Latest news with #NZD
Techday NZ
3 days ago
- Business
- Techday NZ
Wise urges New Zealand MPs to end NZD $667m FX fee losses
Wise has urged Parliament to address what it describes as misleading bank fees on foreign transactions, claiming these are costing New Zealanders hundreds of millions of New Zealand dollars each year. The call was made as part of Wise's submission to Parliament's Finance and Expenditure Select Committee on the Financial Markets Conduct Amendment Bill 2025, which is currently under consideration. Wise contends that changes are needed to protect both consumers and businesses who are affected each time a currency conversion takes place, whether through sending money overseas, shopping online, travelling abroad, or operating businesses internationally. Hidden costs Research commissioned by Wise from Edgar, Dunn & Company indicated that New Zealanders lost a total of NZD $667 million to hidden foreign exchange (FX) payment fees in 2023. According to projections, this figure is set to increase to NZD $991 million by 2029 if current practices continue. Wise argues that these losses are primarily due to banks advertising "fee-free" international transactions while actual costs are concealed via inflated exchange rates. Tristan Dakin, Country Manager ANZ at Wise, stated: "New Zealanders think they're getting a good deal because they see 'no fees' or 'zero commission'. But the real cost is hidden in the exchange rate mark-up, which can be vastly different to the rate you find on Google. By ensuring more transparency, parliament can put millions back into the wallets of consumers, while removing barriers for small businesses that want to expand internationally." Regulatory context New Zealand currently has no specific legal requirements in place to tackle the problem of hidden FX costs in cross-border banking and payments. However, Wise's submission follows growing discussions in both local and international contexts about the need to enhance competition and transparency. Last year, the New Zealand Commerce Commission noted there "appears to be room to improve competition" in this area, and the G20 is already working towards making international payments more affordable, faster, and more transparent worldwide. Dakin also commented: "What the banks are doing right now is unfair, misleading, and is somehow perfectly legal. That needs to change, or they will continue to take an unfair share from Kiwi consumers and businesses. With the Financial Markets Conduct Amendment Bill 2025 and the growing international calls for reform, it's only a matter of time before governments all around the world take action on misleading FX fees." He added: "New Zealand has an incredible opportunity to set an example for the rest of the world. These proposed reforms offer a practical, low-cost solution that would help Kiwis make better choices and save money, while driving competition and innovation in the space." Proposed measures Wise's submission recommends several changes be included in the Bill. First, they suggest that all banks and financial service providers should be required to display the full cost of a transfer upfront, showing both fixed fees and exchange rate mark-ups. Wise also calls for a ban on advertising that implies transfers are "fee-free" when costs are actually embedded in the exchange rate. It believes that standardising how prices are displayed would make it easier for consumers and businesses to compare service providers effectively, and that key terms like "mid-market exchange rate" should be clearly defined to maintain consistency across the sector. The G20 has also cited the importance of enhancing cross-border payments, arguing that faster, cheaper, more transparent and more inclusive services would benefit citizens and economies worldwide by supporting economic growth, trade, development, and financial inclusion. Wise referenced this international perspective to highlight the relevance of its recommendations in the New Zealand context. Committee consideration The Financial Markets Conduct Amendment Bill 2025 remains before the Finance and Expenditure Select Committee, which is expected to report later in the year. Wise, supported by the data from its commissioned research, is urging policymakers to act in order to address what it sees as a lack of transparency and competition in cross-border payments. The company's submission is part of a wider movement across several jurisdictions to regulate and clarify the costs of international money transfers and currency exchanges, amid projections of growing sums lost to hidden fees in the years ahead.
Scoop
3 days ago
- Business
- Scoop
Wise Urges Parliament To Act On Misleading Foreign Transaction Fees That Cost Kiwis Hundreds Of Millions Each Year
As the Financial Markets Conduct Amendment Bill 2025 moves through parliament, Wise highlights the full scale of the problem to MPs Wellington: Wise is calling for more transparency and fairness on foreign transactions, as New Zealand consumers and businesses continue to be ripped off by hidden fees. In a submission to Parliament's Finance and Expenditure Select Committee on the Financial Markets Conduct Amendment Bill 2025, Wise explains how banks claim to provide 'fee-free' cross currency services while hiding true costs behind inflated transfer rates. According to research by Edgar, Dunn & Company, commissioned by Wise, New Zealand consumers lost a total of NZD 667 million due to hidden FX payment fees in 2023, with this figure projected to increase to NZD 991 million by 2029.1 Tristan Dakin, Country Manager ANZ at Wise says: 'New Zealanders think they're getting a good deal because they see 'no fees' or 'zero commission'. But the real cost is hidden in the exchange rate mark-up, which can be vastly different to the rate you find on Google. By ensuring more transparency, parliament can put millions back into the wallets of consumers, while removing barriers for small businesses that want to expand internationally.' Growing push to tackle hidden FX While there are no current laws in place in New Zealand to address the issue, momentum for change is growing. Last year, the NZ Commerce Commission said there 'appears to be room to improve competition' in the space. And internationally, the G20 is acting on its roadmap for making international payments cheaper, faster, and more transparent. Dakin adds: 'What the banks are doing right now is unfair, misleading, and is somehow perfectly legal. That needs to change, or they will continue to take an unfair share from Kiwi consumers and businesses. With the Financial Markets Conduct Amendment Bill 2025 and the growing international calls for reform, it's only a matter of time before governments all around the world take action on misleading FX fees. New Zealand has an incredible opportunity to set an example for the rest of the world. These proposed reforms offer a practical, low-cost solution that would help Kiwis make better choices and save money, while driving competition and innovation in the space', says Dakin. The Bill is currently before Parliament's Finance and Expenditure Committee which is due to report on 19 October. Wise is calling for the following changes: Require banks and financial service providers to show the full cost of a transfer upfront, including both fixed fees and exchange rate markups. Ban advertising that claims transfers are 'fee-free' when a fee is hidden in the exchange rate. Standardise how pricing is shown, so people can compare providers easily. Define key terms like 'mid-market exchange rate' to ensure consistency. 1 The 2023 hidden fee data from Edgar, Dunn, and Company (EDC) were calculated based on the exchange rate margin offered by the largest banks in New Zealand when their customers move money from the country. Fee data from 2024 to 2029 are projected based on expected GDP growth of New Zealand. About Wise: Wise is a global technology company, building the best way to move and manage the world's money. Wise has more than 400,000 active New Zealand customers. With Wise Account and Wise Business, people and businesses can hold 40 currencies, move money between countries and spend money abroad. Large companies and banks use Wise technology too; an entirely new network for the world's money. One of the world's fastest growing, profitable tech companies, Wise launched in 2011 and is listed on the London Stock Exchange under the ticker, WISE. In fiscal year 2025, Wise supported around 14.8 million personal customers and 700,000 business customers, processing approximately £145.2 billion in cross-border transactions, and saving customers an estimated £2 billion.
NDTV
3 days ago
- Business
- NDTV
Want To Live And Work In New Zealand? A Visitor Visa Can Help You Do That For Rs 22,000
If you've ever dreamt of working remotely with a backdrop of snow-capped mountains or a quiet lake surrounded by sheep, New Zealand may now be your next workstation. While there's no official "digital nomad" visa, recent updates to the country's visitor visa make it possible for remote workers to live temporarily in New Zealand - without switching jobs. What You Should Know New Zealand has recently confirmed that remote work is permitted under its existing visitor visa - provided you're working for an overseas employer or client. That means freelancers, tech professionals, consultants, and creators who are earning from outside New Zealand can continue working during their stay. The Dos And Don'ts You must not work for a New Zealand-based employer You cannot provide goods or services to clients or businesses based in New Zealand Your reason for visiting should still be tourism, visiting friends or family, or short-term personal travel You may continue your remote work only as a secondary activity, not the main reason for your visit Length of stay allowed Depending on your visa type: * You can stay up to 6 months with a multiple-entry visa * Or up to 9 months with a single-entry visa * You can also study for up to 3 months during your visit If you're from a visa-waiver country, you may not need a full visa, just an NZeTA - which is cheaper and faster to get. How To Apply For A Visitor Visa To New Zealand The process is straightforward and can be done online through the Immigration New Zealand website. Here's what you'll need to apply: 1. Valid passport 2. Proof of onward travel - such as return tickets or a full itinerary 3. Proof of funds - You must show you have at least NZD 1,000 per month (approx. Rs 51,400), or NZD 400 (Rs 20,560) per month if your accommodation is already paid for 4. Completed online application form 5. Health and character checks Medical certificates might be needed if you plan to stay longer than six months 6. Pay the required visa fee and tourism levy Visitor visa price in Indian Rupees (as of July 2025) * Standard visitor visa application fee: Rs 22,655 * International Visitor Conservation and Tourism Levy (IVL): NZD 100: Rs 5,140 * Total (visa + levy): approx. Rs 27,795 If you're from a visa waiver country: * NZeTA (app fee): Rs 874 * NZeTA (website fee): Rs 1,182 * IVL included: Rs 5,140 * Total (NZeTA + IVL): Rs 6,014 to Rs 6,322 Documents are submitted online, and most applications are processed in 2 to 3.5 weeks. Indian passport holders must apply for the visitor visa (not NZeTA), while travellers from countries like the US, UK, Singapore or Germany may be eligible for the NZeTA route. Conditions Once You're In New Zealand * Remote work is permitted but cannot be your main reason for visiting * No local employment or providing services to New Zealand-based clients * You can travel in and out of the country during the visa's validity (if you have a multiple-entry visa) * You must hold enough funds to support yourself throughout the stay * You can take short-term courses for up to 3 months New Zealand is increasingly targeting high-value, skilled tourists - including digital nomads who spend more and stay longer. By allowing remote work within limits, they're encouraging global talent to explore the country without competing in the local job market. Bottom Line You don't need a fancy new visa to work remotely from New Zealand. All it takes is a visitor visa, a few documents, and around Rs 22,000 to Rs 27,000. You'll be free to explore the country's landscapes - and meet your deadlines - all in one trip.
Scoop
4 days ago
- Business
- Scoop
Reefton Distilling Co. Announce Investment Offer To Grow Their Whisky Inventory
Multi Award winning West Coast business Reefton Distilling Co. have today announced a new investment opportunity for investors to secure a stake in the company. Seeking to raise additional capital as they continue to scale their Moonlight Creek whisky production, the company are looking to raise up to $2M NZD. Funds from this raise will be prioritised for further investment in their Moonlight Creek whisky inventory. Founder and Chief executive Patsy Bass commented, 'Whisky is inherently a long horizon product, and our business is ensuring appropriate investment levels until we have sufficient volumes of matured whisky ready for market.' She added, 'We see growing our whisky stocks as the biggest growth catalyst for the business and believe that our continued investment into Reefton Distilling Co.'s whisky vault lays a path forward to deliver products for the global market, which in turn underpins the value of the business as a whole.' The share offer was first released to existing shareholders, who have pre-emptive rights to participate in this investment round. With $738,000 NZD already raised, the offer has gone live to the public today (21 July 2025) via Snowball, an investment platform for private companies and funds (Invest in Reefton Distilling Co. – Snowball). Gold and Category Winner at the prestigious World Whiskies Awards (ROW) 2025 In early 2025 the distillery achieved a significant milestone with both their Moonlight Creek Manuka Smoked, Young Spirit*REF1 and Moonlight Creek New-Make Spirit*REF2, each winning Gold and Category Winner at the prestigious World Whiskies Awards (ROW) 2025. These accolades highlight Reefton Distilling Co. as one of New Zealand's most exciting new talents in whisky production and place them firmly on the list of spirits producers well positioned to benefit from the global trend of consumer's drinking higher quality alcohol. As one of New Zealand's largest independent distilleries with over 100+ global spirits & innovation awards (including 38 Gold/Double Gold/Platinum/Best in Category/Innovation/Design and Consumer's Choice Awards), Reefton Distilling Co. are internationally recognised as an innovative producer of premium spirits. The first B Corp certified whisky distillery in New Zealand, and the first New Zealand distillery to contract distil whisky for the Scots, Reefton Distilling Co. laid down their first Moonlight Creek Single Malt whisky in 2022. With their eyes firmly focused on the future, Reefton Distilling Co. have built a valuable asset base for global whisky sales with hundreds of casks already laid down, and more being added on a daily basis. Their existing whisky stocks are backed up with valuable land, buildings and plant, which are owned by the business. A business firmly established at the forefront of the New Zealand Distilling Industry Having firmly established themselves at the forefront of the New Zealand distilling industry, Reefton Distilling Co.'s core spirit ranges include Gin, Vodka and Single Malt Whisky. As the producers of one of NZ's strongest Gin brands (Little Biddy), they have a proven track record of innovation and new product development. Within 2 years of launch, Little Biddy Gin became the No. 2 Gin brand in the premium plus segment of the NZ gin market*REF3, a position which it retains today. Reefton Distilling Co.'s experienced senior management team is supported by a board with proven track records in international strategic marketing, business development and financial markets. The company has assembled a distinguished panel of international experts, each possessing extensive knowledge and discerning palates. This panel oversees and supports their product development journey, from its inception to its release. In April 2025, international expert, Scotch Whisky Maker, Polly Logan, made the trip to New Zealand to experience Reefton Distilling Co.'s whisky firsthand, she commented, 'The New Make Spirit is incredible, and the casks have been selected carefully. You can tell the care that has gone into creating the spirit, you know the moment it hits your senses. Sensational!' Only 1,000 bottles of the distillery's first ever whisky release, Moonlight Creek 'Pioneer', will be available exclusively by ballot later this year, making its way into the hands of those fortunate enough to have secured a bottle.
Techday NZ
4 days ago
- Business
- Techday NZ
Amazon launches eero 7 series Wi-Fi 7 routers in New Zealand
Amazon has introduced the eero 7 and eero Pro 7 Wi-Fi routers to the New Zealand market, expanding its Wi-Fi 7 offerings for local consumers. The eero 7 is now the most affordable Wi-Fi 7 router in the company's range. It is designed to deliver multi-gigabit speeds and enhanced connectivity in a compact and accessible form factor. Priced at NZD $319.99 for a single unit and NZD $699.99 for a three-pack, the device targets customers looking to upgrade to the latest Wi-Fi standard without a high upfront cost. Coverage offered by a single eero 7 unit spans up to 190 square metres, while a three-pack extends coverage to 560 square metres. The device supports both 2.4 GHz and 5 GHz bands and can achieve wireless speeds of up to 1.8 Gbps, with wired speeds reaching up to 2.3 Gbps using its two 2.5 GbE ports. eero Pro 7 features The eero Pro 7 is intended for households with high connectivity demands, such as those that require capacity for hundreds of devices or utilise large amounts of bandwidth. This model features tri-band support across 2.4, 5, and 6 GHz, maximising spectrum use to reduce congestion and maintain performance in busy Wi-Fi environments. Its wireless speeds can reach up to 3.9 Gbps, and the device features two 5 GbE ports for wired connections with speeds up to 4.7 Gbps. The Pro 7 is priced at NZD $599.99 for a single unit and NZD $1,299.99 for a three-pack. Both the eero 7 and eero Pro 7 are powered by eero's proprietary TrueMesh, TrueRoam, and TrueChannel technologies. These capabilities allow the routers to adapt in real time to changing network conditions by automatically optimising channel selection, dynamically connecting users to the best available unit, and managing data traffic to avoid interference from neighbouring networks. Technologies and performance The Wi-Fi 7 standard, which both new devices support, brings improved network throughput, increased device capacity, and lower latency compared to previous generations. Features such as Multi-Link Operation, Orthogonal Frequency Division Multiple Access, and 4K-QAM ensure that more devices can communicate simultaneously and data is transmitted more efficiently. Additional features on both devices include support for advanced encryption and WPA3 security protocols, over-the-air software updates for security and functionality, and backward compatibility with earlier generations of eero products. Both the eero 7 and eero Pro 7 function as smart home hubs and include support for Matter, Thread, and Zigbee devices, allowing users to connect a wide range of smart home products via Alexa. Market context and leadership comments The increasing demand for reliable and high-capacity Wi-Fi has driven interest in mesh and advanced wireless systems in New Zealand households, particularly as more residents work or study from home and rely on multiple connected devices. Jacqueline Lipman, APAC Managing Director at eero, commented on the expansion: "We are excited to bring advanced performance to Kiwi homes through our expanded eero range. Whether customers prioritise affordability or premium features, our lineup meets every household's needs – from powering home offices and streaming across multiple devices to staying connected with family overseas," said Jacqueline Lipman, APAC Managing Director, eero. "As connectivity becomes increasingly essential for Kiwi consumers, the new eero 7 and eero Pro 7 help simplify everyday life by delivering reliable connections in our complex digital world." The eero app, which accompanies the hardware, gives users the ability to set up and manage their networks within minutes, pause internet access, and view connected devices. The app recently underwent a redesign aimed at improving navigation and device monitoring for users. Subscribers to the eero Plus service, available for AUD $15.99 per month or AUD $159.99 per year, gain access to additional security features, parental controls, and internet backup during outages, as well as third-party security software. Each eero router comes with a three-year warranty, and customer support is available by phone or email every day of the week. The eero 7 and eero Pro 7 are available through and retailers such as JB HiFi and PB Tech.
