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When converting Canadian Dollars to New Zealand Dollars, the goal is to ensure the value of your money carries over. Here’s how to find the best CAD to NZD exchange rates.
The world bank¹ found that banks remain the most expensive type of service provider when it comes to international money transfers.
Therefore, you would do well to avoid your bank if you need to convert Canadian Dollars to New Zealand Dollars. Otherwise, you’re paying for an expensive markup on your CAD-to-NZD exchange rate plus high transfer fees.
The exchange rate you get from banks isn’t always the true rate. This “topped-up rate” will increase your money transfer costs while reducing the amount your recipient receives.
The best rate is the mid-market rate because your Canadian Dollars will be worth more in New Zealand Dollars.
If there’s an exchange rate markup, you’re getting the mid-market rate plus an additional percentage. This is a common tactic high street banks use to maximize profits when pricing your transfer.
Example. If the mid-market rate for CAD to NZD is 1.20 NZD per Canadian Dollar, and your bank adds a 5% markup, your recipient gets 1.14 NZD per 1 CAD instead.
For a CAD 30,000 transfer, your recipient receives NZD 34,200 instead of NZD 36,000. Hence, you have to overpay to ensure your recipient gets the correct amount in their currency.
In contrast, if your provider offers the mid-market rate, you save just over CAD 1,500, which is yours to pocket.
It helps to understand the FX market before exchanging Canadian Dollars for New Zealand ones.
One important thing to note is that the NZD/CAD exchange rate constantly fluctuates.
For example, analysts forecast² the exchange rate will be priced at 1.17808 by the end of this quarter and at 1.20532 in one year (2023).
If the New Zealand Dollar strengthens against the Canadian Dollar, this will increase your money transfer costs.
To reduce the risk of exchange rate fluctuations, consider timing your transfer strategically, using specialist tools like a forward contract or a market order.
How much do you get when converting 1 CAD to NZD? MTFX’s rate calculator is free, easy to use, and will provide the necessary answers.
Input the amount, choose the CAD and NZD currencies, and click “convert.” MTFX uses the mid-market rate, which beats the bank by 3-5%.
If you’re looking for a better rate, you can also set currency rates alert, and MTFX will notify you once things look up.
As FX specialists, we make it our business to keep tabs on market movements, so you always get the best exchange rate when you convert Canadian Dollar To New Zealand Dollars.
If you’re looking for an easy, cheap, fast, and secure way to convert Canadian Dollars to New Zealand Dollars, try MTFX. Our secure online platform is easily accessible 24/7. Simply:
You can rely on MTFX automation technologies to do the heavy lifting and eliminate error-prone manual data entry. That means making regular transfers is always a breeze.
Our efficient technological system will validate the data and transfer your funds quickly and securely, whether you’re making individual or batch payments.
When dealing with MTFX, a specialist foreign exchange and global payment provider, you get access to expert guidance from real people, competitive exchange rates, and low transfer fees.
In addition, we provide you with FX tools for better leverage on the currency market. All this ensures that your Canadian Dollars are worth more in New Zealand currency per every international transfer.
Open an account today with MTFX to unlock competitive CAD to NZD exchange rates and convenient online money transfers.
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