New Zealand Price Comparison Research

A dedicated comparison research team in Wise compared Wise to 5 New Zealand bank accounts, as well as PayPal and Western Union.

They found that you can save up to 6x on average to send, spend and withdraw money abroad with Wise. Individually, you can save up to 9x when sending money abroad, up to 4x when spending abroad, and we don’t charge fees for ATM withdrawals for up to $350.

There are no account set up fees, monthly fees or minimum balance with the Wise account. This is based on the prices offered by Wise Payments Limited during the research period.

Research methodology

The competitor research was collected in January 2024 during a 5 day period (15/01/2024 - 19/01/2024).

They looked at data across multiple countries, currencies, and price points to make sure any price claims we make are fair and accurate. The data was collected by simulating a transfer using live accounts on the providers website, during standard trading hours and at the same time every day, whenever possible, to ensure consistency across the comparison.

The research scope looked at the following, across AUD, EUR, GBP & USD, using $250 as the transaction value:

• The cost to send money abroad from an account
• The cost to spend money abroad using a debit card
• The cost to withdraw money abroad from an account via an ATM

The costs collected for sending money abroad are made up of both the foreign transaction fee and any exchange rate markup. The exchange rate markup is a percentage added to the mid-market exchange rate by a provider when they sell you a currency. The costs collected for spending money abroad and withdrawing money abroad from an account via ATM are only made up of foreign transaction fees.

The research and results

1. Total cost to send $250. Overall, Wise is 9x cheaper.

NZD > AUD: Wise is 8x cheaper

• Wise: $1.50
• ANZ: $9.26
• ASB: $9.20
• BNZ: $4.73
• KiwiBank: $14.46
• PayPal: $17.37
• Western Union: $2.43
• WestPac: $34.77

NZD > EUR: Wise is 9x cheaper

• Wise: $1.44
• ANZ: $9.61
• ASB: $13.91
• BNZ: $4.73
• KiwiBank: $14.88
• PayPal: $17.71
• Western Union: $2.63
• WestPac: $34.81

NZD > GBP: Wise is 8x cheaper

• Wise: $1.48
• ANZ: $9.54
• ASB: $9.32
• BNZ: $4.73
• KiwiBank: $14.53
• PayPal: $17.67
• Western Union: $2.66
• WestPac: $34.71

NZD > USD: Wise is 9x cheaper

• Wise: $1.57
• ANZ: $9.28
• ASB: $25.79
• BNZ: $4.65
• KiwiBank: $14.53
• PayPal: $16.64
• Western Union: $3.04
• WestPac: $34.80

2. Fees to spend $250 using a debit card. Overall, Wise debit card is 4x cheaper.

NZD > AUD: Wise is 5x cheaper

• Wise: $1.15
• ANZ: $3.25
• ASB: $5.25
• BNZ: $5.63
• KiwiBank: $5.63
• PayPal: Not offered
• Western Union: Not offered
• WestPac: $4.88

NZD > EUR: Wise is 5x cheaper

• Wise: $1.18
• ANZ: $3.25
• ASB: $5.25
• BNZ: $5.63
• KiwiBank: $5.63
• PayPal: Not offered
• Western Union: Not offered
• WestPac: $4.88

NZD > GBP: Wise is 5x cheaper

• Wise: $1.10
• ANZ: $3.25
• ASB: $5.25
• BNZ: $5.63
• KiwiBank: $5.63
• PayPal: Not offered
• Western Union: Not offered
• WestPac: $4.88

NZD > USD: Wise is 5x cheaper

• Wise: $1.18
• ANZ: $3.25
• ASB: $5.25
• BNZ: $5.63
• KiwiBank: $5.63
• PayPal: Not offered
• Western Union: Not offered
• WestPac: $4.88

3. It’s free to withdraw $250 internationally with Wise compared to the 5 banks in New Zealand — ANZ, ASB, BNZ, KiwiBank, WestPac.

NZD > AUD: Free withdrawal with Wise

• Wise: $0.00
• ANZ: $3.25
• ASB: $5.25
• BNZ: $5.63
• KiwiBank: $11.36
• PayPal: Not offered
• Western Union: Not offered
• WestPac: $7.88

NZD > EUR: Free withdrawal with Wise

• Wise: $0.00
• ANZ: $3.25
• ASB: $5.25
• BNZ: $5.63
• KiwiBank: $11.36
• PayPal: Not offered
• Western Union: Not offered
• WestPac: $7.88

NZD > GBP: Free withdrawal with Wise

• Wise: $0.00
• ANZ: $3.25
• ASB: $5.25
• BNZ: $5.63
• KiwiBank: $11.36
• PayPal: Not offered
• Western Union: Not offered
• WestPac: $7.88

NZD > USD: Free withdrawal with Wise

• Wise: $0.00
• ANZ: $3.25
• ASB: $5.25
• BNZ: $5.63
• KiwiBank: $11.36
• PayPal: Not offered
• Western Union: Not offered
• WestPac: $7.88

Monthly account fees*

• Wise: $0.00
• ANZ: $5.00
• ASB: $0.00
• BNZ: $0.00
• KiwiBank: $0.00
• PayPal: $0.00
• Western Union: $0.00
• WestPac: $0.00

*Assuming that waiver criteria has not been met.

This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from Wise Limited or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.