Kiwi banknotes are colorful and uniquely Kiwi, featuring national icons, including pioneering scientists, conservationists, explorers, and Māori leaders like Sir Āpirana Ngata. Each note reflects the country’s unique identity with designs that celebrate native wildlife, natural landscapes, and cultural heritage. Here’s a practical look at the New Zealand dollar (NZD), including the currency’s history, how much it’s worth, and local customs that might come in handy while you’re there. The official name of the currency is the New Zealand dollar, but it’s universally abbreviated as NZD in international contexts, such as market analysis. Established in 1934, the RBNZ is responsible for maintaining price stability, issuing banknotes and coins, and ensuring the overall soundness of New Zealand’s financial system.
- The value of the NZD is influenced by various factors including New Zealand’s economic performance, interest rates, and global market trends.
- Bank notes are available in $5, $10, $20, $50, and $100 NZD denominations.
- This is one of the best ways to exchange currency while traveling because it allows the bank to handle the conversion.
Importance of the New Zealand Dollar
The neighboring country reports 6.2% of New Zealand imports in 2023. The performance of Australia’s economy has a significant impact on the New Zealand dollar as a result. The country’s top industries include agriculture, dairy, forestry, fishing, mining, and tourism.
New Zealand data – ANZ World Commodity Price Index fell 2.6% m/m in July (prior -1.7%)
- It’s a good idea to bring a small amount of New Zealand currency along for your travels, or you can use an ATM to withdraw NZD when you arrive.
- Get the most bang for your buck by tracking live exchange rates with the Western Union® app.
- Last but not least, the importance of the New Zealand dollar is connected with the constant exports and imports which play a significant role in the country’s economy.
- Yes, you can make bulk payments in NZD using an Equals Money account.
- The API numbers are leaking and traders are front-running them and then covering partly when the API numbers are released and partly when they’re confirmed in the EIA data.
- It’s tempting to exchange money at an airport kiosk when you arrive in New Zealand, but those services often offer poor exchange rates.
Polymer bills are estimated to last four times longer than regular linen or paper banknotes. Also referred to as the Kiwi, the currency is also utilized in several Pacific islands, including Tokelau, the Cook Islands, Pitcairn islands, and Niue. If you cannot find your desired currency pair, it means that transfers to that specified currency are not supported by our services, but we are working on it! Do come back and check again as we are continuously updating our services.
Features and Security of New Zealand Dollar Banknotes
It is represented by the symbol “$” and the code “NZD.” The currency is issued and regulated by the Reserve Bank of New Zealand. When comparing exchange services, prioritize companies with security features like data encryption, transfer tracking, PCI DSS compliance, and Touch ID security. And you can use the service online or at an agent location in New Zealand. During colonial times, people used a mix of British pounds and various foreign coins.
NZD – New Zealand Dollar currency
The value of the kiwi is strongly influenced by agriculture and tourism, two of New Zealand’s largest industries, which play a major role in shaping demand for the currency on global markets. The New Zealand Dollar (NZD) is the official currency of New Zealand. This is a result of New Zealand’s strong economy which is strictly connected with the tourism business. Moreover, New Zealand has a high growth rate with a strong GDP playing a leading role in a strong economy.
While far from the most traded currency in the global forex market, the NZD has a key role nonetheless. The cent remains the basis for all pricing, even though the smallest physical coins now in circulation are 10 cents. For cash purchases, retailers round the final price to the nearest 10 cents, but electronic and card transactions still account for cents exactly. In 1967, New Zealand made a major monetary shift by adopting the New Zealand dollar and moving to a decimal currency system. The new system followed the modern standard of a decimal currency system and divided one dollar into 100 cents, greatly simplifying calculations, trade, and pricing.
Beware of bad exchange rates.Banks and traditional providers often have extra costs, which they pass to you by marking up the exchange rate. Our smart tech means we’re more efficient – which means you get a great rate. The New Zealand dollar is the official currency of New Zealand. Its symbol is usually written as $, and sometimes NZ$ is used to distinguish it from other currencies that use the same sign.
Traders typically buy the NZD and fund it with a lower yielding currency such as the Japanese yen (JPY) or the Swiss franc (CHF). If you cannot find the location you would like to send to, it means we currently do not support transfers to that destination, but we are working on it! The best currency to take to New Zealand is New Zealand dollars. It’s unlikely that a hotel, restaurant, or other business will accept US dollars in New Zealand.
Whether you’re sending money online, through the Western FX choice Review Union app, or at one of 80-plus agent locations across New Zealand, getting money to loved ones is simple. Choose the option that works best for you—digital or in-person. You can withdraw New Zealand currency from an ATM or simply use cards wherever you go.
RBNZ raise its cash rate by 25bp
From the beginning of its circulation, the NZD was pegged with the USD until the March of 1985 when the currency was allowed to float. The New Zealand currency faced various changes until 1999 when it was produced for the first time polymer or plastic versions of the NZD making the currency more secure. If you withdraw money from an ATM in New Zealand, opt to receive it in New Zealand dollars. This is one of the best ways to exchange currency while traveling because it allows the bank to handle the conversion.
Dollar finds a bid on alternative job data
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. In any case, what’s happening today follows an unmistakable pattern that’s unfolded for months. The API numbers are leaking and traders are front-running them and then covering partly when the API numbers are released and partly when they’re confirmed in the EIA data. It was a conspicuous trade as oil was falling and inventories were building early this year and now it looks to be unfolding in the opposite direction as inventories tighten.
The most notable change in New Zealand’s currency came in the late 1960s, when New Zealand shifted from pounds, shillings, and pence to dollars and cents and adopted the decimal system. The card is compatible with GBP transactions, allowing you to make purchases in the UK without currency conversion fees, as long as your card balance includes GBP. The New Zealand dollar is divided into 100 cents, which serves as its official currency subunit. Equals Money cards support 21 global currencies (including NZD), allowing you to make local currency purchases in New Zealand. However, your card balance must include the required amount in NZD. The kiwi also circulates in Tokelau, Pitcairn Islands, Niue, and the Cook Islands in addition to being the official currency of New Zealand.
The CHF is the strongest and the NZD is the weakest as the North American session begins. The NZD is the strongest and the USD is the weakest as the North American session begins. The NZD benefitted from a surprise trade surplus of 427M vs -1310M deficit expected. Next week, the expectations are for a 25 basis point hike to 5.5%. Investors with risk appetite often buy the currency, while market fears and crises place negative pressure on the NZD.
