NZD accounts in Australia

Australian citizens heading off to New Zealand for business or leisure, and New Zealanders in Australia for work, travel or study, could benefit from having an Australian based NZD account. Your NZD account will let you hold a balance in New Zealand dollars, send payments internationally, and in some cases offer low cost ways to receive and spend with a linked debit card.

There are a few different options for a NZD account in Australia, including products from banks like Westpac and Commbank, and low cost digital multi-currency services from providers like Wise and Revolut. This guide walks you through your core options.

What is a NZD currency account?

A NZD currency account allows you to hold and manage a balance in New Zealand dollars.

Different accounts have their own target customers, and can come with quite different features. Some are for individuals who want to save or send payments, some are great for day to day spending and currency management, and some are intended for business customers.

What can you do with a NZD account in Australia?

So – why might you want an account to hold New Zealand dollars in Australia? Here are a few common uses for NZD accounts which may interest you.

• Add money in AUD and convert to NZD: If you’re planning a trip to New Zealand, or if you need to make personal or business payments in NZD, you can add money to your account in AUD and convert to NZD for later use.
• Send payments to New Zealand in NZD: Use your account to send payments to NZD, for travel, study, a mortgage or to pay suppliers for example – transfers may be cheaper than a standard international payment as no currency conversion is needed.
• Receive NZD payments from others: Some accounts offer NZD account information, or SWIFT details, to receive payments from others – options like Wise have local NZD account details to receive low cost payments easily.
• Get a debit card for spending and withdrawals: Travellers for business or leisure might benefit from a NZD account which has a linked international debit card to spend and withdraw when you’re away.
• Hold your NZD balance for later use: Build up a balance in NZD to convert later, to send a payment, or to hold out for a better exchange rate – there’s no need to convert back to AUD if you don’t want to.

Types of NZD accounts

The types of New Zealand dollar accounts you can find in Australia tend to fall into two major categories – multi-currency accounts, and foreign currency accounts. Both have their pros and cons, so selecting the right one for you will require a little thought. Here’s an introduction to each type, as well as the accounts we’ve featured in this guide.

Multi currency accounts: A multi-currency account allows you to hold NZD as well as other currencies, all in one place. This can be very flexible if you need to manage many different currency transactions for travel or business.

• Wise Account: Hold 40+ currencies, and get local account details for receiving 8+ currencies including NZD, and SWIFT details for receiving 20+ currencies easily.
• Revolut Account: Hold 25+ currencies and get local details to receive AUD, with SWIFT details to receive NZD and other supported currencies.
• Airwallex Account: Business account supporting 20+ currencies including NZD and AUD, with ways to receive customer bank and card payments online.

Foreign currency accounts: The other common option is a foreign currency account which is dedicated to NZD only. These may be targeted at people looking to save and invest in foreign currencies more than travelers.

• Westpac Foreign Currency Account: No minimum balance and no account keeping fee, with easy ways to see your Westpac AUD and NZD balances side by side.
• Commbank Foreign Currency Account: No ongoing fees, for an account which lets you receive NZD and hold your balance as long as you like, for future payments or until you see a good conversion rate.

Best NZD currency accounts in Australia

You can choose a NZD account in Australia from either a bank or a specialist provider.

Bank foreign and multi-currency accounts may be targeted at people who already have an AUD account with that specific bank and need add-on services.

Specialist accounts are often from providers which are experts at currency management, like Wise and Revolut, and can come with a very flexible range of currencies and services designed for day to day use.

Here we’ve selected some different providers and banks offering NZD accounts in Australia for personal and business use, looking at convenience, cost and customer intention. Read on to learn more about each and how their NZD account in Australia works.

💡 At a glance
Wise Account	Hold and exchange NZD and 40+ other currencies, spend with a Wise card in 150+ countries, send and receive payments globally in AUD, NZD, GBP, USD and more.
Revolut Account	Choose from 4 different account plans which all offer a debit card, and support 25+ currencies for holding and withdrawal. Travel perks available on some account tiers.
Westpac NZD Account	View your NZD balance alongside your AUD balance in the Westpac app, receive and send payments locally and globally.
Commbank NZD Account	No account keeping fees, with ways to get paid in NZD and convert when you see a good exchange rate.
Airwallex Account	Business account supporting NZD, AUD and 20+ other currencies for holding and exchange, with low conversion costs and great exchange rates.

Wise Account

Open a Wise Account online or in the Wise app, for personal or business use, and hold NZD alongside AUD and 40+ other currencies all in the same account. You can exchange between currencies in the app with the mid-market rate and low, transparent fees, order an optional debit card for spending and cash withdrawals, and send and receive payments globally in AUD, NZD and more.

Accounts offer local and SWIFT details to receive payments, with no fee to receive NZD to your Wise account using your local account information.

• Hold and exchange NZD and 40+ other currencies
• Mid-market currency exchange with low, transparent fees
• Use your Wise card in 150+ countries for spending and cash withdrawals

Account opening fee: No opening fee for personal customers. Business customers pay 65 AUD for full feature access. No minimum balance

Eligibility criteria: Available to residents of Australia and many other countries and regions globally

Supported currencies: 40+ currencies, including AUD and NZD.

Monthly fees: None

Exchange rates: Mid-market exchange rates

Revolut Account

You can open 4 different types of Revolut Account as a personal customer in Australia, with an additional 4 plan options for business customers. As a personal customer you can choose a Standard plan with no monthly fee, or upgrade to a plan with account keeping fees up to 28.99 AUD/month.

Higher tier plans offer more no fee transactions, discounts and perks – but all accounts have a linked debit card and ways to convert in the account between 25+ currencies including AUD and NZD.

• Hold and exchange many currencies in the same account
• Select your account plan based on your transaction needs
• Personal and business services offered

Account opening fee: No opening fee, no minimum balance

Eligibility criteria: Available to residents of Australia and many other countries and regions globally

Supported currencies: NZD, AUD and 25+ other currencies

Monthly fees: Personal customers pay 0 AUD- 28.99 AUD/month, business customers 10 AUD- 79 AUD/month

Exchange rates: Weekday currency exchange uses the Revolut rate to plan limits. After this fair usage fees of up to may 0.5% apply depending on plan. Weekend exchange may attract an extra fee up to 1%.

Westpac NZD Account

You can open a Westpac NZD Account with no monthly account keeping fee, although it’s important to note that to use your account fully you also need a Westpac AUD account which might have its own ongoing fees. You can receive payments in NZD, with a 12 AUD incoming payment fee, and see your foreign currency balance alongside your AUD balance for convenience. You can then decide when to convert your NZD back to AUD, or use your balance to send NZD to someone else.

• No monthly fee to pay, no minimum balance
• Hold and receive NZD, and send payments locally and globally
• Open online in just a few minutes

Account opening fee: None

Eligibility criteria: Australian residents – you need a Westpac AUD account to fully use the account, including for outward transfers

Supported currencies: NZD

Monthly fees: None

Exchange rates: Exchange rates are likely to include a markup

Commbank NZD Account

The Commbank NZD Account lets you receive, hold, and send Australian dollars. Commbank markets this as a tool for people who want to manage fluctuations in exchange rates. You can get paid in NZD with an incoming payment fee of up to 11 AUD, and then wait to convert your money back to AUD until you see a good exchange rate. Because you’re not forced to change to AUD immediately, you can ride out dips in the rate, and end up keeping more of your money in the end.

• No ongoing fees and no minimum balance
• Hold NZD and convert as and when you choose to
• Open in Netbank if you’re already a Commbank customer

Account opening fee: None

Eligibility criteria: Australian residents, aged over 18, with a Commbank AUD account

Supported currencies: NZD

Monthly fees: None

Exchange rates: Exchange rates are likely to include a markup

Airwallex Business NZD Account

If you need a NZD account for business purposes, an Airwallex Business NZD Account could help you take customer payments online, with corporate debit and expense cards for business spending online and in person.

Airwallex accounts offer great exchange rates with low fees for exchange, making this a solid choice for ecommerce businesses in particular.

• Receive, hold, send and spend 20+ currencies
• Take customer card payments online easily
• Business features including batch payments, corporate cards, interest on your balance, and more

Account opening fee: None

Eligibility criteria: Australian business owners with eligible proof of address and ID, as well as business verification paperwork

Supported currencies: 20+ including AUD and NZD

Monthly fees: 0 AUD- 999 AUD depending on plan

Exchange rates: Interbank rates with a fee of 0.5% for major currencies and 1% for less commonly traded currencies

Fees for NZD accounts in Australia

Because NZD accounts in Australia are targeted at different customer needs, the fees you can expect also vary a lot. Before you select an account it’s worth spending a bit of time reading the full fee schedule, looking in particular at any unavoidable fees, and the costs for transactions you expect to make regularly.

Here are a few common fees you’ll need to look out for:

• Monthly maintenance fee: This cost may have several different names, but it is often an unavoidable fee which you’ll pay every month to service your account. The NZD accounts we’ve selected here may have no monthly fee – like Wise – or may have different pricing plans you can select, including some with no monthly charges – like Revolut.
• ATM withdrawal fees: Where your NZD account offers a debit card, you’ll want to check any associated costs, including the ATM fees when you get cash. Some providers like Wise and Revolut have some no-fee withdrawal options before charges begin, which can help minimise the amount you spend on fees.
• Foreign transaction fees: Foreign transaction fees might apply if you have a linked card and spend a currency you don’t hold in your account. Check your account fee sheet to see if this cost applies, as it can add 3% or so onto your overseas spending.
• International transfer fees: If you need a foreign currency account you probably need to send payments internationally from time to time – look at the fees charged and also the exchange rate used where needed, to calculate the full cost of your international transfers.

How to open a NZD account in Australia

You might find that the process to open your NZD account is different depending on the provider or bank you select. Banks and providers need to check your identity before opening your account – so pretty much all accounts will require you to have an acceptable proof of ID and Australian address.

Beyond that, the process can be pretty varied, with digital first providers managing everything online, and some banks asking you to visit in person to open your account.

With banks: If you want to open a NZD account with banks in Australia there’s a good chance you’ll need to also have an AUD account with that bank. You may be able to apply for both accounts online – or you might find it easier to go into a branch in person with your ID and other documents.

With online providers: Online specialist providers in Australia manage the application, verification and onboarding process digitally, so you can get everything done from home. Usually you’ll need to complete an application online or in an app, then upload clear images of your documents for checking. After verification you can access your account, to order a debit card, make a payment, or find your account information for an incoming payment.

How to use your NZD account in Australia

The way you use your NZD account in Australia depends on the way you need to transact, and whether you’re using your account for personal or business use. Here are a few common reasons you may want to use your new NZD account:

• Send money in NZD or other currencies: Use your account to send one off or recurring payments to New Zealand, or to other countries globally. Providers like Wise offer low cost international transfers, with mid-market rate conversion if you don’t have the balance you need for sending.
• Hold and exchange NZD and AUD: Having NZD and AUD in one account can be very helpful if you need to exchange from one currency to another, or view your balances easily.
• Receive payments from New Zealand: Your account may have local or SWIFT information for NZD, allowing you to receive payments. Wise has both local NZD details which you can receive with no Wise fee, and SWIFT information to receive with a 6.89 NZD incoming fee.

Use your debit card locally and overseas: Your debit card will be linked to your balance, and so you can spend your NZD in New Zealand – or your AUD balance at home if you want. There’s usually no extra fee to spend a currency you hold a balance in, which can keep down the costs of foreign transactions.

Conclusion

Having a NZD account in Australia could be helpful for people doing business between the two countries, Australian citizens planning travel or paying overseas bills, and New Zealanders in Australia who need to continue to manage their money in NZ dollars.

Getting a NZD account can help you avoid unnecessary currency conversion fees, and make it easier to send and receive payments internationally. For a flexible account for travel and payments, a multi-currency account from a provider like Wise could be a good pick. Wise lets you send, spend and hold NZD along with AUD and 40+ other currencies. Compare your options looking at features, fees, convenience and currency availability, to see which account type is the best fit for you.

Useful resources:

• Wise – Wise Australian landing page with links to pricing and account features
• Revolut Personal Pricing Plans – Revolut Australian personal pricing plans and feature descriptions
• Revolut Business Pricing Plans – Revolut Australian business pricing plans and feature descriptions
• Westpac foreign currency accounts – Westpac foreign currency account landing page
• Commbank foreign currency accounts – Commbank foreign currency account landing page
• Commbank international fees – Commbank international fees covering transfers in and out of accounts
• Airwallex Pricing – Airwallex Australian account descriptions and pricing plans