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Guide to buying foreign currency

If you need to buy currency in the form of cash, there are several options to explore.

There are many providers that allow you to buy and sell foreign currency electronically; however, sometimes you need foreign currency in the form of cash. You may simply prefer to have cash for an upcoming holiday, or you may need to make an international purchase with a merchant that only accepts cash. Whatever the reason, here’s what you need to know about buying foreign currency as cash.

How does buying currency work?

You can buy foreign currency through your local bank, though you may not receive the most competitive exchange rate. Specialist currency exchange providers with storefronts allow you to go in and physically buy cash in the same way that you would make any other purchase. You tell them how much of a particular foreign currency you need and they will tell you how much it will cost you in New Zealand dollars.

The price in New Zealand dollars will be dependent on the exchange rate offered by the provider, so it is important to shop around to ensure you’re getting the best deal. These exchange rates change daily, so be sure to do a comparison on the day that you’re planning to buy the currency. It’s also important to check what, if any, transaction fees the provider charges since this will greatly impact the price you pay.

As these providers are selling physical cash, they do not have an endless supply and can run out of a particular currency towards the end of the day. If you’re buying a large amount of a particular currency – for example US$10,000 – it’s best to call the provider a few days in advance to ensure that they will have the cash available for you to purchase. The same applies for currencies that are less commonly purchased.

The Finder NZ international money transfers guide

How do I buy currency online?

If you’re unable to get to a provider’s physical store to buy the currency, or if you live in a regional location with no currency exchange providers, you can purchase the cash online and have it delivered to you. You may find that there are better exchange rates if you purchase online, although you will usually have to pay a delivery or courier fee. Alternatively, you can order and pay for the currency online and pick it up in store or at an airport at your convenience.

To buy currency online, head to the provider’s website and create an account with your personal details. You will need to select the currency that you wish to buy and the amount that you need to see the price in New Zealand dollars. Again, this will be dependent on the exchange rate for that day as well as any transaction fees or commissions charged by the provider. Once this is set up, and if you’re happy with the price, you will be able to purchase the currency using your credit or debit card. Be aware that you may be charged an additional fee for credit card payments.

The currency should be available to be picked up or it will be delivered to you after a couple of business days. You may be able to opt for same-day delivery if you need the currency urgently; however, like anything that is express posted, it will cost you more.

What ID do I need to provide to purchase foreign currency?

Currency providers will need to confirm your identity before you can buy any currency, meaning you will need to provide photo ID to purchase cash either online or in store. A valid form of ID should be government issued, for example, your driver’s licence, your passport or your proof of age card. Your ID will need to include your photo, your full name, your date of birth, your residential address and the issue and expiry date.

What regulations do I need to be mindful of?

There is no limit to how much currency you can buy and how much you can take in or out of New Zealand. However, If you are entering or exiting New Zealand with a large amount of foreign currency in the form of cash, under New Zealand Customs regulations, you must declare it if it’s worth over NZD$10,000. You can do this at the customs gate when you’re at the airport. If you have currency over this value, you will need to fill out a declaration form and sign it, acknowledging that you have this amount of cash with you. It is against the law to divide the currency between several travellers to avoid having to report it, and if you’re caught doing this, you may be issued a penalty.

If you are not travelling with the currency but you’re mailing it overseas, you are still required to declare it if it’s over NZD$10,000. You are required to submit a report to a customs officer, a police officer or directly to New Zealand Customs.

Tips for buying currency

  • Compare providers on the day that you wish to purchase the currency as exchange rates change daily.
  • Call ahead if you’re planning to buy a large amount of cash or a less commonly purchased currency to check that they have the cash available.
  • Consider your own bank for less common currencies, such as the South African rand, since these may not be available at many currency exchange providers.
  • Check what transaction fees and commissions the provider changes, or look for a provider that doesn’t charge any fees.
  • Steer clear of buying cash at the airport as the exchange rates are often poor and the transactions fees are high.
  • If you’re travelling with over NZD$10,000, you are required by law to declare it.
  • Remember, when comparing your options, the most important factors to look out for are the exchange rates offered, the transaction fees and the commissions charged by the provider.

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