Do new zealand send money out of the country

Yes, New Zealand does send money out of the country. Here are some examples:

  1. Remittances: New Zealanders living abroad, such as expats, students, or workers, often send money back to their families or friends in New Zealand. According to the Reserve Bank of New Zealand, remittances from abroad to New Zealand totaled NZD 2.3 billion (approximately USD 1.5 billion) in 2020.
  2. Investments: New Zealanders invest in foreign assets, such as stocks, bonds, real estate, or businesses, which can involve sending money out of the country. In 2020, New Zealand's foreign investment portfolio was valued at around NZD 240 billion (approximately USD 160 billion).
  3. Tourism: New Zealanders traveling abroad often spend money in foreign currencies, which can be converted back into New Zealand dollars when they return. In 2020, New Zealand's tourism industry generated around NZD 40 billion (approximately USD 27 billion) in revenue.
  4. Trade: New Zealand is a significant exporter of goods and services, such as dairy products, meat, wood products, and tourism services. These exports generate foreign exchange earnings, which are sent out of the country. In 2020, New Zealand's total exports were valued at around NZD 64 billion (approximately USD 43 billion).
  5. Foreign aid: New Zealand provides foreign aid to developing countries through organizations like the New Zealand Aid Programme. In 2020, New Zealand's foreign aid budget was around NZD 430 million (approximately USD 290 million).

To facilitate these transactions, New Zealand has a well-established financial system, with various payment methods and institutions, such as:

  1. Banks: Major banks in New Zealand, like ANZ, ASB, BNZ, and Westpac, offer international money transfer services.
  2. Online money transfer services: Companies like TransferWise, PayPal, and WorldRemit allow individuals to send money internationally.
  3. Currency exchange services: Companies like Travelex and OFX provide foreign currency exchange services.

These institutions and services enable New Zealanders to send money out of the country for various purposes, such as personal remittances, investments, tourism, trade, and foreign aid.