All goods and services in New Zealand are subject to a Goods and Services Tax (GST) of 15%, which is included in the displayed price. Visitors cannot claim this tax back, but if a supplier ships a major purchase to a visitor’s home address the GST will not be charged. Bank opening hours in New Zealand vary, but branches are generally open from 9.30am to 4.30pm Monday to Friday. Automated Teller Machines (ATMs) are available at bank branches, along main shopping streets and in malls. International credit cards and ATM cards will work as long as they have a four-digit PIN encoded. There is no restriction on the amount of foreign currency that can be brought in or taken out of New Zealand.
The currency in New Zealand is the New Zealand dollar. Pricing will depend on the location, time of year, and day of the week, so the below is just to give a general idea of cost. Use our accommodation finder to see price ranges for your specific needs.
- New Zealand is one of the world’s biggest exporters of whole milk powder.
- Check the current currency rate with this currency converter.
- So as the number of visitors to New Zealand rises, the economy does well and the currency appreciates.
- It might not rank as one of the largest countries in the world in terms of size, but New Zealand and its dollar currency holds a prominent position on the forex market.
- All goods and services in New Zealand are subject to a Goods and Services Tax (GST) of 15%, which is included in the displayed price.
- As a result, the New Zealand dollar is seen as a commodity currency and its risk factors are not unlike that of the AUD/USD pair.
The changeover period started on 31 July 2006, with the old coins usable until 31 October 2006. The old 50c, 20c, 10c and 5c pieces are now no longer legal tender, but are still redeemable at the Reserve Bank. These percentages show how much the exchange rate has fluctuated over the last 30 and 90-day periods. These are the lowest points the exchange rate has been at in the last 30 and 90-day periods. These are the highest points the exchange rate has been at in the last 30 and 90-day periods.
How to convert US dollars to New Zealand dollars
The performance of the New Zealand export market can also affect the NZD USD rate. Global price rises on the dairy and agriculture markets in particular can generate uplift in the economy, which will impact the value of the currency. The Wise New Zealand dollar travel money card lets you top up in https://bigbostrade.com/ your local currency, and switch to New Zealand dollar to spend when you’re in New Zealand. You’ll get the best rate for spending in New Zealand dollar – and can also hold and spend 40+ other currencies with the same card. You’ll find New Zealand banknotes in denominations of 5, 10, 20, 40 and 100.
Our smart tech means we’re more efficient – which means you get a great rate. Banks and traditional providers often have extra costs, which they pass to you by marking up the exchange rate. They add hidden markups to their exchange rates – charging you more without your knowledge. The New Zealand dollar trades under the symbol NZD or NZ$. It floated on March 4, 1985, at an initial exchange rate of 44 cents against the U.S. dollar. The financial markets have since determined the currency’s value with the unit typically ranging between 39 and 88 cents against the greenback.
Xe Currency Charts
Agriculture is a major factor in the New Zealand economy; more than two-thirds of the exports are agricultural. One particular factor affecting the NZD is the price of dairy. New Zealand is the world’s biggest exporter of whole milk powder. So if milk prices are on the rise, the New Zealand economy is likely to improve and traders may price up the currency in anticipation. Tourism is another staple of the New Zealand economy, so as visits to New Zealand become less expensive, the economy will be expected to improve and the currency may appreciate.
What Does New Zealand’s Currency Look Like?
Information presented by DailyFX Limited should be construed as market commentary, merely observing economical, political and market conditions. This information is made available for forex momentum strategy informational purposes only. It is not a solicitation or a recommendation to trade derivatives contracts or securities and should not be construed or interpreted as financial advice.
The obverse of each note featured a notable New Zealander, while the reverse featured a native New Zealand bird and New Zealand scenery. In 1999, series 6 polymer notes replaced the paper notes. The designs remained much the same, but were changed slightly to accommodate new security features, with the most obvious changes being the two transparent windows. During the turbulence in global financial markets during mid to late 2008, the cumulative net long positions held by Japanese margin traders in the NZD fell by nearly 90%. New Zealand has many natural resources and is a major global exporter of agricultural produce – most notably whole milk powder, but also fruit and meat.
Digital assets held with Paxos are not protected by SIPC. Paxos is not an NFA member and is not subject to the NFA’s regulatory oversight and examinations. To get the best deal when spending on card or withdrawing money in New Zealand, don’t forget to use the Wise travel money card to avoid sneaky exchange rate markups and excessive fees. Traders purchase the New Zealand dollar and sell a lower-yielding currency to execute a carry trade, such as the Japanese yen. The objective is to profit from the interest rate differential.
In 1967, notes were introduced in denominations of $1, $2, $5, $10, $20 and $100, with all except the $5 replacing their pound predecessors. $1 and $2 notes were discontinued in 1991 after being replaced with coins. Introduced in 1967, the dollar is subdivided into 100 cents. Altogether it has five coins and five banknotes with the smallest being the 10-cent coin; smaller denominations have been discontinued due to inflation and production costs. Our currency rankings show that the most popular US Dollar exchange rate is the USD to USD rate. It is estimated that the polymer note lasts four times longer than regular linen or paper notes.
The polymer composition has also increased the longevity of the banknotes. Polymer bills are estimated to last four times longer than regular linen or paper banknotes. Check live rates, send money securely, set rate alerts, receive notifications and more. Create a chart for any currency pair in the world to see their currency history.
The original notes had a variety of designs, including that of a kiwi, the nation’s Coat of Arms, Maori King Tawhiao, and Fiordland’s Mitre Peak. One of the primary drivers behind how the NZD performs is the Reserve Bank of New Zealand’s (RBNZ) monetary policy. In May 2013, governor Graeme Wheeler confirmed the RBNZ had been intervening in the markets to devalue the currency after the NZD USD rate had appreciated. Find them at most supermarkets, near banks and in petrol stations. When you’re buying currency for New Zealand, look out for the currency code NZD.