International money transfers

New Zealand has no controls on current account transactions and very few on capital account transactions.

New Zealand operates a clean floating exchange rate regime and there are few rules relating to foreign exchange transactions and capital account transactions.

Any person can undertake a foreign exchange transaction within New Zealand - no special licences or permits are required to buy or sell foreign currency. Accordingly, because of the free floating exchange rate and New Zealand's relative geographic isolation there is little demand in New Zealand for "back street" money changers or others who make their income from selling foreign currency at high margins in the retail market. Registered banks or their subsidiaries or the two specialised companies that are worldwide operators undertake most of this business in New Zealand.

There are also no rules that prohibit the transfer of funds into or out of New Zealand.

However, some minor restrictions exist. These relate to:

• Declaring cash when entering the country
• United Nations Sanctions
• Certain foreign direct investment transactions

Cash Reporting

The carrying of cash in excess of NZ$ 10,000 must be declared to Customs officers on arrival or departure from New Zealand. This notification requirement is to help with New Zealand's framework for combating money laundering.

Foreign Direct Investment

Certain investments in New Zealand by overseas persons may need approval from the Overseas Investment Office. For more information about these requirements visit the OIO website.