Send Money from Australia to NZ: How To Find the Best and Cheapest Deals

Sending money from Australia to New Zealand is a very common money transfer corridor. 

In fact, Australians trade more of their Australian Dollars (AUD) into New Zealand Dollars (NZD) than any other currency (even more than AUD to USD). 

Hundreds of thousands of transfers take place daily, with people sending money to their own account overseas, as well as transferring funds to businesses, family members, and friends.

High fees charged by mainstream banks are prompting Australians to seek a cheaper alternative, in search of the best way to send money from Australia to New Zealand.

You’ll need to align your own specific requirements with the service provider that meets those needs, as each type of provider has unique strengths. 

You should settle on a provider offering safe, fast, and cost effective international money transfers.

As a general rule, we advise against using a traditional Australian bank. 

Generally speaking, banks have high fixed fees and exchange rate markups, and a limited product offering.

Alternatively, this guide makes a case for selecting an online money transfer provider or currency broker. 

These companies consistently perform better than Australian banks with regards to speed, cost, and service. 

What options are available for transferring money from Australia to New Zealand?

As sending money from Australia to New Zealand is so common, it’s no surprise that customers have a wide variety of ways to complete their transfer.  

Driven by your own unique requirements, this article arms you with the tools you need to make an informed decision on which provider you should choose to transfer your funds. 

Different providers offer benefits for certain circumstances. Perhaps you have an urgent need for your money to arrive? Or a less common occurrence where your beneficiary can only collect cash. 

Australian banks: As you are likely already registered, banks are a convenient option, but know that a traditional bank transfer is often a slow and costly option. 

Most Australian banks, including the ‘big five’, offer poor exchange rates with a markup ranging from 2.5% to upwards of 4.3% above the mid market rate, in addition to charging high fees.

Remittance companies: Providers like Western Union can deliver cash to your recipients quickly but at a cost. Even cheaper remittance providers like Remitly simply cannot compete on cost with our recommended money transfer providers. 

The only instance we’d recommend a remittance provider is one where the beneficiary has a specific need to receive their payment in cash.

Paypal and e-wallets: This well known payment provider does offer overseas transfers but you will be subject to paying high fees if you send money to New Zealand via Paypal.

Using Paypal may save you a bit of time if you’re already registered but you will be charged 4-5% of the transaction total for the luxury of convenience. 

Online money transfer providers: There are many reasons why we recommend choosing a specialist provider.

Most of these companies offer bank-beating exchange rates and either very low or zero fees.

The true cost of most top providers equates to <2% of the transfer total but is often even cheaper.

Working with a specialist gives you access to additional services and expert guidance from a knowledgeable team. 

Currency brokers in particular, are specialists in transferring large amounts of funds.

Dedicated and experienced account managers will guide you through the process. 

They also have the knowledge and tools to help you better time your transfer to capitalise on favourable conditions.

What is the cheapest way?

There are multiple costs you can incur when transferring AUD to NZD.

A basic understanding of these will help you to determine the best way to transfer funds to New Zealand.

Transfer fees: Banks and other providers often charge a fixed transfer fee, based on the amount you’re sending and where you wish to complete the transfer (in branch, online, or over the phone). 

Australia’s ‘big five’ banks charge somewhere between $9-$32 AUD for transfers completed in branch or over the phone. Some of them have recently waived fees for in-app transfers.

Some providers like ‘Wise’, charge a variable transfer fee, based on the beneficiary’s country and the total amount of funds being sent. 

Exchange rate markup: Most money transfer providers and banks add a margin to the mid-market AUD/NZD exchange rate. 

Because the mid-market rate is rarely advertised, the fx markup is somewhat of a hidden cost, as the customer has to calculate this for themselves.

Australian banks generally add a FX markup between 2.5%-4.5%.

The providers we recommend in this article, offer low-cost alternatives equating to less than 2%, and are often even cheaper. 

Cost Saving Example

Here we compare ‘Wise’ with ‘ANZ Bank’ to highlight the potential savings of choosing a money transfer provider.

ANZ BankWise
Amount sent10,000 AUD10,000 AUD
Transfer fees9 AUD46.58 AUD
Exchange rate markup3.62%0%
Total deductions370.52 AUD46.58 AUD
Amount received10,484.10 NZD10,835.89 NZD

By making the smart decision to use one of our recommended providers, in this example you would save 323 AUD on your AUDNZD transfer. 

Other ‘big five’ banks in Australia offer poorer exchange rates than ANZ Bank, so using a bank for your international transfer could potentially cost you even more!

The cheapest way to send from Australia to New Zealand is most often determined by the total amount you’re sending.

For larger transfers of $30,000 or more, we strongly recommend selecting one of our recommended currency brokers. 

Currency brokers specialise in transferring large sums, offering great rates with zero fees. 


As mentioned, their guidance throughout the process will help you time your transfer to calculate a favourable currency swing. 

For smaller transfers of less than $30,000, using an app only money transfer provider is likely the cheapest way to transfer money from Australia to New Zealand. 

You will need to complete the transfer independently but in return, you’ll receive the best possible exchange rates for smaller value transfers.

You’ll also swerve the high fees imposed by banks and other costly alternatives like Paypal. 

How about the fastest?

App only providers like Paypal and Skrill offer very fast transfers.

It is worth noting that with these providers, you’re not at the front of the line with someone on hand to support should your transfer be held up for any reason.

That’s why for larger or high priority transfers, we’d advise choosing a currency broker.

Time zones permitting, you can almost always complete your transfer the same day.

You can also call your account manager at any time to track your transfer.

With that said, if you and your recipient have the same online money transfer app, this is likely the fastest route. 

A ‘Wise account’ to ‘Wise account’ transfer is essentially instant.

Other providers will offer fast options to transfer funds to New Zealand but there is often a significant additional cost for these express services.

How do I know my money is safe? 

It’s understandable that people feel secure when using a large and well established organisation for their international money transfers. 

It’s likely a huge factor in why Australia’s ‘big five’ banks remain the most popular method. 

Rest assured, we only recommended providers that are highly regulated in Australia, hold an AFS licence, and are well versed in transferring funds to New Zealand. 

They have all amassed tens of thousands of positive TrustPilot reviews, as they are well established providers that have been trading for many years.

These certified reviews are a great resource to deep dive into each company, as you get a first hand account from many satisfied customers detailing their experience.

Send money with a specialist company in 4 simple steps

Compare your options and choose your provider 

Now you have a better understanding of the options available, create a shortlist of providers based on your individual requirements,  

From there, calculate who offers the best overall package for you to send money from Australia to New Zealand.

Be aware that certain providers have minimum or maximum transfer limits. 

These limits may rule out certain providers, so it’s important to check before committing to the next step. 

Register a new account with your provider 

You’ll need some form of ID on hand to complete a verification check often referred to as ‘Know Your Customer’.  

This is most often a quick and pain free process.

Format the details of your bank transfer 

Formatting your details incorrectly can create delays, or worse, result in your money being sent to the wrong account. 

Carefully take note of your recipient’s name, contact information, and bank details. 

This will include the beneficiary’s account number, the bank’s address, as well as its SWIFT BIC code. 

 

New Zealand SWIFT BICs are a 8-11 character code, identifying the recipient’s country, city, bank, and branch.

Confirm your transfer total to settle your deal 

Your final step is to confirm the total amount of AUD you want to convert to NZD, or alternatively, the amount of NZD you want your beneficiary to receive. 

With your exchange rate secured, you can now lock in the trade, thereby entering a legal contract with your provider to complete your AUD-NZD transfer. 

Your provider will supply their payment details for you to fund your transfer. 

Key takeaways to save on money transfers to New Zealand

Choosing the most appropriate provider for your unique needs is the most important element to minimising costs.

Reaching out for comparative quotes from your shortlist of providers will give you a clear and transparent view on the true cost of your transfer. 

Additionally, to secure the best AUD-NZD exchange rate, ask yourself ‘is now a good time to send money to New Zealand?’

Despite being a correlated pair, the AUD and NZD still display significant levels of volatility against each other, so it is worth paying this some mind to get the most out of your transfer. 

In the past 3-4 years the AUD-NZD rate has been as high as 1.141 and as low as 1.007, a 12% swing. 

In the last year alone, the rate dropped by 8% in less than 3 months between October and December 2022.

For larger transactions, a mistimed trade can amount to a significant loss that can total far more than completing a transfer with a high exchange rate markup.

This further highlights why currency brokers are often the best way to transfer money from Australia to New Zealand.

They’ll share knowledge on past trends, as well as political or other external factors that may impact your AUD to NZD transfer, 

This can result in a huge saving if you’re able to secure your trade during a favourable currency swing.  

They also offer hedging services such as forward contracts, which you can use to secure a favourable exchange rate for a period in the future. 

This may prove particularly helpful for those looking to join the 70,000 Australians already living in New Zealand. 

Hedging services offered by currency brokers can help keep property purchases and overseas mortgages within budget, by avoiding the volatility of AUD-NZD currency swings.