Hey guys, I'm going to NZ and I need around $2500nzd. I did a bit a research but I need some clarification. Will I be better off exchanging NZD in Westpac or at a NZ bank?
I found this westpac website and they offered to exchange at 1.217, obviously not as good as the rate from Xe.comm which is 1.27. Any experienced ozbargainers can offer me some advice?
the rates you see on xe are wholesale or interbank rates, you'll never get them and it would unreasonable to expect rates similar. if you're using an electronic settlement, that is the funds are settled into an NZD domiciled account then normally you'd get a rate around 2-2.5c less than interbank as it's automated and less cost associated with it.
if you're looking for actual currency notes then a premium of 5c probably isn't that bad… you'd probably be better off using someone like Travelex who let you order online with no commission … most of the majors these days want you to use their poxy travel cards.
alternatively just walk up to an NZ ATM and put your card in and withdraw - the rate will be exchanged at similar rates to xe.net since it's interbank but you may be stung an ATM fee + foreign currency processing charge - either way it's much the muchness.. personally I just walk up to the ATM's and withdraw (using nab gold account) although that is another story altogether given their changes in fee structures….