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Spending stretched far beyond New Zealand’s borders this silly season, with Kiwis making online transactions in 149 countries.
Wise, the global technology company building the best way to move and manage money around the world, has today released eCommerce spending data from Kiwis who used its multi-currency debit card between November 15 and December 15, 2024 – capturing spending from Black Friday, Cyber Monday and the sales before Christmas, as Kiwis rushed to shop the best deals at the best prices from around the globe.
The data shows Kiwis are spending money across borders, from Kyrgyzstan and Belize to Paraguay and Seychelles.
The top locations for international transactions made by Kiwis were:
United Kingdom
Average transaction amount: NZD $111.30
United States
Average transaction amount: NZD $134.20
Australia
Average transaction amount: NZD $104.90
Netherlands
Average transaction amount: NZD $140.30
Ireland
Average transaction amount: NZD $159.70
The total number of countries Kiwis made purchases increased by 2.8 per cent, up from 145 countries to 149 this year.
Wise country manager Tristan Dakin says this increase in international spending is not surprising given rising costs of doing business coupled with an extended Black Friday sales period this year.
“This year’s Black Friday sales started earlier in November and extended further into December, which no doubt came as welcome relief to the many Kiwi families who’re still feeling the pinch of the cost of living crisis in the lead up to Christmas.
“It shows that during challenging economic times, Kiwis are looking far and wide to find the best bargains to make their money go the extra mile. Borders are no real barrier, especially for those who know how to avoid expensive bank fees on international transactions.”
In addition to upfront transaction fees, it is common practice for traditional banks to charge users a currency exchange transfer fee and an exchange rate mark-up too. These fees, known as foreign and/or international transaction fees, can range from 2-5 per cent of the total transaction amount.
“Far too many Kiwis are getting caught out by these hidden and often unfair international transaction fees when making purchases online.
“The good news is that 6 per cent of Kiwis are now using Wise, and more and more Kiwis are wising up to smarter spending when it comes to international purchases.
“Whether you’re shopping for two, three or 10 people this Christmas, avoiding unnecessary fees when shopping online can make for a much merrier (and cheaper) festive season,” says Tristan.
