NZD New Zealand Dollar rates, news, and tools

After a nearly 10-year long study by a government committee, the decision was made to shift the country’s currency to a decimal system. The New Zealand Parliament passed the Decimal Currency Act in 1964, officially transitioning to the new dollar ironfx review currency in July 1967. The New Zealand Dollar is the legal currency of the island nation of New Zealand.

There are no restrictions on how much cash you can bring into New Zealand, however, those who bring in NZ$10,000 or more must complete a Border Cash Report. The original New Zealand dollar banknotes all featured portraits of Queen Elizabeth. A new series of notes, known as Series 5 was introduced in 1992.

New Zealand Dollar to United States Dollar

New Zealand’s central bank, the Reserve Bank of New Zealand, chose to drop the kiwi’s peg to the US dollar when the United States abandoned the gold standard in 1971. From then until 1985, the New Zealand dollar value was pegged to a trade-weighted basket of currencies. 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.

Top currency pairings for US dollar

Our currency rankings show that the most popular New Zealand Dollar exchange rate is the NZD to USD rate. The currency code for Dollars is NZD, and the currency symbol is $. Below, you’ll find New Zealand Dollar rates and a currency converter.

Notes

When planning a trip or a working holiday, it’s good to know what to expect from the cost of living. This includes food, transport, activities… Basically, anything you might need crossing moving average strategy to pay for while you are in New Zealand. For this reason, we have put together the following articles to give you an idea of the cost of living in New Zealand. A few exceptions to GST are bank services, rent, wages (although that gets another form of tax) and duty-free goods. For information on opening a New Zealand bank account, see How to Open a New Zealand Bank Account.

Check out Wise as a travel card you can use to hold and exchange NZD with low fees and the mid-market rate – or try Revolut as a convenient card you can top up in AUD and use in New Zealand easily. Order a travel card online or in a store, depending on the provider you pick, and top up in either AUD or NZD before you travel. A travel card can be convenient and secure, although some fees may apply when you transact. Just tap to pay in stores, and take out cash as and when you need it, rather than carrying all your travel money with you on departure. Introduced in 1840, the New Zealand Pound was the first official currency of New Zealand.

When withdrawing money from a New Zealand bank from your Visa or MasterCard, the money will be withdrawn in New Zealand Dollars. Tourism accounted for about 3% of the country’s gross domestic product (GDP) in March 2022, a decrease from 5.5% before the COVID-19 pandemic. The country’s top industries include agriculture, dairy, forestry, fishing, mining, and tourism. New Zealand is one of the world’s largest exporters of whole milk powder so the NZD would most likely benefit if milk prices rise.

• It is estimated that the polymer note lasts four times longer than regular linen or paper notes.
• We compare currency exchange and money transfer services in over 200 countries worldwide.
• The New Zealand government has produced polymer or plastic versions of the New Zealand dollar since 1999.
• 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%.

On the introduction of the dollar, coins came in denominations of 1c, 2c, 5c, 10c, 20c, and 50c. The obverse designs of all the coins featured Arnold Machin’s portrait of Queen Elizabeth II, with the legend ELIZABETH II NEW ZEALAND date. misled and betrayed The reverse sides of coins introduced in 1967 did not follow the designs that were originally intended for them. Those modern art and sculpture themed designs were leaked to a newspaper and met a very negative public reaction.

New Zealand Currency Background

However, fees usually apply to some transactions, including some charges when you switch currencies from AUD to the local currency in your destination. You’ll need to weigh up a few different options to find the travel money card that’s right for you – we’ll cover a couple to consider, next. It took another 30 years before the Reserve Bank replaced the currency of pounds, shillings, and pence with actual dollars and cents.