Accepting foreign currency payments

CurrencySelect allows international customers to pay you online in up to 12 foreign currencies. You’ll receive the money in New Zealand dollars (NZD).

Multi-Currency Settlement allows you to receive settlement in up to four foreign currencies with no conversion.

To accept payments online, you’ll need a merchant payment facility.

Apply for a merchant facility

Designed for businesses

CurrencySelect is designed for businesses in New Zealand selling goods and services overseas, allowing you to increase your market size to the rest of the world from New Zealand.

The flexibility to sell with a fixed price or convert from a base currency

CurrencySelect gives your business the freedom to set your prices in fixed foreign currency amounts or to calculate each currency you offer from a base currency, such as New Zealand dollars.

Pre-authorise sales

You can pre-authorise a CurrencySelect sale and complete the transaction later, once you’ve dispatched the goods.

Refund the exact foreign currency amount

If you need to refund a customer’s payment you can do so in their currency and for the exact amount they paid. While this means you carry the risk for any currency exchange rate movement from the date of the original sale to the date of the refund, it means your customer is credited back the exact amount of the original transaction.

Let your customers pay in a currency they know

Your customers with international Visa or MasterCard can choose to pay in one of 12 approved foreign currencies. The 12 approved foreign currencies are Australian, Canadian, Hong Kong, Singapore and United States dollars, Euro, British pounds, Swiss francs, Chinese yuan, Japanese yen, Korean won, and South African rand.

Your customers are billed for the foreign currency purchase price

Your customers’ card statements will show the price they accepted at the time of purchase. This protects your customers from currency fluctuations, so for them, it’s just like paying a local business. You will carry the risk for any currency exchange rate movement between the time of the original transaction, and the time of posting to your account in New Zealand dollars.

Multi-Currency Settlement

Multi-Currency Settlement is an extension of CurrencySelect. It enables you to receive and hold settlement in up to four foreign currencies without any conversion. You can then convert it to NZD when the exchange rate works best for you. You can also use your foreign currency funds to pay overseas suppliers. This can help reduce conversion fees and streamline payments.

How Multi-Currency Settlement works

Getting set up

You’ll need to have a BNZ foreign currency account. You choose which foreign currencies your customers can pay you in. Your online store will need to be updated to display and accept these foreign currencies. You’ll also need to enable these currencies with your payment gateway.

Choose up to four currencies

Let us know which foreign currencies you would like settled to your corresponding BNZ foreign currency account. You choose which foreign currencies your customers can pay you in, selecting up to four from:

  • USD (United States Dollar)
  • EUR (Euro)
  • GBP (Great Britain Pound)
  • AUD (Australian Dollar).

Receive foreign currency

When customers shop on your online store using a foreign currency you’ve selected, you’ll receive funds directly to your BNZ foreign currency account with no currency conversion. Payments will arrive on business days. If you don’t choose a foreign currency, it’ll convert to NZD before going into your nominated bank account.

Contact us about Multi-Currency

Payments help and support

If you have questions or need help call 0800 955 455.