Banking and Currency in New Zealand

In New Zealand, the currency is the New Zealand dollar and it is known to rise and fall with the prices of its key exports, such as dairy products. The currency is known to be volatile and therefore risky for investors, but often pay off well.

Currently the NZD is worth 0.66USD which is relatively standard, with some day to day fluctuations. The New Zealand Dollar is currently worth 0.56 Euros which has gone down steadily over the last month, having gone from 0.58 EUR to 0.56 in a matter of just hours.

The coins come in 10, 20 and 50 cents as well as one and two dollar coins and the notes or bills come in denominations of 5, 10, 20, 50 and 100 dollars, very similar to the denominations of Canadian coins and bills. However, the 1, 2 and 5 cent coins have recently been discontinued so some prices are subject to rounding, either up or down, depending on the price. Since they use the Swedish rounding system, anything ending in 1-4 is rounded down and 6-9 is rounded up.

Speaking of foreign currency, you can trade your foreign currency for New Zealand dollars at hotels, banks and even designated kiosks.

Interestingly, despite the volatile currency, there is absolutely no restriction on the amount of your home or foreign currency that can be brought in or taken with you from New Zealand, the only requirement is the completion of a form for amounts greater than NZ$10 000.

In terms of taxes, goods and services see a 15% tax, known as the GST which is always included in the price you see on the price tag. The only time you will not have to pay GST is if you have a major purchase shipped to your home address.