6 min read
Moving the money: getting seven figures across the Tasman properly
There's no restriction on moving money from Australia to New Zealand. The questions are cost and mechanics. On a property-sized transfer, the gap between a bank's retail exchange rate and a licensed FX specialist's rate is commonly 1 to 2%. On A$2m that's A$20k to $40k. The reporting obligations (AUSTRAC in Australia, AML in NZ) are handled by the provider, not by you.
01
Are there any rules on moving money to New Zealand?
One rule: there isn't one.
Australia places no limit on transferring your own money overseas. There's no approval to seek and no tax triggered by the transfer itself. Transfers are reported to AUSTRAC by the institution moving them. That's their obligation, it happens automatically, and for an ordinary property purchase it's a non-event.
On the New Zealand side, your lawyer's trust account receives the settlement funds under NZ anti-money-laundering rules. That's why they'll ask you early for identity documents and, for larger sums, evidence of where the money came from: a sale contract, a bank statement, a dividend record. Gather that paperwork once, early, and everything downstream runs smoothly.
02
What does it cost to move money badly?
More than most people realise.
Banks quote retail exchange rates with a margin commonly in the 1 to 2% range on big transfers. Licensed FX specialists typically run far tighter.
The difference is invisible on holiday money and enormous on house money. Let's say you're moving A$2m. At 1.5%, that's A$30,000. A boat. Or every lawyer and report on the purchase, paid for by ringing a second provider.
The fix takes an afternoon. Open an account with one or two licensed FX providers while your purchase is still hypothetical. Get verified. Then ask both for a live quote when the time comes. Verification is the slow part, and it's slow exactly once.
03
When should I move the money?
Work backwards from settlement.
A NZ purchase typically wants a 10% deposit when the contract goes unconditional, and the balance at settlement, usually four to six weeks later. That second date is immovable. Your funds should land in your lawyer's trust account at least two or three business days before settlement day.
The exchange rate will move between signing and settlement, and on seven figures that movement is real money in both directions. FX providers offer forward contracts that lock today's rate for a settlement weeks away. Whether to use one is a judgement call about certainty versus flexibility, and not something this guide will make for you. What we will say: decide deliberately. Don't discover the question in settlement week.
Ok, now for the legal bit. General information, not financial advice. Rates, products and providers change, so compare live quotes when you transact.
Published 2026-10-07 by Slice of NZ Property. General information only, not financial, tax or legal advice. Confirm your position with professionals who can see your full circumstances.
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