You can perform local bank transfers in each currency, e.g. NZD to a NZ bank account, AUD to an Australian bank account, etc. They provide you with a "virtual bank account" in each currency, with your own account number, etc, so you can send and receive local payments all around the world. You also get the equivalent of NZ$350 of free ATM withdrawals per month (in any country) using your TransferWise debit card.