you apply for anything major. This is easy with online buying through Afterpay, used in both NZ and Australia.
Please feel free to email me back any further questions you have.
Good luck with your move.
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.