New Zealand Dollar Exchange Rate Sending Money to South Korea Now is the Time (2024)

New Zealand Dollar exchange rate

I was surprised to see the New Zealand dollar exchange rate. This is because we learned that one New Zealand dollar is worth 850 won in Korean won.For those of you in Korea, this is not good because you'll have to spend 850 won to exchange a New Zealand dollar.

However, if you live in New Zealand, like me, it seems like a great time to send your New Zealand dollars to South Korea. If you think about it, you can get 50 more Korean won per dollar when the New Zealand dollar is 800 won and 850 won.

1) New Zealand Dollar Exchange Rate Graph

This is a graph of the New Zealand Dollar exchange rate against the Korean Won over the last 6 months. On May 31, 2024, the exchange rate was 850.9082 KRW to 1 USD in New Zealand. Today, it's down to 847 KRW, but it's still a great exchange rate to send money to South Korea.

If you look at the graph, you'll see that at the end of last year it was below 800, so that's how much the New Zealand dollar has appreciated in just the last six months. That's why I think 2024 is a good time to send New Zealand dollars to South Korea.

Exchange rates change all the time, and you might be wondering if it's not that often that the New Zealand dollar is 850 to the dollar.

2) Graph of New Zealand Dollar exchange rates against the Korean Won over the last 5 years

In the last 5 years, the New Zealand Dollar to New Zealand Dollar exchange rate was highest on March 26, 2022, when it was 853.0542 to 853.0542. We're not quite there yet, but we've come close to it in two years and three months, so you should know that the current exchange rate is very high.

As soon as I saw 850 won, I sent my New Zealand dollars to South Korea. With Wise's international money transfer service, you can send money very quickly and with low fees. When I sent Favorite WISE services for sending money to South Koreafor more information, please refer to our previous post.

3) When the New Zealand Dollar exchange rate was at its highest ever level

On April 13, 2013, the exchange rate of the New Zealand dollar was a whopping 946.8 kiwis. You can see on the graph that between 2010 and 2015, we had a lot of high 800s and low 900s. That's really high, and I don't know if we'll ever see that again.

I moved to New Zealand from Korea in 2016, and I used to exchange a lot of money into New Zealand dollars, and it was quite a big amount, I think it was 900 won or something, and I didn't have a sense of the exchange rate at the time, but now that I think about it, I feel like I lost a lot of money because I exchanged it all when it was really high.

4) Speculation on why the New Zealand Dollar exchange rate has skyrocketed

It's not like New Zealand itself is a manufacturing country, and it's not like the economy suddenly got better, so I think the reason for this is probably in our country.

Currently, the interest rate in my country has dropped to 3.51 TP3T in January 2024, 3.251 TP3T in March, and 31 TP3T in May. When interest rates drop, generally no one wants to keep their money in the bank, not individuals, especially institutions or foreign investors, so they take their money out and invest in other countries with higher interest rates.

For reference, New Zealand's interest rate has remained at 5.51 TP3T since the start of 2024, and the US rate, which dominates global interest rates, has been at 5.331 TP3T since January of this year. In relative terms, our interest rates are still quite low compared to other countries.

If you take money out of your country, you end up depreciating your currency, which in turn makes other countries' currencies more valuable. Another example is the current exchange rate of the Korean Won to the US Dollar.

This is a graph of the exchange rate of the Korean Won to the US Dollar over the last six months. At the beginning of this year, it was almost 1,300 won per U.S. dollar. Now you can see that it's almost 1,400 won. So again, the value of the Korean won has gone down.

A stronger dollar, weaker won means that you can get more won for your dollar, and conversely, you can get less won for your dollar.

Finalize

Today we talked about what the New Zealand dollar exchange rate will be in 2024, and why now is a good time to send money to South Korea. You might be thinking that the peak has passed, but after hitting 850 won, it has remained steady at almost 847 won.

So if you've been planning on sending money to South Korea, now is the best time to do it. I'm sure it could go higher, but I think this is a good exchange rate.

When we asked people living abroad, not necessarily in Korea, about sending money to Korea, the most common answer we heard was WISE, an international money transfer service. All you need is a New Zealand bank account and a Korean bank account, and you can easily send money to Korea - quickly and cheaply.

You still don't send money to Korea from your bank's website, do you? WISE is an international money transfer service that can be utilized via web and app. If you are curious, please use the links below.