What is the GBP to NZD exchange rate now?
On ECB reference rates, GBP/NZD was 2.3369 on 25 September 2026. The 2026 high was 2.3519 on 7 July and the low was 2.2470 on 17 February. The pound is 0.3% up on the year and 2.1% higher than at the end of August. Check the live GBP to NZD rate at any time.
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% |
| 30 January 2026 | 2.2697 | 2.25% |
| 17 February 2026 (year low) | 2.2470 | 2.25% |
| 31 March 2026 | 2.3103 | 2.25% |
| 30 April 2026 | 2.3038 | 2.25% |
| 29 May 2026 | 2.2475 | 2.25% |
| 30 June 2026 | 2.3366 | 2.25% |
| 7 July 2026 (year high) | 2.3519 | 2.25% |
| 31 July 2026 | 2.2892 | 2.50% |
| 31 August 2026 | 2.2883 | 2.50% |
| 2 September 2026 (RBNZ rise) | 2.3137 | 2.75% |
| 15 September 2026 | 2.3419 | 2.75% |
| 25 September 2026 | 2.3369 | 2.75% |
GBP/NZD has spent 2026 inside a band less than 5% wide, between 2.2470 and 2.3519. The two RBNZ rises produced opposite reactions. From the day before the July rise to the end of July, the pound fell 2.7%. On the day of the September rise the pound gained 0.7%, and it has kept rising since.
What is driving the pound against the New Zealand dollar?
The RBNZ has started raising rates
The Reserve Bank of New Zealand cut its official cash rate (OCR) from 4.25% to 2.25% during 2025, then held through the first half of 2026. It raised the OCR to 2.50% on 8 July and to 2.75% on 2 September. New Zealand CPI inflation was 4.1% in the June quarter, above the RBNZ’s 1–3% target band, and the Committee said “the OCR may need to increase further”.
The same statement described growth as “lacklustre” and said “spare capacity remains in the economy, particularly in the labour market”. One reading of the pound’s rise since 2 September is that markets doubt the RBNZ can raise rates much further into a weak economy. The next decisions are on 28 October and 9 December.
The interest rate gap still favours the pound
| 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 |
The gap has narrowed by half a point this year, but UK rates are still well above New Zealand’s. That is the key difference from Australia, where the central bank now pays more than the Bank of England. See our GBP/AUD forecast for comparison.
The New Zealand dollar has lagged the Australian dollar
The two currencies usually move together, but not in 2026. While the pound is roughly flat against the New Zealand dollar this year, it has lost 6.1% against the Australian dollar. The Australian dollar has gained about 6.8% against the New Zealand dollar since 2 January (derived from ECB fixings). Australia began raising rates in February; New Zealand waited until July, from a lower starting point.
The Bank of England may raise rates
The Bank of England held Bank Rate at 3.75% on 17 September in a 6–3 vote, with three members voting for 4%. UK CPI was 3.1% in August. A UK rise on 5 November would widen the gap again. See our Bank of England rate decision tracker and the wider GBP forecast 2026.
Dairy prices and global risk appetite
New Zealand’s largest exports are dairy, meat and forestry products, and China is its biggest customer. The New Zealand dollar tends to strengthen when commodity prices and global markets are firm, and weaken when investors turn cautious. A global sell-off would probably push GBP/NZD higher.
What is the GBP to NZD forecast for the next 6 months?
| Horizon | GBP/NZD range | Main driver |
|---|---|---|
| Next 1–3 months | 2.29–2.37 | RBNZ on 28 October and 9 December; Bank of England on 5 November |
| Next 6 months | 2.26–2.39 | How far the RBNZ raises rates, and global risk appetite |
| Next 12 months (to September 2027) | 2.22–2.42 | Whether New Zealand inflation returns to target by mid-2027, as the RBNZ expects |
Cambridge Currencies’ forecast ranges as at 25 September 2026. 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.
For GBP/NZD to break above the July high of 2.3519, the Bank of England would probably need to raise rates while the RBNZ pauses, or a global risk-off move would need to weaken the New Zealand dollar.
For GBP/NZD to fall back toward 2.26, the RBNZ would probably need to keep raising rates in October and December while the Bank of England holds.
Will the pound strengthen against the New Zealand dollar?
The pound may hold near the top of its 2026 range while Bank Rate stays a full point above the OCR. The main risk to sterling is further RBNZ rises: the RBNZ has said the OCR “may need to increase further”, and each rise narrows the gap. The pound is unlikely to move far in either direction unless one central bank surprises.
What is the NZD to GBP forecast?
The NZD to GBP forecast is the same forecast turned round. At 2.3369, one New Zealand dollar buys about £0.428. Our six-month range of 2.26–2.39 is equivalent to one New Zealand dollar buying between about £0.418 and £0.442. For anyone bringing New Zealand dollars to the UK, the pound’s September 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
In an illustrative example, a family moving £250,000 receives NZ$584,225 at 2.3369, NZ$565,000 at 2.26 and NZ$597,500 at 2.39. That is a spread of NZ$32,500 inside our six-month range. 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, the exchange rate decides what the pension is worth locally. A £1,000 monthly payment converts to NZ$2,260 at 2.26 and NZ$2,390 at 2.39, a difference of NZ$1,560 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 sits below spot. At current policy rates the difference is roughly 1% 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 near its 2026 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.
GBP/NZD frequently asked questions
What is the GBP to NZD forecast for 2026?
GBP/NZD is forecast between 2.29 and 2.37 over the rest of 2026 and 2.26–2.39 over six months. It fixed at 2.3369 on 25 September 2026, near its 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. The next decisions are on 28 October and 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 its economy has more spare capacity. Bank Rate is still 1.00 point above the OCR, while the Australian cash rate is 0.60 points above Bank Rate.
Is now a good time to buy New Zealand dollars?
The pound is near the top of its 2026 range, so New Zealand dollars are cheaper in sterling than for most of this year. Whether to act depends on your deadline and how much RBNZ tightening you are prepared to risk. 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 11 to 13 hours ahead of the UK depending on the season, 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. 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 at a credit institution in line with UK safeguarding rules. This article is general guidance, not a personal recommendation.
Sources: Reserve Bank of New Zealand OCR decision (2 September 2026); RBNZ past monetary policy decisions; RBNZ OCR decision dates; Bank of England Monetary Policy Summary (September 2026); GOV.UK State Pension annual increases abroad; ECB euro reference rates (GBP/NZD derived).
