Banking in New Zealand

Australian currencyDue to its popularity as an emigration destination, opening a New Zealand bank account can be done without too much hassle before you arrive to live in the country – depending on the bank you plan to use, of course.

Most of the country’s major banks will offer an option for potential emigrants to open an account. What’s more, the process of opening an account as a non-resident is both quick and simple.

An account can be applied for in a matter of minutes online, allowing you to start depositing money into the account straight away (be warned that some banks may charge you to transfer money from them into your new account so you will need to check this first in order to avoid any unwelcome surprises). You will only be granted full access to the account to withdraw money once you have arrived to live in the country.

To open an account once you arrive to live in the country – or to activate an account you may have already set up – you will generally need to bring your passport and proof of address into a local branch of your bank.

In terms of general bank charges, this will all depend on the bank you use and the type of account you open. For example,

In terms of general bank charges, this will all depend on the bank you use and the type of account you open. For example, basic everyday accounts at some banks cost as little as NZ$5 a month, although these types of accounts will often have quite stringent measures on how much – and little – you can keep in the account at any one time. For a more in-depth account, which offers higher interest rates, you will be looking at monthly fees of up to NZ$15 a month. However, these accounts often offer more flexible minimum and maximum deposit levels.

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