So, you’re planning a move to New Zealand! Well, in that case you’ll have to get your head around a new currency. The country uses New Zealand Dollars, but what does that mean for you?
It can be hard to get used to different prices and figure out whether something’s value for money or not when you first start living overseas. For that reason we’ve compiled a list of the costs of a number of everyday goods/necessities so you can see how they stack up! As a benchmark, we’ve put the comparable cost in Pound Sterling alongside.
Average Earnings After Tax (Monthly) – NZ$ 3184 – £1600 in the UK (Average prices taken from Numbeo)
Exchange rates are always fluctuating, and the value of the New Zealand Dollar can be effected by everything from dairy prices to US policy decisions.
This means you could get more or less for your money when transferring funds overseas depending on how the New Zealand Dollar is doing.
So, what difference have we seen in exchange rates this week?
British Pound to New Zealand Dollar (GBP/NZD)
Opened the week at NZ$1.78
Closed the week at NZ$1.75
Difference of -3 cents per Pound – You’d get NZ$3 less for every £100 you moved overseas.
US Dollar to New Zealand Dollar (USD/NZD)
Opened the week at NZ$1.40
Closed the week at NZ$1.39
Difference of -1 cent per US Dollar – You’d get NZ$1 less for every $100 you moved overseas.
Euro to New Zealand Dollar (EUR/NZD)
Opened the week at NZ$1.49
Closed the week at NZ$1.50
Difference of +1 cent per Euro – You’d get NZ$1 more for every €100 you moved overseas.
Australian Dollar to New Zealand Dollar (AUD/NZD)
Opened the week at NZ$1.04
Closed the week at NZ$1.04
The difference exchanging Australian Dollars into New Zealand Dollars at the beginning of the week and doing so at the end of the week is just a few cents per A$100.
If you’re going to need to move money abroad in the near future it pays to stay on top of the latest currency news. Here are the 3 main events likely to impact NZD next week and a brief forecast for what the currency might do next.
New Zealand Dollar Forecast: In the coming week the New Zealand Dollar is likely to recover further from the weakness inspired by Prime Minister John Key’s surprise resignation. Even so, NZD is unlikely to gain particular traction against the buoyant US Dollar, although the potential remains for gains against its other rivals.
If you need to make a currency transfer and want to get the most for your money, check out all the benefits offered by WorkingIn Money Transfers.