Get to Know the New Zealand Dollar
Become Currency Savy to Make the Most of Your Trip
Find out about New Zealand's currency, along with how to get your money exchanged, what kind of exchange rate you can expect, and where to get money on your trip.
You want to make the most of your trip to New Zealand, so be sure to do your homework and get everything you can out of your money by knowing the local currency inside and out.
New Zealand’s currency is called the dollar – look for currency code NZD on exchanges. Affectionately known as the Kiwi, the NZD has been in place since 1967, when it switched over from the New Zealand pound, which was linked to the pound in the U.K. Since 1985, the value of the NZD has been determined by the financial markets within the nation.
How much is it worth? The high exchange rate (compared to U.S. dollars) over the past five years was $2.25, with the low at $1.34. The average came in at $1.61. In other words, one dollar U.S. averaged $1.61 NZD.
Use this currency calculator to check the rates before you travel. You will find exchange outlets all over the country, and banks will be happy to exchange your foreign currency, but most travel experts recommend bringing enough NZD to make it through your first few days, just in case. Barring this, a credit card will get you through.
Here’s an interesting side note – while the NZD is divided into 100 cents like the U.S. dollar, there is no equivalent to the penny. This change came in 1990 when the one and two cent pieces were removed. Now sales at the register are rounded to reflect the nearest 10 cent increment. In 2006, the five cent coin followed suit. Coins are now minted in 10, 20 and 50 cent increments, along with $1 and $2 coins.
New Zealand notes come in $5, $10, $20, $50 and $100 denominations. Notes are printed on plastic polymer banknotes, a material which lasts about five times longer than paper money. The $1 coin features New Zealand’s national bird, the Kiwi. The country’s notes are brightly colored and in assorted sizes – starting with the smallest $5, moving up to the largest $100. A variety of the country’s historical figures grace the bills. Check out images of New Zealand’s coins and currency and more about its history at the Reserve Bank of New Zealand.
All major credit cards can be used in New Zealand, and traveler’s checks are accepted at banks, hotels and a few stores. Note that traveler’s checks are not as widely spread in New Zealand as they are in other countries, and are not a recommended way to fund your trip – you will have much more luck with your credit cards. If your credit card is encoded with a PIN number, you will be able to withdraw cash from automated teller machines (ATMs), which are readily available throughout the country.
New Zealand utilizes the EFTPOS system, or Electronic Funds Transfer at Point of Sale, much like the debit transactions made at grocery stores and other markets in the U.S., but your international debit card will more than likely not work at the registers. Check with your bank before you leave to make sure you are armed with a PIN to access cash on your trip.
Knowing the ins and outs of the New Zealand currency and how it works with your home nation will help you have a rewarding trip, personally and financially.
