Which bank in New Zealand has the best currency exchange rate?
jen asked:
I’m in New zealand and would like to convert US dollars to NZ dollars. I found the travelex rate at kiwibank pretty high. Are any other banks in NZ known for good exchange rates?
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I’m in New zealand and would like to convert US dollars to NZ dollars. I found the travelex rate at kiwibank pretty high. Are any other banks in NZ known for good exchange rates?
November 2nd, 2009 at 12:32 am
Easy question. Stay the heck away from Travelex and any other 3rd party currency converter (especially at the airport of course!).
Many places will promise you $0 commission. THIS ISN’T WHERE THEY MAKE THEIR MONEY. The money is on the spreads… i.e. I buy USD off this person for 0.60 then sell it to you for 0.40 I’ve made a spread of 20 points.
You want to find the smallest difference between the BUY price and the SELL price - that’s how you know you are getting a good deal. In terms of which banks are good I think that the National Bank on Queen street has some pretty fair rates - but they SHOULD be the same across all National Banks.
Stay away from those dodgy side-alley converters they will NEVER be good value. The General Electric
November 3rd, 2009 at 4:52 pm
I have been told By many people that The National Bank has good exchange rates if you are converting to NZD dollars Tinker
November 5th, 2009 at 7:41 pm
BNZ, ANZ, etc, they are all much the same. Just don’t use any third party type situation like travelex. You can google the bank’s websites for the exchange rates. Zebra
November 8th, 2009 at 1:56 pm
banks are regulated so they all have the same exchange rate nerida2203