New Zealand's new $5 note has been named Banknote of the Year in an international competition.

The $5 note was awarded the IBNS Banknote of the Year title at the International Bank Note Society's annual meeting.

The IBNS Banknote of the Year award recognises outstanding achievement in the design, technical sophistication and security of a banknote or banknote series. Twenty banknotes from around the world were nominated for the award, and the winner was voted by IBNS members.

1 of 10 RBNZ Back of the new $5 note. 2 of 10 RBNZ NZ's new $5 note. 3 of 10 RBNZ New $10 note. 4 of 10 RBNZ Back of the new $10 note. 5 of 10 RBNZ New $20 note. 6 of 10 RBNZ Back of the new $20 note. 7 of 10 RESERVE BANK OF NEW ZEALAND/SUPPLIED New $50 bank note. 8 of 10 RESERVE BANK OF NEW ZEALAND/SUPPLIED Back of the new $50 note. 9 of 10 RBNZ New $100 note. 10 of 10 RBNZ The new bank notes have better security feaures, the RB says.

The IBNS says New Zealand's $5 note was the competition's "clear winner", with Sweden's 20 kronor note, Russia's 100 ruble note, Kazakhstan's 20,000 tenge note and Scotland's (Clydesdale Bank) £5 polymer note voted the runners-up.

READ MORE:

* New $20, $50 and $100 notes unveiled

* Reaction mixed to new NZ banknotes as they enter circulation

* New Zealand $5 note in the running for the greatest in the world

* Sir Edmund Hillary's daughter applauds 'beautiful' new banknotes

Kazakhstan's 20,000 tenge note.

New Zealand's new banknotes are designed and printed by Canadian Banknote Company in Canada.

Reserve Bank of New Zealand Deputy Governor Geoff Bascand said the award was testament to the hard work and innovation by the bank and its partners that has gone into developing the note.

"We are proud of all of New Zealand's new banknotes, but to have our $5 note recognised internationally is very special. The note incorporates some of the world's most advanced security features, yet still beautifully showcases New Zealand's history, culture and heritage."

The $5 and $10 notes have been in circulation since October. The new $20, $50 and $100 notes will come into circulation from May 16.

Russia's new 100 ruble note features Crimean landmarks.

The New Zealand Bankers' Association said it congratulated the Reserve Bank on the award.

"As New Zealanders we can take great pride in our $5 note being centre stage as IBNS Banknote of the Year – our banknotes reflect our unique natural environment, rich cultural heritage, and iconic people. The innovative security features will also help protect against counterfeit banknotes," said Antony Buick-Constable, acting chief executive.

Sign up to receive our new evening newsletter Two Minutes of Stuff - the news, but different