Foreign Exchange Guide to the Cook Islands
The domestic currency in the Cook Islands is the New Zealand dollar with currency code NZD. Read this foreign exchange guide to the Cook Islands and the New Zealand dollar with money transfer and travel tips plus New Zealand dollar exchange cross rates.
In this guide we review :
- New Zealand dollar info - general info about the New Zealand dollar
- New Zealand dollar in the markets - recent NZD moves and predictions from the FX markets
- Travelling in the Cook Islands - currency & money saving tips
- Buying New Zealand dollar cash online - travel money for the Cook Islands
- Sending money to the Cook Islands - save on New Zealand dollar bank transfers to the Cook Islands
- New Zealand dollar exchange rates - latest & historic exchange rates.
New Zealand dollar (NZD) general currency information
The New Zealand dollar is informally called the ‘kiwi’ by foreign exchange traders and analysts due to the kiwi bird, which is native to New Zealand, being something of a national symbol for the country. The kiwi bird is also depicted on New Zealand’s one-dollar coin.
Although the New Zealand dollar is considered one of the eight FX ‘majors’, it is actually only the world’s eleventh most traded currency. Further to the other seven majors – the US dollar, euro, yen, pound, Australian dollar, Canadian dollar and Swiss franc – the New Zealand dollar also falls behind the Mexican peso, the Chinese yuan and the Swedish krona in its share of the foreign exchange market (around 2%). The currencies of China and Mexico are not considered majors due to their emerging market status, while the krona’s market share has only exceeded that of the New Zealand dollar fairly recently (in 2016, according to the Bank for International Settlements) and is therefore not yet considered ahead of New Zealand’s currency.
In the past two decades, the New Zealand dollar’s lowest value against the US dollar occurred in October 2000 when the NZD/USD exchange rate traded at just 0.3901. The currency’s two-decade high occurred in August 2011 when NZD/USD reached 0.8842.
Among the majors, the New Zealand dollar is considered a riskier currency, which means that its value will fall against the larger majors (especially JPY, USD, CHF, GBP and EUR) during periods of economic uncertainty or when global geopolitical risk is elevated, or during bouts of high market volatility.
What is the New Zealand dollar currency code and symbol?
The three letter currency code for the New Zealand dollar is NZD and the symbol is $.
Which countries use the New Zealand dollar?
New Zealand dollar (NZD) in the markets
Barring minor, short-lived deviations, the New Zealand dollar has traded against the US dollar between $0.68 and $0.75 for more than two years. In the second week of June, it was trading at $0.703, within the bottom third of that range.
The New Zealand dollar will fall through the lower end of this range before June ’19 to just $0.64, believes Westpac. The Australian bank said as much in June (it also saw the kiwi falling to 90 Australian cents, from 92.3), citing underperformance in New Zealand’s economy relative to its peers as its reason; this will be exacerbated by a substantial slowdown in net migration to New Zealand, the bank argues.
Also bearish NZD is Deutsche Bank. In May, during which NZD averaged $0.695, Deutsche’s valuation model ranked NZD as the fifth most overvalued of the world’s twenty-eight most traded currencies.
Importantly, interest rates in New Zealand are expected to fall below US rates this year – a development that PricewaterhouseCoopers has described as a “massive change in market conditions [offering] a disincentive to invest in NZD.” The RBNZ massively disappointed holders of NZD in May when it said its next move was as likely to be a rate cut as it was a hike.
The interactive chart below shows the NZD to USD exchange rate for the previous 3 months with rate alerts for days when the exchange rate moved up or down significantly or for 30 day highs and lows.
Cook Islands Trip Checklist
- Compare NZD travel cash rates - probably why you are here!
- Search Hotel deals - Save on your accomodation in the Cook Islands
- Lonely Planet - world's best travel guide (coupon and deals)
Travel money for the Cook Islands
Save money and time by Ordering your New Zealand dollar online from Travelex, you get better rates and can pick up the NZD cash locally or even on travel day at the airport.
Another popular option is to use a Pre-paid Travel Card. Your Debit/Credit Card provider will charge you 2% from market mid-rate, but your bank may also charge an extra 3% as an “Overseas Transaction Charge” plus “Overseas ATM” fees for withdrawing cash.
For card purchases if offered a choice of currencies always select to Pay in New Zealand dollar otherwise you may get much worst exchange rates.
Travel Money Exchange Rates Compared
Buying NZD Cash with USD 1,000
Rate timestamp : Sat Jun 23 2018 23:00:03 GMT+0000 (UTC)
Sending money to the Cook Islands
When searching around for information on how to get a good exchange rate when sending money to the Cook Islands you need to start with finding out the latest New Zealand dollar foreign-transfer exchange rate.
Then compare your bank's exchange rates to several licensed FX providers exchange rate and fees to see how much you can save (we make that calculation easy here).
Getting a better deal when sending money to the Cook Islands
When sending money to the Cook Islands it’s important to compare your bank’s rates & fees with those we have negotiated with our partner money transfer providers. To get a better deal you should follow these 4 simple steps :
- Open an account with a BER reviewed FX provider (id docs may be required)
- You specify the local or New Zealand dollar amount you want to transfer
- Make a local currency domestic transfer for the requested amount to the provider's bank account in your country
- Once your funds are received by the provider the converted NZD amount will be transfered to the recipient account you specify in the Cook Islands.
Use our Send to NZD calculator to compare the exchange rates of FX specialist providers rates versus your bank's standard rates you can hopefully save around 5% and maybe more - end result is more New Zealand dollar deposited into the recipient bank account and less margins and fees kept by the banks!
Sending a LARGER international money transfer? Request a Free Multi-Vendor Quote
Compare Foreign Transfers
Sending USD 10,000 to NZD
Rate timestamp : Sat Jun 23 2018 23:03:25 GMT+0000 (UTC)