Posted by Coaster on 05/01/2012

Are you aware of a bank in Australia that allows opening a NZ currency account as part of personal banking?

We are moving to Melbourne. The conversion from NZ$ to Aust$ is not attractive at the moment. Rather than converting all our money at the present moment would like to know if we can transfer our NZ$ as NZ$ to a bank in Australia and convert when needed or when conversion rate improves. Any advice will be greatly appreciated.

#1 response from ben at 01:56 on Mon, 9 January 2012

It might be less hassle and less expensive to leave your NZ bank account open (if that's an option for you) and hold the funds there until you want to exchange them for Australian dollars.

You can also talk to a foreign currency broker, like Currency Online, and ask them about market orders where an exchange is done automatically when/if the exchange rate reaches a pre-determined level. Your funds can stay on account with them so you wouldn't need to leave your NZ bank account open if you did something like this.

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