The official currency of New Zealand is the New Zealand dollar (NZD) and is also used as the legal tender and currency of the Cook Islands, Niue and the Pitcairn Islands. Introduced in 1967, it is similar to Australian currency in that the dollar is subdivided into 100 cents. Sometimes known as the 'kiwi dollar', this informal moniker is associated with the one dollar coin which depicts the indigenous kiwi bird on its reverse.
Within New Zealand's currency there are a total of ten denominations, split evenly between five coins and five banknotes. The lowest denomination is the 10 cent coin, although previously there were smaller denominations. These were discontinued due to production costs and inflation. Of the New Zealand currency, coin denominations are in the values of 10, 20 and 50 cents and $1 and $2 while notes have values of $5, $10, $20, $50 and $100.
International visitors are not restricted by the amount of foreign currency that can enter or exit New Zealand, however any person carrying more than NZ$10,000 cash in or out of the country must complete a Border Cash Report. There are many places where visitors can easily exchange foreign currency including banks, some hotels and Bureau de Change kiosks which can be found in city centres and within international airports. Alternatively, all major credit cards can be used with ease throughout New Zealand, although MasterCard and Visa are the most widely accepted.
All goods and services in New Zealand are subject to a 15 percent tax (GST) however this is always included in the displayed price. Although visitors cannot claim back this tax, if a supplier ships a significant purchase to a visitor's home address then the tax is not charged.
Tipping is not mandatory in New Zealand, even in bars and restaurants however tipping for kindness or good service is at the discretion of the visitor. There are no service charges added to the bill at hotels and restaurants in New Zealand.
In 2019, the New Zealand dollar represented 2.1% of the daily turnover of the global foreign exchange market making it the world's eleventh most traded currency.