Our Banking System
New Zealand has one of the most open and competitive banking systems in the world. This means there are several options with different costs and benefits.
History shows very few people change banks once they begin a banking relationship, so moving to a new country presents a rare opportunity - we recommend some research before you make this commitment.
All of New Zealand’s banks are online - so you can check them out well before you arrive.
Money requirements when you first arrive
If possible, arrive with some New Zealand money, preferably in $5, $10 and $20 notes. Your traveller’s cheques may not be accepted for small purchases, and this money will keep you going until you get to the bank.
Banking Regulations
All banks must operate within the rules of the New Zealand banking system which are monitored by the Reserve Bank of New Zealand (RBNZ).
The RBNZ has a full list of registered banks and provides access to the regulations from it’s New Zealand banks webpage.
The RBNZ also has a full set of resources about the NZ monetary and banking system.
Opening a bank account is easy
You do not need to be a resident of New Zealand, or to provide references, but you will need to provide proof of identity. You may even be able to open a bank account before you come to New Zealand. Most banks will have an account operating for you within a few days.
You will need to give the bank a permanent address, either a street address or a post office box or private bag. You can’t give a hotel or motel address.
If you want to open a cheque account, the bank will need identification, such as your passport or driver licence, and a deposit – usually about $200. When paying by cheque, it is normal to show identification such as a driver’s licence, credit card or passport.
If you have a job, you will also need to give the bank an IRD number.
Bank hours
Most banks are open from 9:00am to 4:30pm, Monday to Friday – except in public holidays. ATMs (Automatic Teller Machines) operate 24 hours a day. Some Kiwibank branches which operate as part of New Zealand post shops are open on Saturday mornings.
Bank services
In addition to cheque and savings accounts and foreign exchange services, banks offer a full range of services including personal loans, home loans (mortgages), business finance, insurance, investments, safe deposit, credit cards, internet and phone banking.
Deposit boxes to securely store personal valuables, such as jewellery and financial and legal papers, are available at most banks for a fee.
EFTPOS Cards
Most commonly called ‘Cashcards’. New Zealand has the world’s highest use of EFTPOS Cards for its population size. EFTPOS stands for “Electronic Funds Transfer - Point Of Sale”. You receive a card that links to your day to day transaction account which is how you are able to pay for things electronically.
This is now the single most common method of payment for goods and services in New Zealand. When you open an bank account in New Zealand you can expect to be offered an EFTPOS card.
Bank fees
Banks charge fees for transactions, including ATM transactions, cheques and savings withdrawals. Fees can vary between banks and the type of bank account. It is worth checking fee structures before deciding on which bank to go with.
Some major banks offer special services for new migrants, and have multilingual staff who can help with advice and information
