You may notice that the inside of your wallet starts to look more colourful over the next few months - as the Reserve Bank of New Zealand (RBNZ) introduces new bank notes into circulation.
The main reason for the RBNZ change is to protect New Zealanders from fraud. While counterfeiting rates here are low compared to the rest of the world, RBNZ is attempting to stay one step ahead of the game and discourage fraudulent activity.
The new notes will be released in two phases:
Phase 1 - $5 and $10 notes – October 2015
Phase 2 - $20, $50 and $100 notes – May 2016
Both the old notes and the new notes will be legal tender.
New notes may take a few weeks or months to see when they first enter circulation.
Old notes will be automatically withdrawn when they are returned to the RBNZ as part of the normal cash processing cycle.
What will the new notes look like?
The dimensions are the same, as well as the flexible plastic material, but you’ll notice the colours stand out more and the numbers are larger. These tweaks have been made to help visually impaired holders.