New Zealand Price Comparison Research
An independent researcher compared Wise to five New Zealand bank accounts. They found that we’re on average 5x cheaper for spending abroad.
Wise is also on average 11x cheaper to send $250 abroad, and we don’t charge fees for ATM withdrawals for up to $350.
There are no 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 2023 during a 5 day period (09/01/2023 - 13/01/2023) |
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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 11x cheaper |
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NZD > AUD: Wise is 11x cheaper
- Wise: $1.51
- Australia & New Zealand Banking Group: $13.14
- ASB: $19.16
- BNZ: $9.61
- KiwiBank: $24.55
- WestPac: $14.80
NZD > EUR: Wise is 12x cheaper
- Wise: $1.39
- Australia & New Zealand Banking Group: $13.46
- ASB: $19.58
- BNZ: $9.58
- KiwiBank: $24.82
- WestPac: $14.89
NZD > GBP: Wise is 11x cheaper
- Wise: $1.53
- Australia & New Zealand Banking Group: $13.27
- ASB: $19.06
- BNZ: $9.67
- KiwiBank: $24.59
- WestPac: $14.83
NZD > USD: Wise is 10x cheaper
- Wise: $1.57
- Australia & New Zealand Banking Group: $13.17
- ASB: $19.25
- BNZ: $9.61
- KiwiBank: $24.32
- WestPac: $14.90
| 2. Fees to spend $250 using a debit card. Overall, Wise debit card is 5x cheaper |
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NZD > AUD: Wise is 5x cheaper
- Wise: $1.10
- Australia & New Zealand Banking Group: $3.26
- ASB: $5.25
- BNZ: $5.63
- KiwiBank: $6.25
- WestPac: $4.88
NZD > EUR: Wise is 5x cheaper
- Wise: $1.10
- Australia & New Zealand Banking Group: $3.26
- ASB: $5.25
- BNZ: $5.63
- KiwiBank: $6.25
- WestPac: $4.88
NZD > GBP: Wise is 5x cheaper
- Wise: $1.10
- Australia & New Zealand Banking Group: $3.26
- ASB: $5.25
- BNZ: $5.63
- KiwiBank: $6.25
- WestPac: $4.88
NZD > USD: Wise is 5x cheaper
- Wise: $1.18
- Australia & New Zealand Banking Group: $3.26
- ASB: $5.25
- BNZ: $5.63
- KiwiBank: $6.25
- 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 |
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NZD > AUD: Free withdrawal with Wise
- Wise: $0.00
- Australia & New Zealand Banking Group: $3.26
- ASB: $5.25
- BNZ: $5.63
- KiwiBank: $12.25
- WestPac: $7.88
NZD > EUR: Free withdrawal with Wise
- Wise: $1.10
- Australia & New Zealand Banking Group: $3.26
- ASB: $5.25
- BNZ: $5.63
- KiwiBank: $12.25
- WestPac: $7.88
NZD > GBP: Free withdrawal with Wise
- Wise: $1.10
- Australia & New Zealand Banking Group: $3.26
- ASB: $5.25
- BNZ: $5.63
- KiwiBank: $12.25
- WestPac: $7.88
NZD > USD: Free withdrawal with Wise
- Wise: $1.18
- Australia & New Zealand Banking Group: $3.26
- ASB: $5.25
- BNZ: $5.63
- KiwiBank: $12.25
- WestPac: $7.88
Monthly account fees*
- Wise: $0.00
- Australia & New Zealand Banking Group: $5.00
- ASB: $3.50
- BNZ: $0.00
- KiwiBank: $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 Payments 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.
