New Zealand Banking

New Zealand Bank Accounts

If you’re planning on living in New Zealand for an extended period of time, a New Zealand bank account is a must have.  A Kiwi bank account makes dealings and transactions considerably easier and if you are experiencing any problems, you can speak with a bank representative in person. 

Money held in your account will be in Kiwi dollars so you don’t have to worry about conversions and New Zealand employers will only make payments to New Zealand bank accounts.  As you can see, the benefits of a Kiwi bank account are numerous.

New Zealand has 19 banks that are registered with the Reserve Bank of New Zealand.  Never, ever open an account that is not registered with the Reserve Bank.  You will find a complete list of these banks at the end of this article.

When opening a bank account, you will need to provide your personal details (such as full name, date of birth and address) so that you can identify yourself whenever you interact with your bank over the phone or in person.  You will also need to provide evidence of your identity.  This is usually in the form of a passport, driver’s license, birth certificate and/or a utility bill with your name and address.

Take the time to research the deals and interest rates offered by these banks to ensure that you receive the best deal for your situation.  Many banks offer discounts for students, and in some cases waive their fees entirely for full time university students.

Your bank should provide phone and internet banking options.  With the rising prevalence and security of internet banking, you may be able to open your account before you arrive in New Zealand.  Your bank will also provide conversion of foreign currency.  Most New Zealand banks do not lend money to foreign students – a few offer small loans, usually under $500.  Very few offer credit cards to non New Zealand residents.

Your bank may have a branch on your universities campus.  At the very least, they should have an Automatic Teller Machine.  Always try to use your own banks ATM’s  – some banks charge hefty fees for using their ATM’s if you’re not a customer, and in some cases, you may also be charged a disloyalty fee by your own bank.

Make sure you close your account before you leave the country to prevent being charged bank fees on an account you are no longer using.

Registered New Zealand banks:

• ANZ National Bank
• ASB Bank Limited
• Australia and New Zealand Banking Group Limited
• Bank of Baroda
• Bank of New Zealand
• Citibank
• Commonwealth Bank of Australia
• Deutsche Bank
• JPMorgan Chase Bank
• Kiwibank Limited
• Kookmin Bank
• Rabobank Nederland
• Rabobank New Zealand
• Southland Building Society
• The Bank of Tokyo-Mitsubishi
• The Hong Kong and Shanghai Banking Corporation
• TSB Bank Limited
• Westpac Banking Corporation
• Westpac New Zealand Limited