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COSTS, MONEY AND BANKS |
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After a few years riding the crest of an economic wave, New Zealand
has recently seen a downturn in the economy and a resulting dive in the
value of the New Zealand dollar. Consequently, most things will seem
fairly cheap by European and North American standards. The quality of
goods and standards of service you can expect are high and, on balance,
the country offers very good value for money, though the instability of
exchange rates introduces some uncertainty.
New Zealanders are a straightforward bunch and the price quoted is what
you pay. In almost all cases, the 12.5 percent Goods and Service Tax (GST)
is included in the listed price, and no tip is expected.
The currency is the Kiwi dollar, or "buck", divided into 100 cents.
There are $100, $50, $20, $10 and $5 notes made of a sturdy plastic
material, and coins in denominations of $2 and $1, and 50˘, 20˘, 10˘ and
5˘; grocery prices are given to the nearest cent, but the final bill is
rounded up or down to the nearest five cents.
Some basic costs
New Zealand is well set up for all visitors, but budget travellers are
especially well catered for, with an extensive network of backpackers'
hostels and discounts on travel and the all-too-tempting array of
adventure activities that can easily wreak havoc with your spending
money.
The minimum expenditure if you are camping, hitching or cycling,
preparing most of your own food and keeping a tight rein on tours and
activities would be in the region of $30 a day, rising to $40-60 if you
stay in hostels, use public transport and indulge in the odd meal out.
Couples staying in hostel rooms or homestays, eating at unpretentious
restaurants and not skimping on attractions and activities are looking
at around $70-90 each per day; and if you rent a car for at least some
of your stay, sleep in comfortable B&B s and eat well, you should reckon
on at least $100 a day. All these figures can be ramped up dramatically
once you start bungy jumping and jetboat riding, though this can be
offset by abstemious tramping days. With the prevalence of good hostels,
single travellers can live almost as cheaply as couples, though you'll
pay around thirty percent more if you insist on having a room to
yourself.
Accommodation costs from as little as a couple of dollars for a basic
campsite, but an $8 per-person pitch or a $14-18 dorm bed in a hostel is
more common. Simple double rooms start from as little as $35, though
you'll pay $70-90 for a motel unit, $70-120 for homestays and B&Bs,
$150-300 for flash international-standard hotels, and anything up to
$1000 a person for exclusive retreats. Food is good quality and great
value; supermarkets are reasonably priced and you can usually find a
filling plateful at a pub or café for under $10. A reasonable three-course
meal will cost upwards of $30, though you can save on drinks by
patronizing BYO (Bring Your Own) restaurants, where you can drink wine
you've brought with you. Though still common in smaller places, these
are harder to find in the cities. Drinking in pubs and restaurants is
substantially more expensive than buying from a bottle shop or from a
supermarket.
Given New Zealand's compact size, transport costs shouldn't be
prohibitive, but if you find yourself moving on every couple of days it
can soon add up. Though you are unlikely to return from New Zealand
laden with souvenirs, you can completely blow your budget on adventure
trips - such as a bungy jump (around $130) or tandem parachuting ($170
and up). If you've got the money, by all means spend it; if not, think
carefully about how best to get the maximum enjoyment from your visit.
Student discounts are few and far between, but you can make substantial
savings on accommodation and travel if you buy either the YHA or VIP
cards ; kids and seniors enjoy reductions of around fifty percent on
most trains, buses and entry to many sights.
Travellers' cheques, credit and debit cards
There are no exchange controls in New Zealand, so you can bring in as
much in cash and travellers' cheques as you like.
The safest way to carry your money is still as travellers' cheques ,
which can be exchanged efficiently at banks and bureaux de change all
over New Zealand, will be replaced if they are lost or stolen, and
usually offer a slightly better exchange rate. Recognized brands -
American Express, Thomas Cook, Mastercard and Visa - are accepted in all
major currencies and, though cheques in New Zealand dollars relieve the
uncertainty of fluctuating exchange rates, they aren't generally
accepted as cash. You usually pay one to two percent commission when you
buy travellers' cheques but there is seldom an additional charge when
you cash them.
As a back-up, or even a primary source of funds, credit cards are
extremely useful: Visa, Mastercard, Bankcard and, to a lesser extent,
American Express and Diners Club cards are widely accepted. You'll find
more resistance at some supermarkets, and many hostels, campsites and
homestays will only accept cash, though YHAs do accept cards. You'll
also find credit cards useful for advance booking of accommodation and
trips, and with the appropriate PIN you can obtain cash advances through
24-hour ATMs found almost everywhere. You should be aware that such
withdrawals may accrue interest immediately or be subject to a two
percent premium - check with your bank before you go too wild. Most ATMs
also have the facility for international debit card transactions using
the Plus and Cirrus networks.
Banks and exchange
The best exchange rates are usually from banks - BNZ, ANZ, Westpac,
Postbank and The National Bank have branches in towns of any size and
are open from Monday to Friday 9.30am to 4.30pm except for public
holidays, while some city branches stay open on Saturday until around
noon. Outside banking hours, you'll have to rely on bureaux de change in
the big cities and tourist centres, which are typically open from 8am to
8pm daily. If you get caught short, the larger hotels will often change
travellers' cheques at any time, but rates tend to be poor.
If you are spending some time in New Zealand - say a couple of months or
more - you may want to open a bank account . The ease of doing so can
depend largely on the whim of the bank clerk, so shop around: having a
New Zealand address you can use for statements helps (though isn't
always necessary), and you'll need a couple of pieces of ID. The ANZ and
BNZ banks seem particularly helpful and maintain an extensive network of
branches and accessible ATMs.
The big advantage of having an account is that you can get money from
branches and ATMs using a cash card , the same piece of plastic doubling
as an EFTPOS (Electronic Funds Transfer at Point of Sale) card. This
enables you to pay for stuff at shops, service stations, restaurants, in
fact just about anywhere, by swiping the card and punching in your PIN
(Personal Identification Number). Almost everywhere will also give you
cash, so you can go for weeks without visiting a bank, which has to be a
good thing.
Emergency cash
If you run out of cash, or there is some kind of emergency, the best way
to get money sent out is to get in touch with your bank at home and have
them wire money to the nearest bank. This is often time consuming (it
may take a week) and inconvenient, though relatively cheap. You'll
probably pay twice as much to have cash sent through Western Union or
through the Moneygram service used by American Express (cardholders only)
and Thomas Cook: contact the nearest office or in the US call (tel
1-800/543-4080). In all cases, the fees charged are independent of
source or destination, and only depend on the amount being transferred:
wiring US$1000, or equivalent, to New Zealand will cost US$70. The funds
should be available for collection at the company's local office within
minutes of being sent, and by using this service the sender can dispatch
cash by phone by using their credit card.
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