Currency Exchange in New Zealand

New Zealand Dollar is the official currency of New Zealand along with other places like Niue, Tokelau, Cook Islands and the Pitcairn Islands. The New Zealand Dollar is also known as "Kiwi" after the country’s national bird. There are ten denominations of the currency in total which are used in the country. These include five coins of 10c, 20c, 50c, $1, and $2 and bills of $5, $10, $20, $50, and $100. The central bank of New Zealand is the Reserve Bank of New Zealand. The currency consistently ranks among the top ten most exchanged monetary forms in the world.

Currency Exchange in New Zealand

Currency exchange in New Zealand Dollar is relatively simple, both outside the country and especially within the country. Currency is exchangeable at banks, hotels and Bureau de Change kiosks which are found at international airports and city centres.
Major credit cards like MasterCard and Visa are accepted widely and can be conveniently used in New Zealand.

Modes of Currency in New Zealand

Though New Zealand is considered one of the prime destinations for tourists, the widely accepted currency in the country is the local currency, which is the New Zealand dollar. However, you can easily bring and exchange currencies like the US dollar, Pound Sterling, Euro, Australian dollar, etc. As of 11 March 2020, here are the currency exchange rates of the New Zealand dollar.

1 USD = 1.58 NZD
1 GBP = 2.05 NZD
1 EURO = 1.80 NZD
1 AUD = 1.03 NZD

Apart from cash, all major credit cards can be used in New Zealand. Visa and Mastercard are among the most commonly accepted cards. The cards can be used at amenities like hotels, restaurants, shops, and sports activities. Yet, it is advised to keep a decent amount of cash to use at various places and local shops.

How to Exchange Foreign Currency in New Zealand?

There are several centers and money exchange outlets that offer the best rates for currencies if negotiated properly. All major cities like Auckland, Christchurch, Wellington, and Queenstown have a decent amount of money-exchanging centers where you can easily convert your currency.

Money Exchange Shops at Queen Street - Apart from registered money exchange companies, there are also some other trust local shops alongside Queen Street where you can exchange your money. These shops are operated every day and also provide good rates and a convenient money exchange experience.

Other Ways to Exchange Money

Besides the money-exchanging shops, tourists can also exchange currencies through many other ways like exchanging at airports, hotels, and banks.

Airports and Hotels—Currency exchange offices are located at almost every major airport in New Zealand. Services are available at airports like Auckland, Christchurch, Dunedin, Hamilton, Queenstown, and Wellington. All the airports provide instant money exchange service to travelers landing from other countries and offer decent rates at which tourists can avail of reliable service.

You can also avail of currency exchange services at your respective hotels. Many hotels in the country provide money exchange within their premises. Although hotels provide a comfortable money exchange experience, it is advised to exchange the currency at registered shops only. The hotels may not offer you good exchange rates for your currency, and you might end up facing loss; thus, it is better to get the money exchanged at shops only.

Banking in New Zealand

New Zealand banks are open from Monday to Friday, from 9.30 am to 4.30 pm. Some banks operate during weekends also. Automated Teller Machines (ATMs) are commonly available at banks, main shopping streets and in malls. International credit cards and ATM cards are operational under the condition that they must have a four-digit PIN encoded. Obtain all necessary information from the bank before you leave home.

Due to the country's proximity to Australia, its banking industry is dominated by Australian-owned banks. There are four large banks in New Zealand - Australia and New Zealand Banking Group, ASB Bank, Westpac New Zealand and the Bank of New Zealand.

Currency Exchange in New Zealand Through Banks

Although New Zealand banks do not provide the cheapest exchange rates in the case of most currencies, they are the best options if you want to buy currencies like the Chinese Yuan and the South African Rand. These banks also provide daily updates of exchange rates on their websites, so you can easily check the rates before heading for currency exchange.

Currency Exchange in New Zealand Through Post Offices

There are two ways of exchanging currency at a post office in NZ. Firstly, there are several New Zealand Post offices that have an American Express Currency Exchange centre in them. This method is very helpful if you need to buy or sell currency in a hurry.
If you are buying currency, it can be cheaper to order online and pick it up at a New Zealand Post office through Travelex.

Do’s and Don’ts of Currency Exchange

Watch out for Fees: It is unlikely you will be charged any fee when you are buying your holiday currency. However, it is possible, therefore, one should be alert. While you are buying currency online, make sure to check before confirming the transaction and read the Product Disclosure Statement. You are not required to pay for buying or exchanging currency as there are many exchange centres doing it without any charges, though credit card payments are an exception.
Negotiate for a Better Rate: You will only get the best exchange rates when you ask for it directly. If you are exchanging more than $1,000 New Zealand dollars worth of currency, it is a must. You can estimate the rate by comparing exchange rates or best, ask for professional help.
Do not put all your eggs in one basket: If you are visiting New Zealand for a vacation, you do not need to take all your money in cash.
Take some money in cash for cabs, tips, meals and outings.
Take some money on a prepaid travel card for hotels, transportation and in-store buys.
Take your New Zealand ATM, debit and credit cards as a back-up in case you run out of money.

Now that you are aware of certain processes and modes of exchanging money in New Zealand, you can easily plan your holiday and reach out to the country and enjoy without any hassles.