sbiddle: Most NZ banks are only around 2.25% on transactions off the official exchange rate. Westpac are 2.5% apparently. I don't really consider this excessive when we know a big chunk is Visa/MasterCard taking their cut.
Cards like the Air NZ onesmart card take around 3.5% difference when using it as a credit card or loading funds onto it.
There are plenty of offerings in AU essentially slashing forex commission on purchases, it's a shame the market here isn't competitive enough for anybody to bother.
It's 2.25-2.5% on the "Official" Visa or Mastercard exchange rate, not the cash rate. V/MC inflate the rate before the bank takes their cut. 2%+ is pretty good margin for doing nothing.