How much will my Australian superannuation funds be worth when converted into New Zealand dollars?
Your final transfer amount will depend on the exchange rate. Usually your Australian provider will pay by International Money Transfer, or by cheque in Australian dollars. Typically, once we receive it, we provide same-day cleared funds. Then, the following business day, we use the applicable exchange rate to convert the amount to New Zealand dollars.
If the money is sent in Australian dollars, it’s usual for the receiving bank (ASB) to build a currency conversion fee (to $NZD) into the exchange rate. If the money is sent in New Zealand dollars, your Australian provider and/or their bank may have charged for doing this.
Just note that exchange rate changes can happen during the transfer process. If the exchange rate does change, it will affect the value of your retirement savings.
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