The Best Online Currency Exchange Services in New Zealand 2024
Exchanging money online or through an app is quick and convenient - and increasingly popular. There are many different services available in the New Zealand market, depending on whether you need online currency conversion to send a payment to someone, to hold a foreign currency balance, to get money for yourself from an ATM, or pick up travel money in cash before you head off on a trip.
The range of services available means that the right provider is out there for you - but it also means that you’ll need to do a bit of homework to pick the perfect provider for your specific needs. This guide to the best online currency exchange services in New Zealand has you covered.
Online currency exchange providers:
Here are the providers we’ll explore in this article, and a quick word on why we picked them:
- Wise - convert 40+ currencies with the mid market exchange rate
- OFX - transfers in 50+ currencies - no fees over 10,000 NZD
- Travel Money NZ - Over 60 currencies you can click and collect
- Travelex - 45 currencies to buy online with in store and airport pickup
- ANZ - bank with competitive rates and no debit card ATM withdrawal fee
Wise is a global financial technology firm which allows New Zealand personal and business customers to open accounts online or in app to hold and exchange 40+ currencies. You can use your Wise account to send foreign currency payments to others, to convert a balance you hold, to make overseas ATM withdrawals to get cash in foreign currencies, to pay for things abroad with your Wise debit card, or to receive money internationally from others.
When you convert money with Wise you get the mid-market exchange rate and low fees from 0.39%. There are no fees to maintain your Wise account and the exchange process can be entirely managed online or with your smartphone app, making this a low cost and convenient option, for people who travel, send and receive foreign currency payments, or shop online with international ecommerce stores.
How to exchange money online with Wise
Set up a Wise account online or in app by entering your personal and contact information, and getting verified with a snap of your ID and address documents. You can then add money to your account in NZD, and convert within your account by following the on screen prompts. You can also get instant currency conversion when you tap to pay with your card, make a withdrawal or spend a payment to someone else overseas.
- Exchange rates: Mid-market rate
- Card availability: Available
- Safety: Regulated globally by a range of bodies, and safe to use
- Speed: Conversion can be instant - if you’re sending a payment to someone else, it can often arrive instantly, or within 24 hours
- Customer reviews: 4.6 out of 5 stars on Google Play, from 868k+ ratings; 4.7 out of 5 stars on Apple App Store, from 67k+ ratings
Wise pros and cons
| Pros | Cons |
|---|---|
| ✅ Mid-market exchange rate
✅ Hold and exchange 40+ currencies - both business and personal accounts available ✅ Debit card for international payment and withdrawals ✅ Send money to 160+ countries ✅ No ongoing account fees |
❌ Variable currency conversion fee
❌ Transfer delivery times are usually quick - but can vary ❌ No cash delivery option |
OFX
OFX offers New Zealand personal customers ways to convert NZD to 50+ currencies to send to 170+ countries. With OFX you’ll need to fund your payment in NZD and then send it for deposit to a bank account overseas. There’s no OFX transfer fee if you’re sending over 10,000 NZD, and no fee to set up your account in the first place. Instead, OFX adds a small mark up to the exchange rate used to convert your NZD to the currency you need. If you’re sending under 10,000 NZD, you’ll pay a flat fee of 15 NZD for the transfer.
If you’re an OFX business customer you’ll also get other options including ways to receive business payments from others in foreign currencies, to a Global Currency Account. OFX has strong customer service, and offers 24/7 phone support, as well as digital transfers.
How to exchange money online with OFX
To exchange money with OFX you’ll need to register an account which you can do online or by phone. You may find you need to make your first transfer by phone so a member of the team can talk you through your options. You’ll be notified of the exchange rate being used and your available payment methods - usually bank transfer and card. Fund your transfer and the money is on the way.
- Exchange rates: Mid-market rate + a small markup
- Card availability: Not available
- Safety: Safe, trusted and highly rated on customer service
- Speed: Transfers can take 1 - 5 days depending on the currency
- Customer reviews: 4 out of 5 stars on Google Play, from 3k+ ratings; 4.8 out of 5 stars on Apple App Store, from 2k+ ratings
OFX pros and cons
| Pros | Cons |
|---|---|
| ✅ Transact digitally and by phone, 24/7
✅ Send payments in 50 currencies to 170+ countries ✅ Transfers in major currencies are usually available in 1 - 2 days ✅ No transfer fee for high value payments ✅ Currency risk management and business services available |
❌ Exchange rates include a markup
❌ 15 NZD fee for payments under 10,000 NZD ❌ More exotic currencies can take 5 days to arrive |
Travel Money NZ
Travel Money NZ offers over 60 currencies for exchange in cash. While you can exchange by walking into a store, the rates you get online if you order in advance can be better. You’ll be able to look up your nearest branch easily on the Travel Money NZ website, and place your order. It can take a couple of days for the store to prepare your order depending on the currency and value you need - but once it’s ready you can simply call in to pick up your travel cash conveniently.
Travel Money NZ exchange rates can vary depending on how you arrange your currency conversion, and will include a variable mark up.
How to exchange money online with Travel Money NZ
You’ll be able to buy many currencies on the spot by walking into a Travel Money NZ branch - but to get a better rate you can order online for click and collect. To do this head to the Travel Money NZ website and find your preferred branch. You’ll be directed how to place and pay for your order, and when it’ll be ready for collection.
- Exchange rates: Mid-market rate + mark up which can vary based on how you place your currency order
- Card availability: Not available
- Safety: Regulated and safe to use
- Speed: Conversion can be instant if you’re buying on the spot - ordering for click and collect can take a day or two
Travel Money NZ pros and cons
| Pros | Cons |
|---|---|
| ✅ 60+ currencies available in store
✅ Rate matching available ✅ Lots of branches to choose from ✅ Get face to face service and support if you need it ✅ Choose to pay by cash or card |
❌ Variable currency conversion fee
❌ Collection can take a few days ❌ No cash home delivery option |
Travelex
Travelex allows New Zealand customers to place online orders for collection, often at the airport as you travel. You can also have money delivered to a local branch if there’s one convenient to you. It can take a day or two to prepare your travel money so it’s worth ordering in advance - you can place your order up to 21 days before you need it and lock in the exchange rate so you can set your travel money budget.
Travelex currency exchange uses the Travelex exchange rate which will include a variable mark-up.
How to exchange money online with Travelex
Visit the Travelex website to view the available currencies and pick the right place for you to collect your order. You can order online and pay from your bank or with a card, and then collect your travel money once it’s been prepared, at your nominated location.
- Exchange rates: Mid-market rate + a mark up
- Card availability: Not available
- Safety: Safe, trusted and regulated as required
- Speed: Depend on currency - check when you order
- Customer reviews: 3 out of 5 stars on Google Play, from 2k+ ratings; 4.5 out of 5 stars on Apple App Store, from 5k+ ratings
Travelex pros and cons
| Pros | Cons |
|---|---|
| ✅ Buy 45 currencies conveniently online
✅ Collect at the airport or your local store ✅ Face to face service if you’d prefer to talk through your options ✅ Order 21 days in advance so you know you’ve got your travel cash sorted ✅ Large global company which is reliable and trusted |
❌ Exchange rates include a markup
❌ Orders for collection may take a day or two to be prepared ❌ Rates can vary depending on how you set up your order |
ANZ
ANZ does not offer foreign currency travel money services, but instead you can use your normal ANZ debit card overseas for convenient spending. There’s no ANZ fee to make an ATM withdrawal, which is an easy way to get the travel money you need - but do bear in mind that there is still a 1.3% foreign transaction fee when you use your card. Exchange rates are set by the card network and are usually pretty fair.
How to exchange money online with ANZ
You won’t need to exchange money in advance online with ANZ - just use your normal debit card to spend and withdraw as usual when you’re overseas.
- Exchange rates: Network rate - a 1.3% foreign transaction fee applies
- Card availability: ANZ debit and credit cards can be used internationally
- Safety: Safe, trusted and regulated
- Speed: Convert instantly when you spend with your ANZ card - if you’re sending an international payment it may take a few days to arrive
- Customer reviews: 4.5 out of 5 stars on Google Play, from 22k+ ratings; 4.2 out of 5 stars on Apple App Store, from 6k+ ratings
ANZ pros and cons
| Pros | Cons |
|---|---|
| ✅ Convenient to spend with your ANZ card overseas
✅ No need to register an account with a new provider ✅ No ANZ ATM fee overseas ✅ Relatively low foreign transaction fees applied ✅ Safe and familiar option |
❌ 1.3% foreign transaction fee
❌ You’ll need to tell ANZ you plan to travel to avoid your card being blocked for fraud prevention reasons ❌ ATM operators may charge their own fees when you withdraw |
How to exchange currency online?
Quite often, ordering online is the cheapest and easiest way to buy currency if you need travel money and want to get cash before you leave New Zealand.
Bear in mind that depending on the provider you’ve picked, and how commonly used the currency is, it may take a few business days before the currency is ready, so you can't do it last minute. You may also find that providers can’t offer weekend collection.
If you want to exchange currency online for travel, you’ll need to:
- Choose your preferred provider and order online for either collection or delivery
- Pay by bank transfer or using a card
- Your money can be collected at your nominated location, usually in a day or two with specialist providers. Banks can take up to 10 days for your money to be ready
Things to consider when choosing an online currency exchange service
Different online currency services have their own features, benefits and costs. Often you’ll find that providers have a particular target customer in mind - which may be someone sending money to a friend overseas, someone getting travel cash before a break, someone paying overseas bills, or someone looking for easy ways to spend with a card when they travel.
Picking the right provider for you will need a bit of thought. Depending on what you need to do, one provider may offer significantly better value than another. Here are a few considerations when you’re choosing:
- Exchange rate - the exchange rate will be important in dictating how far your NZD goes when you’re spending in a foreign currency. Exchange services set their own rates, so looking for one with the mid-market rate or as close as possible to it will usually net you the best deal
- Fees - depending on why you need to convert funds you may find there are fees to pay. These could be transfer fees, commissions or delivery fees for example. Providers should show these charges transparently, but sometimes costs can be buried in the exchange rates used - so do look at both fees and rates when you pick a service
- Convenience - if you’re converting currency online you need a provider which is convenient to use, with a good app or website. It’s also worth considering how convenient it’ll be to get your cash. Collection and home delivery services can be a bit of a hassle, but having a digital multi-currency account and card from a provider like Wise can be a convenient alternative
- Speed - currency conversion can often be done instantly, but if you’ve got to wait to have money delivered or prepared for collection this might take some time. Similarly if you’re sending a payment to someone overseas - delivery times can vary widely, so comparing a few is a smart option
Understanding exchange rates
We’ve mentioned that it’s important to check the exchange rate a provider will offer you before you convert currency online. But what does that really mean?
To know if an exchange rate is any good or not you’ll need to know the mid-market currency exchange rate for your currency pair - so for NZD to EUR for example. You can find this on Google or with a currency exchange calculator. What you’ll be shown is the mid-market rate, which is the one that’s used as a benchmark by banks and currency exchange services trading on wholesale markets. However, this rate isn’t usually passed on to customers.
Generally providers will add a markup - a fee - to the mid-market rate to calculate their rate for currency exchange. This is hard to spot, and can mean you’re paying fees you weren’t expecting. Looking for a provider which offers the mid-market rate with no or low markup is the best bet.
Where to avoid exchanging currency
As tempting as it may be, it’s usually best to avoid exchanging currency at the airport. Airport currency exchange desks tend to have little competition, and know that travellers just want to get their money sorted, and won’t be scrutinising the costs at this stage. That can lead to a high markup fee being added to the exchange rate, which ultimately means you pay more than you need to for your travel cash.
When should I use my bank to exchange currency?
Some New Zealand banks offer travel money currency exchange. Usually though, you’ll need to have an account with that bank, and there will be a minimum order value to consider.
Bank exchange rates tend not to be the very best available, particularly for commonly traded currencies. Alternative specialist online services trade high volumes of currencies - it's their core business - and so they’re willing to take a smaller fee per trade, keeping costs down for consumers.
Ultimately whether your bank is the best bet depends on the other available options - so you’ll need to shop around to decide whether it’s a good deal. One place banks may be able to help out is if you need a more exotic currency. While they may not have it in stock, your bank might be able to order unusual currencies more easily than a neighbourhood exchange service can.
Alternatives to online currency exchange providers
If you don’t want to exchange your money online, some alternative options for currency conversion include:
Banks
✅ Easy and familiar, with face to face service
✅ Service offered to account holders
❌ Exchange rates may not be the best available
❌ Not many banks offer this service - and waiting times for collection can be up to 10 days
Exchange stores
✅ Exchange in cash, or pay by card, and get your money instantly
✅ Rates can be driven down in areas where there are lots of similar services
❌ Exchange rates may not be the best available
❌ Exchange stores often do not stock a big range of currencies
Conclusion - Best Online Currency Exchange Services
Exchanging currency online is convenient and fast. You’ll often find you need to register an account before you can make an online exchange, but this can be done with just your laptop or phone. There are lots of different online currency exchange services which could work for you depending on what you need.
If you want convenient ways to exchange a foreign currency balance, spend on card, and make cash withdrawals as you travel, consider Wise. If your priority is getting travel cash, Travelex or Travel Money NZ may be right for you - and for bank deposit transfers you can arrange by phone as well as online, check out OFX. By comparing a few options, you’ll find the right service for your unique needs.
FAQs
What is the cheapest way to get foreign currency?
The cheapest way to exchange currency really depends on what currency you are buying, how much and where you are.
It's usually cheapest to buy foreign currency at your destination, but not as convenient. If you're more prepared, there is very little difference between buying currency in-store or online. For in-store currency exchanges, you'll get better rates in the CBD than further out. The most expensive option is to exchange your currency at the airport - so don't do it! There are smarter ways to buy currency.
Related reviews: Compare foreign exchange rates for cash; How to Get the Best Currency Exchange Rate
How to exchange currency online
Quite often, ordering online is the cheapest and easiest way to buy currency. It usually takes between 2 and 5 business days before the currency is ready, so you can't do it last minute.
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Where can you get money exchanged?
Wondering where to exchange currency in a store? Use these city (CBD) and suburb guides to help you get the best exchange rates deals.
Where is the best place to exchange money overseas?
You'll get the best exchange rates if you buy foreign currency at your destination rather than at home, but it might not be as convenient. If you're looking for information on the best ways to take travel money for a specific destination check out the following country guides:
What is the best travel card?
We recommend 4 top travel money cards for Kiwis going overseas:
- Wise is our best value travel debit card
- Revolut is our best multi-currency travel card
- 28 Degrees Platinum Mastercard is our best travel credit card
- Travelex Money Card is our best prepaid travel card
Related reviews: Wise Debit Card vs Revolut; 28 Degrees MasterCard vs Citibank Plus Transaction Account vs NAB Traveller;
What currencies can I buy online?
Argentine Peso (ARS), Australian Dollars (AUD), Brazilian Real (BRL), British Pounds (GBP), Canadian Dollar (CAD), Chilean Peso (CLP) , Chinese Yuan Renminbi (CNY), Croatian Kuna (HRK), Czech Republic Koruna (CZK), Danish Krone (DKK), Euro (EUR), Fijian Dollar (FJD), Hong Kong Dollar (HKD), Hungarian Forint (HUF), Indonesian Rupiah (IDR), Japanese Yen (JPY), Malaysian Ringgit (MYR), New Caledonia CFP Franc (XPF), Norwegian Krone (NOK), Philippine Peso (PHP), Polish Zloty (PLN), Russian Ruble (RUB), Saudi Arabia Riyal (SAR), Singapore Dollar (SGD), South African Rand (ZAR), South Korean Won (KRW), Swedish Krona (SEK), Swiss Franc (CHF), Thai Baht (THB), Turkish Lira (TRY), UAE Dirham (AED), US Dollars (USD), Vanuatu Vatu (VUV), Vietnamese Dong (VND)
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