What is the GBP to NZD exchange rate now?
On ECB euro reference rates, GBP/NZD was 2.3942 on 5 November 2026, up 2.5% from 2.3369 on 25 September and 1.8% above the previous 2026 high of 2.3519 set on 7 July. The pound is 2.7% higher than at the start of the year. Check the live GBP to NZD rate at any time.
| Right now | Level |
|---|---|
| GBP/NZD (ECB, 5 November 2026) | 2.3942 |
| NZD/GBP (ECB, 5 November 2026) | 0.4177 |
| NZD/USD (derived, 5 November 2026) | 0.5622 |
| RBNZ official cash rate | 2.75% (held in October 2026) |
| Bank of England Bank Rate | 4.00% (raised 5 November 2026) |
| Next RBNZ decision | 9 December 2026 (Monetary Policy Statement) |
| Next Bank of England decision | 17 December 2026 |
GBP/NZD exchange rate in 2026: month by month
| Date (ECB fixing) | GBP/NZD (NZ$ per £1) | RBNZ cash rate that day |
|---|---|---|
| 2 January 2026 | 2.3302 | 2.25% |
| 17 February 2026 (low) | 2.2470 | 2.25% |
| 31 March 2026 | 2.3103 | 2.25% |
| 29 May 2026 | 2.2475 | 2.25% |
| 30 June 2026 | 2.3366 | 2.25% |
| 7 July 2026 (previous high) | 2.3519 | 2.25% |
| 31 July 2026 | 2.2892 | 2.50% |
| 31 August 2026 | 2.2883 | 2.50% |
| 25 September 2026 | 2.3369 | 2.75% |
| 5 November 2026 | 2.3942 | 2.75% |
For most of 2026 GBP/NZD stayed inside a band less than 5% wide, between 2.2470 and 2.3519. It broke out in the autumn: the pound has risen about 4.6% since the end of August, as the RBNZ paused and the Bank of England moved to raise rates.
What is driving the pound against the New Zealand dollar?
The RBNZ has paused after two rises
The Reserve Bank of New Zealand raised its official cash rate (OCR) to 2.50% on 8 July and 2.75% on 2 September, then held the OCR at 2.75% at its October Monetary Policy Review. Westpac reported that the Committee voted 4–3 against a further rise and that markets had expected one, which helps explain the New Zealand dollar’s weakness since.
Inflation has eased but remains above target. Stats NZ reported CPI up 3.7% in the 12 months to the September 2026 quarter, down from 4.1% in the June quarter and still above the RBNZ’s 1–3% target band. The close vote keeps a December rise possible; the next decision, with a full Monetary Policy Statement, is on 9 December.
The interest rate gap has widened in the pound’s favour
| Date | RBNZ OCR | Bank Rate | Gap in the pound’s favour |
|---|---|---|---|
| 1 January 2026 | 2.25% | 3.75% | 1.50 points |
| 25 September 2026 | 2.75% | 3.75% | 1.00 point |
| 8 November 2026 | 2.75% | 4.00% | 1.25 points |
UK rates remain well above New Zealand’s, and the Bank of England’s rise has reversed part of this year’s narrowing. That is the key difference from Australia, where the central bank pays 0.85 points more than the Bank of England; see our GBP to AUD forecast for comparison.
The New Zealand dollar has lagged the Australian dollar
The two currencies usually move together, but not in 2026. The Australian dollar has gained about 7.3% against the New Zealand dollar since 2 January (derived from ECB fixings), as the Reserve Bank of Australia raised its cash rate to 4.85% while the RBNZ sits at 2.75%.
The Bank of England has raised rates
The Bank of England raised Bank Rate from 3.75% to 4.00% on 5 November 2026 in an 8–1 vote, with Catherine Mann voting for 4.25%. It was the first rise in three years. UK CPI was 3.5% in September and the Bank expects it to reach about 5% by mid-2027. Governor Andrew Bailey warned against reading the move as the first of a long sequence, though several members see a near-term case for more. The next decision is on 17 December; see our Bank of England rate decision tracker.
Dairy prices, the US dollar and risk appetite
New Zealand’s largest exports are dairy, meat and forestry products, so the New Zealand dollar tends to strengthen when commodity prices and global markets are firm, and weaken when investors turn cautious. GBP/NZD is roughly GBP/USD divided by NZD/USD: our GBP/USD forecast of 1.32–1.37 to year-end, with NZD/USD around 0.56–0.57, is consistent with GBP/NZD of about 2.32–2.46.
What is the GBP to NZD forecast for the next 6 months?
| Horizon | GBP/NZD range | Main driver |
|---|---|---|
| To end December 2026 | 2.32–2.46 | RBNZ on 9 December; Bank of England on 17 December |
| To end March 2027 | 2.29–2.49 | RBNZ on 10 February and 17 March; Bank of England on 4 February and 18 March |
| Next 6 months (to May 2027) | 2.29–2.49 | How far the RBNZ raises rates, and global risk appetite |
| Next 12 months (to November 2027) | 2.25–2.52 | Whether New Zealand inflation returns to target |
Cambridge Currencies’ forecast ranges as at 8 November 2026, anchored on the 5 November ECB fixing. They are not guarantees, and rates may move outside them. This page is reviewed every four to eight weeks and after RBNZ and Bank of England decisions.
Our September call has been broken: spot at 2.3942 is above both the three-month range of 2.29–2.37 and the six-month range of 2.26–2.39 we set then, because we did not expect the RBNZ to pause in October. The new year-end range is 2.32–2.46, roughly balanced around spot.
For GBP/NZD to push towards 2.46, the RBNZ would probably need to hold again on 9 December while the Bank of England signals further rises, or a global risk-off move would need to weaken the New Zealand dollar.
For GBP/NZD to fall back towards 2.32, the RBNZ would probably need to raise in December, reversing October’s surprise, while the Bank of England holds at 4.00%.
Will the pound strengthen against the New Zealand dollar?
The pound has already climbed above its July high, and it could hold near these levels while Bank Rate sits 1.25 points above the OCR. The main risk to sterling is an RBNZ rise on 9 December: three of seven Committee members reportedly wanted to raise in October. Further gains would probably need the Bank of England to keep raising while the RBNZ stays on hold.
What is the NZD to GBP forecast?
The NZD to GBP forecast is the same forecast turned round. At 2.3942, one New Zealand dollar buys about £0.42. Our year-end range of 2.32–2.46 is equivalent to one New Zealand dollar buying between about £0.4065 and £0.4310. For anyone bringing New Zealand dollars to the UK, the pound’s autumn rise has reduced what each dollar buys. See the live NZD to GBP rate.
What does the GBP/NZD forecast mean for your transfer?
Emigrating to New Zealand
| Illustrative: £250,000 converted at | New Zealand dollars received | Difference vs 5 November |
|---|---|---|
| 2.32 (bottom of year-end range) | NZ$580,000 | −NZ$18,550 |
| 2.3942 (5 November 2026) | NZ$598,550 | — |
| 2.46 (top of year-end range) | NZ$615,000 | +NZ$16,450 |
In this illustrative example the year-end range spans NZ$35,000 on £250,000. Our guide to moving to New Zealand from the UK covers timing around visas and property.
UK pensions paid in New Zealand
GOV.UK confirms that “you cannot get a yearly increase in your UK State Pension” if you live in New Zealand. With the sterling amount frozen, an illustrative £1,000 monthly payment converts to NZ$2,320 at 2.32 and NZ$2,460 at 2.46, a difference of NZ$1,680 a year. Our UK pension abroad currency guide covers regular transfers.
Fixing a rate with a forward contract
Because UK rates are above New Zealand rates, a GBP/NZD forward rate sits below spot. On current policy rates the difference is roughly 1.25% a year before any margin, so fixing 12 months ahead costs some New Zealand dollars in exchange for certainty. A forward contract can still suit a fixed deadline such as a property settlement, and our explainer on why the forward rate differs from spot shows the calculation.
Bringing New Zealand dollars back to the UK
For returning expats and anyone selling New Zealand property, the pound above its July high means fewer pounds per dollar. A rate alert at your target level lets you act quickly if the New Zealand dollar recovers, and our page on sending money from New Zealand to the UK explains the process.
Key dates for GBP/NZD
| Date | Event | Why it matters |
|---|---|---|
| 18 November 2026 | UK CPI (October) | Sets the odds of a second UK rise in December |
| 8–9 December 2026 | Federal Reserve decision | Moves both currencies against the US dollar |
| 9 December 2026 | RBNZ Monetary Policy Statement and OCR | A rise would narrow the gap to 1.00 point |
| 17 December 2026 | Bank of England decision | Last UK decision of 2026 |
| 4 February 2027 | Bank of England decision and Monetary Policy Report | New UK forecasts |
| 10 February 2027 | RBNZ Monetary Policy Review and OCR | First RBNZ decision of 2027 |
| 17 and 18 March 2027 | RBNZ; Bank of England | Shape the end-March range |
GBP/NZD frequently asked questions
What is the GBP to NZD forecast for 2026?
GBP/NZD is forecast between 2.32 and 2.46 to the end of December 2026 and between 2.29 and 2.49 to the end of March 2027. It fixed at 2.3942 on 5 November 2026, above its previous 2026 high of 2.3519.
What is the RBNZ official cash rate now?
The OCR is 2.75%, after rises on 8 July and 2 September 2026 and a hold in October. The next decision is on 9 December 2026.
Why hasn’t the New Zealand dollar risen like the Australian dollar?
New Zealand started raising rates five months after Australia, from a lower level, and paused in October while Australia raised again on 3 November. The Australian cash rate is now 4.85% against an OCR of 2.75%, so investors are paid far more to hold Australian dollars.
Is now a good time to buy New Zealand dollars?
The pound is above its previous 2026 high against the New Zealand dollar, so New Zealand dollars are cheaper in sterling than for most of this year. Our year-end range is roughly balanced around spot, and an RBNZ rise on 9 December is the main risk for buyers who wait. This is general guidance, not a personal recommendation.
Does the UK State Pension increase in New Zealand?
No. GOV.UK states that you cannot get a yearly increase in your UK State Pension if you live in New Zealand, so the exchange rate has a large effect on its local value over time.
How long does a GBP to NZD transfer take?
GBP to NZD transfers usually arrive within one to two working days. New Zealand is 13 hours ahead of the UK in November, so a UK payment usually lands on the next New Zealand business day.
Speak to a specialist about your New Zealand dollar transfer
Whether you are emigrating, receiving a UK pension or bringing savings home, every Cambridge Currencies transfer is handled by phone with a dedicated specialist, from £5,000 upwards. Get a quote for your New Zealand dollar transfer, or see all our currency forecasts. We work with FCA-authorised payment partners Currencycloud (FRN 900199) and ScioPay (FRN 927951), with client funds safeguarded. This article is general guidance, not a personal recommendation.
