From Cyprus and Luxembourg to Tanzania and Mauritius, Kiwis spent money in 61 countries on Black Friday and Cyber
Monday.
Today TransferWise, the global technology company building the best way to move money internationally, released spending data from New
Zealanders using the TransferWise Platinum debit Mastercard.
While Kiwis paid for goods and services across the globe, spending significantly increased in many of the most popular
categories.
On Black Friday, New Zealanders felt inspired to get active with payments to clubs and gyms up a whopping 717% percent
when compared to the 30 day average. This category dropped off heading towards Cyber Monday with spending down -26%.
Beauty and care was up 252% on Black Friday and 361% on Cyber Monday. Clothing was up across the weekend: 45% on Friday,
148% on Saturday, 164% on Sunday and 212% on Monday.
Electronics is the big category when people think of Black Friday sales. While it was only up 16% on the day, sales
skyrocketed on Cyber Monday with a 231% increase.
Tim Cameron, TransferWise Country Manager, says while most money is spent locally, it’s still important to recognise
that plenty of New Zealanders are spending money overseas.
“After being hit hard by Covid-19 in 2020, the New Zealand economy is in desperate need for local spending. However,
there is still plenty of money going to foreign shores.
“What most people don’t realise is that all this foreign spending is subject to hidden fees. Whether you’re buying
something on an international website or paying directly to do an overseas based person or business. Banks almost always
take a cut of each transaction through currency conversion fees.
“At TransferWise, we think it’s only fair that the New Zealand banks clearly disclose what they’re charging for each
transaction. In our view, that money is much better kept in Kiwi pockets than being added to the banks’ profits,” says
Cameron.Tips on how to avoid hidden feesAlways pay in the local currency to avoid ‘dynamic currency conversion’ that happens each time you’re presented with the
option to either pay in local currency or your home currency. E.g when shopping from a US retailer, pay in USD rather
than NZD to avoid the retailer using their own currency conversion.Avoid using a bank card on foreign purchases. Whether you’re paying in your home currency or the merchant’s local
currency, most banks charge what’s known as foreign or international transaction fee, which often ranges from 2-5% of
the total transaction amount.