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Australian Dollar
| Currency: | Australian Dollar |
| Currency Symbol: | $, A$ |
| Sub unit: | cent |
| Sub unit symbol: | c |
| Bank notes: | $5, $10, $20, $50, $100 |
| Coins: | 5c, 10c, 20c, 50c, $1, $2 |
New Zealand Dollar
| Currency: | New Zealand Dollar |
| Currency Symbol: | $ |
| Sub unit: | cent |
| Sub unit symbol: | c |
| Bank notes: | $5, $10, $20, $50, $100 |
| Coins: | 10c, 20c, 50c, $1, $2 |
| USD | AUD | CAD | EUR | CNY | GBP | INR | MXN | PHP | |
|---|---|---|---|---|---|---|---|---|---|
| 1 USD = | 1.0000 | 1.6220 Inverse: 0.6165 | 1.4024 Inverse: 0.7131 | 0.8954 Inverse: 1.1169 | 7.0964 Inverse: 0.1409 | 0.8029 Inverse: 1.2455 | 74.8760 Inverse: 0.0134 | 23.3910 Inverse: 0.0428 | 51.0140 Inverse: 0.0196 |
| 1 AUD = | 0.6165 Inverse: 1.6220 | 1.0000 | 0.8646 Inverse: 1.1566 | 0.5520 Inverse: 1.8115 | 4.3751 Inverse: 0.2286 | 0.4950 Inverse: 2.0202 | 46.1628 Inverse: 0.0217 | 14.4211 Inverse: 0.0693 | 31.4513 Inverse: 0.0318 |
| 1 EUR = | 1.1169 Inverse: 0.8954 | 1.8115 Inverse: 0.5520 | 1.5662 Inverse: 0.6385 | 1.0000 | 7.9256 Inverse: 0.1262 | 0.8967 Inverse: 1.1152 | 83.6253 Inverse: 0.0120 | 26.1242 Inverse: 0.0383 | 56.9750 Inverse: 0.0176 |
| 1 GBP = | 1.2455 Inverse: 0.8029 | 2.0202 Inverse: 0.4950 | 1.7466 Inverse: 0.5725 | 1.1152 Inverse: 0.8967 | 8.8386 Inverse: 0.1131 | 1.0000 | 93.2581 Inverse: 0.0107 | 29.1335 Inverse: 0.0343 | 63.5380 Inverse: 0.0157 |
| Mar 2010 | Mar 2011 | Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 AUD = | 1.2934 Inverse: 0.7732 | 1.3553 Inverse: 0.7378 | 1.2694 Inverse: 0.7878 | 1.2448 Inverse: 0.8034 | 1.0678 Inverse: 0.9365 | 1.0240 Inverse: 0.9766 | 1.1215 Inverse: 0.8917 | 1.0921 Inverse: 0.9156 | 1.0622 Inverse: 0.9414 | 1.0445 Inverse: 0.9574 |
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.
| May 2019 | Jun 2019 | Jul 2019 | Aug 2019 | Sep 2019 | Oct 2019 | Nov 2019 | Dec 2019 | Jan 2020 | Mar 2020 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 AUD = | 1.0581 Inverse: 0.9451 | 1.0446 Inverse: 0.9573 | 1.0408 Inverse: 0.9608 | 1.0663 Inverse: 0.9378 | 1.0757 Inverse: 0.9296 | 1.0764 Inverse: 0.9290 | 1.0527 Inverse: 0.9500 | 1.0439 Inverse: 0.9579 | 1.0356 Inverse: 0.9656 | 1.0450 Inverse: 0.9570 |
| Mar 19 | Mar 20 | Mar 21 | Mar 22 | Mar 23 | Mar 24 | Mar 25 | Mar 26 | Mar 27 | Mar 28 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 AUD = | 1.0106 Inverse: 0.9895 | 1.0144 Inverse: 0.9858 | 1.0144 Inverse: 0.9858 | 1.0227 Inverse: 0.9778 | 1.0236 Inverse: 0.9770 | 1.0250 Inverse: 0.9756 | 1.0167 Inverse: 0.9836 | 1.0172 Inverse: 0.9831 | 1.0207 Inverse: 0.9797 | 1.0207 Inverse: 0.9797 |
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:
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.
| Australian Dollars (AUD) | New Zealand Dollar (NZD) |
|---|---|
| $1 | 0 |
| $100 | 0 |
| $500 | 0 |
| $1000 | 0 |
| $1500 | 0 |
| $2500 | 0 |
| $5000 | 0 |
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:
| January 2007 | January 2012 | January 2017 | |
|---|---|---|---|
| AUD$1 = | NZD$1.118804 | NZD$1.312862 | NZD$1.039988 |
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.
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.
| September 2016 | October 2016 | March 2017 | |
|---|---|---|---|
| Transfer amount (in AUD) | AUD$10,000 | AUD$10,000 | AUD$10,000 |
| Exchange rate | AUD$1 = NZD$1.02 | AUD$1 = NZD$1.07 | AUD$1 = NZD$1.09 |
| Amount received (in NZD) | NZD$10,200 | NZD$10,700 | NZD$10,900 |
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.
However, there are myriad factors that can affect the exchange rate, including the following:
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.
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:
Meanwhile, the worst time to change AUD to NZD during this time was in September 2016, when AUD$1 = NZD$1.02.
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:
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.
This is a clear example of just how important it is to compare your transfer options and shop around for the best available exchange rate.
| Bank | Cash pickup transfer provider | Online transfer provider | |
|---|---|---|---|
| Exchange rate | AUD$1 = NZD$1.005200 | AUD$1 = NZD$1.024507 | AUD$1 = NZD$1.049699 |
| Transfer fee | $22 | $22 | $4 |
| Processing time | 2-5 days | 10 minutes | 2 days |
| AUD needed to send NZD$10,000 | $9,970.27 | $9,782.79 | $9,530.54 |
| Cost in AUD compared to bank (including fee) | - | $187.48 cheaper | $439.73 cheaper |
There are a few more steps you can take to improve your chances of finding the best exchange rate:
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
