The New Zealand Dollar
The New Zealand dollar is the official currency and legal tender in New Zealand. The new NZ Dollar is also the official currency in the Pitcairn Islands which is an official British Territory. The New Zealand dollar is commonly abbreviated to NZD or NZ$ on most online casino sites but some sites used the universal $ symbol which makes it difficult for players to know whether New Zealand dollars are accepted.
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NZ Dollar History
The New Zealand dollar was first introduced in 1967 to replace the New Zealand pound which had been in circulation since 1933. Prior to the New Zealand pound, the official currency was pound sterling. The traditional pound system was seen as archaic and cumbersome and by the mid 1950s the goverment had decided to investigate a decimal based currency system.
A comitee was established in 1957 to investigate changing the currency and the “Decimal Currency Act” was passed in 1964. The official date of trasition was then set for the 10th of July 1967. Monday the 10th of July 1967 became know as the “Decimal Currency Day” with the initial exchange rate being 2 NZ$ to one pound.
Most Casinos still only accepted US dollars or when entering the Kiwi casino market in the early 2000s. This made it difficult for most New Zealnd casino fans to budget their game play as the currency fluctuated and they were forced to pay currency conversion fees whenever they played online. Spin Palace was one of the first New Zealand online casinos to accept NZ$ as an officially supported currency in the mid 2000’s. Many other online casinos in New Zealand followed suit soon after allowing players to gamble in New Zealand dollars.
Advatages of Casinos with NZD
There are a number of advantages to playing in New Zealand Dollars. The first and most obvious advantage is that players know exactly how much they are depositing and how much gamplay they are going to get from it. It is common for players not playing in NZD to spend more than they think when playing pokies online.
Exchange rate fees are hidden costs that players don’t need to pay if they play New Zealand Dollars. These fees look small on a single transaction but add up over time and playing in NZ$ can save you a lot of money over an extended period.
Players depositing in their local currency are also not effected by volitile exchange rates. You are already gamling at the casino, there is no reason to gamble on the currency too.
Disadvantages of depositing in NZ$
The biggest disadvantage of gambling in New Zealand dollars is that although a casino may accept NZ dollars as a deposit currency, the e-wallet or alternative payment method you want to use may not support New Zealand dollars.
The other minor disadvantage is that you do not benefit from the potential weakening of the NZ$. This is a very minor disadvantage and do not advase using your casino account for currency tading.
Gambling with New Zealand Dollars
Most New Zealand Online Casinos that accept NZ$ as a deposit method offer several different deposit options. These include bank transfer, credit card and online payment services like echeque, neteller and Paypal.
The key things to look out for when deciding on a banking method with a casino are:
- Deposit and withdrawal limits
- Banking fees
- Country restrictions
- Withdrawal and deposit wating periods
- Required documentation
We have reviewed a number of potential options in our casino deposit options section of the website.