I've been on Australia for a few months on exchange. I want to travel to NZ for about 25 days after exams end (late June to mid July). I have a few questions:
What is the best way to use my existing AUD in NZ and avoid fees (I don't think I can get a 28 Degrees Card since I am a Canadian)?
I have a NAB and Westpac account in Australia. Should I use one over the other in NZ?
Thanks.
If you want to withdraw money from an ATM over there I would use the Westpac account. They don't charge ATM fees for Westpac ATM's in NZ.
NZD has strengthened about 5% in last 2 weeks to the AUD. If you think the trend will continue, get a Ozforex (or similar if others have) travel card. You lock in the rate now by just paying A$ equivalent. I think it then works like a prepaid debit card while you are there.
If you are in NZ then you can exchange money at the NZ post office bank. They gave me the best rate by far of any NZ bank a few years back. That was before I had the 28 Degrees card.
BTW you may be able to get the citibank plus account, depending on residence requirements. Its a debit card that has very similar features to 28 degrees - no fees, good exchange rates. But you use your money. Its a Visa card.
I change money using ATMs at supermarkets. The exchange rate is well on a par with most of the banks (after all, they are bank 'agents') and way better than those thieves that change currency at the airport. There is a flat fee (NZ$6 if I recall correctly) and needless to say, make one withdrawal, not several. I usually just find a Countdown in Auckland, which is the local brand for Woolie/Safeway.
I go to TSB. Their rates are generally better than the big banks.
Some shops in NZ will have A$ and NZ$ prices listed on their products. Normally the ratio is NZ$100 to A$80. You can pay with A$ if you want to and save you the charge on exchange. Right now the exchange rate is NZ$100 to A$84, so you are better off to pay in A$.
As for your daily expenses, you have to use NZ$. I found that KVB Kunlun New Zealand Limited in Auckland offers the best exchange rate. (Much better than the banks there) Their address is :
Level 10, The National Bank Tower,
205 Queen Street
Auckland
New Zealand