The New Zealand dollar is the official currency of New Zealand and territories including the Cook Islands, Niue, the Ross Dependency, Tokelau, and the Pitcairn Islands (a British territory). The New Zealand dollar is not an international currency, but is still widely traded as being the 10th most traded currency in the world, accounting for nearly 2% of the global foreign exchange market. For this reason, among others, the currency is very stable and reputable among many online businesses including trading brokerages and gambling and betting sites. For traders looking to trade with the New Zealand dollar, inform yourselves of its various aspects on this page.show more
The symbol or sign used to represent the New Zealand dollar is the same as many other currencies, which is the “$” sign. The “$” sign is widely used to represent various currencies in the world, especially for the representation of the US dollar. For this reason, the New Zealand dollar is often represented by “NZ$” to distinguish the currency. As well, when speaking of the New Zealand dollar, it is often referred to be the “kiwi”, as this is the name of the indigenous bird on their one-dollar-coin. Another representation of the New Zealand dollar is its abbreviation or code being (NZD). The denominations of the New Zealand dollar are units of 1/100, with each unit being called a cent. For traders who are depositing funds with New Zealand dollars, it is important to make sure the broker has specified which currency is in fact the one to be used. If they do not clarify this, be sure to send them a message and confirm.
The New Zealand dollar is used among people of New Zealand and 6 territories, but it is not used for the purchasing of goods and services or depositing of funds any where else in the world. So, if someone wants to engage in online trading with New Zealand dollars, they must exchange their foreign currency for New Zealand dollars. Many online services such as gambling sites and online trading brokerages have an exchange service built into the site. This makes exchanging foreign currencies into New Zealand dollars quite simple and fast. Although, first you must ensure they accept your foreign currency for converting into New Zealand dollars. If they do not, there are various online exchange services where you can sell your currency to them and they will pay you in any which currency you need for a small fee.
New Zealand residents with New Zealand dollar bank accounts are blessed with a myriad of depositing and withdrawal options with online trading brokerages. New Zealand banks are highly reputable international banks used around the world. Traders with a New Zealand bank account can deposit funds to their trading accounts via debit and credit cards, e-wallets, and direct bank transfer services. The same can be used for withdrawals in most cases. Deposits are almost always instant, and withdrawals are quite fast as well, usually taking no longer than 24 hours. As for traders residing outside of New Zealand, depositing New Zealand dollars is more difficult. However, traders can use e-wallet services, such as PayPal, or exchange their foreign dollars into New Zealand dollars upon depositing with the online brokerage.