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New Zealand Money Transfer Guide

Contents

  • Summary
  • New Zealand money transfer regulations
  • New Zealand’s regulatory authority
  • Trade volume
  • Taxation
  • Currency
  • New Zealand to Specific Country Guides
  • Summary

    New Zealandis very open to overseas money transfers and investment. Today, the New ZealandDollar (NZD) floats freely and there are no currency restrictions transferringmoney to New Zealand to sending money from New Zealand.

    New Zealand money transfer regulations

    The government introduced currency controls in 1938 at a time when foreign assets were being rapidly withdrawn from domestic banks. Despite the disapproval of the Reserve Bank, the government kept a tight lid on the foreign exchange market for decades, including import controls and export licensing requirements; at one point, all foreign currency assets were required to be offered for sale to the central bank, in order to prevent further loss of foreign currency reserves.

    However, the policy proved ineffective, and the foreign exchange market was entirely liberalised in 1985. New Zealand received an influx of foreign investment and its interest rates rose to competitive levels on the foreign exchange market. Today, the NZD has no restrictions, although transfers of over NZD10,000 must be declared. This is carried out with a border cash report. It is also possible to set up regular payments both in and out of the country. This could be for a number of reasons such as, paying a mortgage in another country or receiving a pension from another country.

    New Zealand’s regulatory authority

    The country’s central bank, the Reserve Bank of New Zealand, manages monetary policy and regulates the financial system, including direct oversight of the banking sector. The Financial Markets Authority, an independent agency created in 2011 under the Ministry of Commerce, regulates securities exchanges and a variety of financial service providers, including financial advisers, brokers, securities issuers and trustee companies. All service providers must register with the FMA, which ensures that companies adhere to securities, financial reporting and corporate laws. Currency exchanges and other financial institutions not covered by these entities are overseen by the Department of Internal Affairs.

    The Reserve Bank, FMA and Department of Internal Affairs jointly share the responsibility of implementing the 2009 Anti-Money Laundering and Countering Financing of Terrorism Act. Under this Act, agencies are required to report any suspicious activity and record customer information for all money transfers over the threshold of NZD1,000. In addition to this any transfers over NZD10,000 must be declared regardless of level of suspicion. When sending money to and from New Zealand, we recommend relying exclusively on FMA-registered firms.

    Trade volume

    The NZD was involved in 2% of the global foreign exchange trade volume in 2019, according the Bank for International Settlements.

    In March 2014, China moved to allow direct currency exchanges between the renminbi and the NZD, making it the sixth currency after the USD, Japanese yen, Australian dollar, Russian ruble and Malaysian ringgit. Previously, exchanges had to be made via a third currency, typically USD.

    Taxation

    Foreign income earned by New Zealand residents is subject to standard tax rates, regardless of whether or not it is repatriated. Non-residents are subject to taxes only in the case of local business activities. Non-residents passive income from New Zealand is subject to domestic withholding taxes, except in the case of bilateral tax agreements, which generally reduce rates to 0-15% for dividends, down from 0-30%, and from 15% on both interest and royalties to 10%. New Zealand also have no capital gains tax, no social security tax and no inheritance tax. Corporation tax is set at a standard 28% and the highest personal tax rate is set at 33%. New residents are also exempt from paying tax for the first four years that they live in New Zealand.

    New Zealand has signed double taxation agreements with 39 countries. The terms of trade treaties vary, so the exact exemptions should be confirmed by reference to the relevant agreement. There are few restrictions on foreign property ownership, with the exception of sensitive land, business assets worth more than NZ$100m, or fishing quotas.

    Currency

    The national currency is the New Zealand Dollar (NZD). The Reserve Bank is the sole manufacturer and supplier of banknotes, which are printed in $5, $10, $20, $50 and $100 denominations.

    New Zealand to Specific Country Guides

    Transfer Money New Zealand to Australia

    Transfer Money New Zealand to UK

    Transfer Money New Zealand to USA

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    FXcompared.com is an fx money comparison site for international money transfer and to compare rates from currency brokers for sending money abroad. The website and the information provided is for informational purposes only and does not constitute an offer, solicitation or advice on any financial service or transaction. None of the information presented is intended to form the basis for any investment decision, and no specific recommendations are intended.  FXC Group Ltd and FX Compared Ltd does not provide any guarantees of any data from third parties listed on this website. FX compared Ltd expressly disclaims any and all responsibility for any direct or consequential loss or damage of any kind whatsoever arising directly or indirectly from (i) any error, omission or inaccuracy in any such information or (ii) any action resulting therefrom.