Gives your international Visa and MasterCard customers the option of using their home currency or New Zealand Dollars
Features of CurrencySelect EFTPOS
- Increase your revenue by accepting international Visa and MasterCard credit card payments at your EFTPOS terminal
- Automatically converts your New Zealand Dollar sales price to your international Visa and MasterCard customer’s home currency
- Twelve foreign currencies available for conversion
- Designed to suit New Zealand businesses who have a high number of international customers
- Optional online reporting tool¹ allows you to search for transactions and download reports in Excel format
- Your CurrencySelect EFTPOS terminal will also allow you to process your usual credit card and debit card transactions
What is CurrencySelect EFTPOS?
CurrencySelect EFTPOS² is the first service in New Zealand that allows you to accept international Visa and MasterCard payments in multiple currencies via your EFTPOS terminal with payment in New Zealand Dollars direct to your nominated Bank of New Zealand account.
CurrencySelect EFTPOS gives your international Visa and MasterCard customers the choice of purchasing your goods and services in their home currency or in New Zealand Dollars.
Your international Visa and MasterCard customers will know the exact home currency amount that will be charged to their credit card³ while you gain the convenience of being paid in New Zealand Dollars.
Your business will receive a Merchant Service Fee rebate4 for all international Visa and MasterCard transactions that are converted to your international customer’s home currency.
How does CurrencySelect EFTPOS work?
- When an international Visa or MasterCard customer’s card is processed through your EFTPOS terminal it identifies that the card is issued overseas and the terminal displays a list of currency options.
- Your international customer has the choice to pay for your goods or services in their home currency or New Zealand Dollars.
The following currencies have been chosen for CurrencySelect EFTPOS:
US Dollar, Australian Dollar, UK Pound, Japanese Yen, Canadian
Dollar, Chinese Yuan, Hong Kong Dollar, Korean Won, Singapore
Dollar, Swiss Franc, the Euro and South African Rand.
- If your international customer selects to pay in their home currency, your New Zealand Dollar sales price is automatically converted into that currency.
- We send the transaction to your international customer’s card issuer in their home currency for approval.
- If your customer selects to pay in New Zealand Dollars the transaction will be processed as per the current process for New Zealand Dollar transactions.
- At settlement time we pay you in New Zealand Dollars direct to your nominated Bank of New Zealand account.
- You can view your transactions online via an Online Reporting tool1 which provides the ability to download your reports in Excel format.
Please note that if the transaction is charged back or refunded, you will carry the risk for any currency exchange rate movement since the original transaction.
Benefits of CurrencySelect EFTPOS
- Make sales in selected foreign currencies
- Twelve foreign currencies available for conversion.
Customer billed in exact currency amount3
- This provides certainty for your customer.
Payment in New Zealand Dollars
- This is a service designed and built to suit New Zealand businesses with a high number of international customers, particularly those in the travel, entertainment or tourism industry.
Rebate on your Merchant Service Fee4
- You will receive a Merchant Service Fee rebate for all international Visa and MasterCard credit card transactions that are converted to your international customers home currencies. This Merchant Service fee rebate can be rebated against your merchant services fees or paid as a separate amount.
The foreign exchange rate is known at the point of sale3
- Your international Visa and MasterCard customer is transacting in a currency they know and the amount they accept is the amount they will see on their credit card statement.
How do I get CurrencySelect EFTPOS?
To become a CurrencySelect EFTPOS merchant please contact your sales representitive on 0800 180 180. You need to be a Bank of New Zealand Credit Card merchant. If you are not currently a Bank of New Zealand Credit Card merchant and would like to be, we can help set you up.
More information about
1. Additional charges will apply for the Online Reporting Tool.
2. CurrencySelect EFTPOS will be part of your merchant services facility and set-up and merchant services fees, charges and terms and conditions will apply.
3. This does not apply to customers who agree to express or priority checkout transactions.
4. To be agreed with Bank of New Zealand as part of the terms and conditions that will apply to CurrencySelect EFTPOS.
This is a summary only, for more information contact our Sales Representitives on 0800 180 180.