Transferring your money to Australia
As we’re sure you know, the currency accepted in Australia is Australian Dollars (AUD).
1 New Zealand dollar is 95 cents (as at January 2014) in Australian currency although this changes frequently. You can use our Currency Converter to find the latest rate.
Australia still has a very prominent cash culture and you will find that many stores only accept cash. Before leaving New Zealand, it’s a good idea to get yourself a little bit of cash so that you are able to purchase essentials as soon as you arrive.
If you’re in New Zealand, it’s easy to open a bank account online and transfer funds ready for your arrival. Most banks will allow you to open an account and deposit money from New Zealand but you may not be able to withdraw the funds until you arrive.
Before we left for Australia, I signed up with the Commonwealth bank though their website. I received a call from a client account manager who helped me open my account and transfer funds though internet banking. When I arrived in Melbourne, my Eftpos card was already ready and waiting for me at the bank! – Toni, TJ Editor
Open an Australian Bank Account
Transferring your money from New Zealand to Australia
There are a lot of options when it comes to currency transfer. We recommend you shop around – while your bank will almost certainly provide this service, they may charge you high fees. It’s also wise to start watching the exchange rates a few months in advance. Some tips:
- Don’t take large sums of cash overseas with you. There are restrictions on how much you can take but more importantly you run the risk of it being lost or stolen.
- Avoid travelers cheques. These are aimed at people taking smaller amounts of money for their holiday – not for people moving permanently. Travelers cheques are often exchanged at poor rates and additional fees.
- Do your research and plan in advance! Simply by shopping around, you can save money on fees and ensure that you get a great rate which means more Australian dollars in your pocket.
- The best way to maximise the number of Australia dollars is to do a direct transfer into an Australian bank account. This can be done with either your bank or a currency transfer company.
We recommend Currency Online as they allow you to do everything online (through their website and internet banking). You can watch the NZD/AUD exchange rate in advance, transfer money into your Currency Online account and leave it there until your Australian bank account is open.
Tax and Superannuation
See our Employment page
Questions or Comments?
We now have a brand new Question and Answers forum on Tasman Jumper! You can still view the old comments from this section here.