The Australian dollar is the fifth most traded currency in the world. When it was first created, suggestions for its name included the koala, the royal and the austral. Even so, it's commonly referred to as the "Aussie" in forex markets.
Sub unit symbol:
$5, $10, $20, $50, $100
5c, 10c, 20c, 50c, $1, $2
New Zealand Dollar
The "kiwi" dollar is the official currency of New Zealand, a market economy that depends highly on international trade. It's one of the top 10 currencies used in worldwide trade.
New Zealand Dollar
Sub unit symbol:
$5, $10, $20, $50, $100
10c, 20c, 50c, $1, $2
Send money from Australia to New Zealand
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Australian Dollar to the New Zealand Dollar for the last 10 years
1 AUD =
If you need to send money to New Zealand, locking in the best AUD/NZD exchange rate is crucial.
No matter where you look around the world, there are few countries that share as close a relationship as Australia and New Zealand. Despite our heated rivalries across cricket, netball, rugby and a range of other sports, Australia and New Zealand maintain close political and economic ties.
With this in mind, there are plenty of reasons why Australian businesses might need to send money to New Zealand. From paying suppliers and settling debts to paying NZ-based staff, thousands of Aussie businesses regularly need to send funds across the ditch.
However, before you send an international money transfer to New Zealand or any other country around the world, it’s essential to shop around for the best exchange rate. Finding the best rate is crucial to ensure value for money from your transaction, so let’s take a closer look at how to find the best AUD/NZD exchange rate.
Australian Dollar to the New Zealand Dollar for the last 10 months
1 AUD =
Australian Dollar to the New Zealand Dollar for the last 10 days
1 AUD =
AUD/NZD: How to get value for money
The exchange rate is the most important factor you need to consider when sending money overseas. The higher the AUD/NZD exchange rate, the less the transfer will cost your business.
However, there are two things that can affect the exchange rate you receive for your transaction:
When you send your transfer. The AUD/NZD exchange rate is always fluctuating. By timing your transaction when the rate is at its peak, you will get the best value for money.
The transfer provider you choose. No two transfer providers will offer the same exchange rate since it all depends on the margins they charge. You will need to compare companies and choose one that consistently offers a high AUD/NZD rate.
If you take these two factors into account when sending Australian dollars to New Zealand, you’ll be able to drastically reduce the cost of your transfer.
Market rate for common transfer amounts AUD to NZD
Australian Dollars (AUD)
New Zealand Dollar (NZD)
Australian dollar to New Zealand dollar exchange rate history
With a reputation as a stable currency, the Australian dollar (AUD) is the fifth most traded currency around the world. First introduced in 1966, the AUD was once pegged to the British pound (GBP) but is now a floating currency free of any foreign exchange controls.
Meanwhile, the New Zealand dollar (NZD) was introduced as NZ’s official currency in 1967. Initially pegged to the US dollar (USD), the NZD became a floating currency in 1985. Today, the NZD commonly features in lists of the world’s 10 most traded currencies.
The AUD has historically traded at a higher value than the NZD but, thanks to the heavy reliance of both countries’ economies on commodities, the AUD/NZD is not as volatile as other exchange rates.
In the 10 years to 29/05/2017, AUD$1 traded at a value between NZD$1.00 and NZD$1.37. While the highs were reached during 2011 on the back of Australia’s resources boom, the two currencies reached parity briefly in April 2015 as the commodities boom came to an end and New Zealand’s economy benefited from increased Asian demand for its agricultural products.
The table below shows the value of the AUD relative to the NZD in the past 10 years:
When can I find the best AUD/NZD exchange rate?
The answer to this question depends on a wide range of factors. Because there are no foreign exchange controls on either the AUD or NZD, the value of both currencies can be affected by everything from the strength of their underlying economies to demand on global currency markets.
As a result, the AUD/NZD exchange rate is constantly fluctuating. Check the exchange rate first thing on Monday morning and it could be very different by close of business the same day. Due to these fluctuations, the exchange rate can move substantially up or down in a relatively short period of time. For evidence of this, visit a foreign exchange website and check out a graph of the AUD/NZD performance over the past day, week, month, year or even longer.
What do exchange rate fluctuations mean for international money transfers?
Shaun’s office supplies business had recently set up a small branch in Auckland, and Shaun needed to move AUD$10,000 to New Zealand as an emergency fund to cover any unexpected business expenses. As there was no immediate deadline for this transfer, Shaun decided to spend a little while waiting for the best possible AUD/NZD exchange rate to become available.
When he first started calculating transfer costs in September 2016, AUD$1 was valued at NZD$1.02. But just a month later in October, the rate had risen to AUD$1 = NZD$1.07. Sending the transfer now would result in significantly better value for money for Shaun, but he decided to wait a little longer for the rate to rise further.
He was rewarded when in March 2017, AUD$1 rose to a value of NZD$1.09. As the table below shows, Shaun’s patience allowed him to send up to NZD$700 extra to New Zealand.
Transfer amount (in AUD)
AUD$1 = NZD$1.02
AUD$1 = NZD$1.07
AUD$1 = NZD$1.09
Amount received (in NZD)
How do I know when to transfer AUD to NZD?
The ideal time to transfer AUD to New Zealand is when the AUD/NZD exchange rate is at its peak. In other words, this is the time when the AUD is valued as highly as possible relative to the NZD, allowing you to access the best value for money on your transfer.
The level of public debt in Australia and New Zealand
The strength of Australia’s economy and the New Zealand economy
The rate of inflation in both countries
The results of elections
Economic developments around the world that have a widespread effect, for example the Global Financial Crisis
Despite the fact that there is some uncertainty when predicting exchange rate moves, there’s still plenty of things you can do to stay up to date with developments that could drive the AUD/NZD rate up or down.
Monitor economic and financial news from both countries to stay up to date with any developments that could affect the exchange rate.
Stay up to date with current affairs, including everything from election results to the release of important economic data.
Check the mid-market AUD/NZD rate regularly to be aware of which way it is trending.
Examine the past performance of the AUD/NZD exchange rate to increase your understanding of the value of both currencies.
So when is the best time to send AUD to NZD? The graph below tracks the performance of the AUD/NZD exchange rate in the year preceding 30/05/2017. As you can see, the best times to change AUD into NZD during that time were:
In March 2017, when AUD$1 = NZD$1.09
In April 2017, when AUD$1 = NZD$1.09
In May 2017, when AUD$1 = NZD$1.08
In October 2016, when AUD$1 = NZD$1.07
Meanwhile, the worst time to change AUD to NZD during this time was in September 2016, when AUD$1 = NZD$1.02.
How to choose the best transfer provider
Once you’ve decided on the best time to send your international transfer, you next need to choose the best transfer provider to handle your transaction. Exchange rates and transfer fees differ substantially between providers and can make a huge difference to the cost of your transactions.
There are three types of money transfer providers to consider:
Banks. Sending an international wire transfer through your regular bank is a convenient option, but banks typically offer disappointing exchange rates.
Cash pickup transfer providers. These companies offer fast cash transfers to New Zealand within minutes, with Western Union and MoneyGram the world’s two largest providers of this service. However, higher fees often tend to apply to fast cash transfers.
Online money transfer providers. These transfer providers, such as OFX and CurrencyFair, specialise in international transfers and have tighter margins than the banks. This means they usually offer superior exchange rates and reduced transfer fees.
Bank vs money transfer provider vs cash pickup provider
Nick is the manager of a small Australian retail business. He needs to send NZD$10,000 across the ditch to pay a bill for legal services his company has used.
Nick usually uses his bank to send money overseas, but upon noticing how far their AUD/NZD exchange rate is below the mid-market rate, he decides to shop around for a better deal. He compares his bank with a cash transfer provider and an online transfer company to see who comes out on top.
As you can see in the table below, while the cash pickup transfer provider offers significant savings compared to his bank, the specialist online transfer company far and away offers the best deal. By choosing the online provider instead of his bank, Nick can save an impressive AUD$439.73.
What else can I do to find the best AUD/NZD exchange rate?
There are a few more steps you can take to improve your chances of finding the best exchange rate:
Compare quotes. Don’t just choose the first transfer provider you find. Compare quotes from several providers to see which one offers the best value for money.
Make sure you’re quoted the correct rate. Some companies will use the mid-market exchange rate, which is higher than the customer exchange rate, when calculating a quote. Make sure any quote you are given is based on the AUD/NZD rate available to customers.
Send larger transfers. Not only can you pay fewer fees by sending fewer transfers, but some online companies will actually waive their fees on large transfers, for example transactions of $10,000 or more.
Use forward contracts. A forward contract allows you to secure an exchange rate today for a transaction that you will complete in the future. If you think the AUD/NZD rate is set to fall, you can safeguard against this by taking out a forward contract.
Use limit orders. A limit order is another flexible transfer tool that allows you to get the exchange rate you want. Once you’ve specified your rate, the transfer provider will automatically send your transfer whenever that rate is available.
If you put these tips into action, you could potentially save hundreds of dollars the next time you need to send money to New Zealand. Picture: Shutterstock
Tim Falk is a writer for Finder, writing across a diverse range of topics. Over the course of his 15-year writing career, Tim has reported on everything from travel and personal finance to pets and TV soap operas. When he’s not staring at his computer, you can usually find him exploring the great outdoors.
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