Are you contemplating relocating to New Zealand? New Zealand provides the pinnacle expatriate experience, featuring a vibrant culture, awe-inspiring nature, and a laid-back lifestyle.
If you are in the process of organizing your major relocation, you will require a convenient method for storing, receiving, sending, and spending NZD.
What do you need to open a bank account in New Zealand?
New Zealand banks are comparatively straightforward when interacting with foreigners, provided that they possess the necessary documentation.
These can vary but usually include:
- A valid passport
- A visa showing your legal residence status
- One of the following documents serves as evidence of residential address: utility bill; bank correspondence or statement; employment agreement
- The minimum opening balance may vary depending on the financial institution.
Please be advised that the validity of these documents may be limited to a specific period, which may range from three to six months.
Some New Zealand institutions, such as BNZ®, utilize RealMe as an online identification and verification process. In the event that you are unable to access this system, you may still use a passport and ordinary evidence of address; however, you will be required to visit a branch in person to have your account verified.
Can you open a New Zealand bank account from abroad?
One of your primary concerns should be the establishment of a bank account from abroad if you anticipate an extended stay. Access to this opportunity necessitates either a resident or work visa, regardless of one’s origin.
Fortunately, it is easy to establish an account online prior to your relocation. However, it is important to note that certain banks do not provide complete account functionality until you have relocated to New Zealand and verified your local address with them.
ASB®¹ offers an account that can be opened from abroad with the submission of your passport, visa, and evidence of your overseas address. All documents must be certified; however, you will have the opportunity to establish online banking prior to your departure in order to facilitate your transition upon your arrival in New Zealand.
ANZ®² also offers a comparable service, which enables you to establish an account up to 90 days prior to your relocation to New Zealand.
Top New Zealand banks
There are numerous local institutions in New Zealand from which to select. After opening an account from abroad, it is common to not have full account access until you visit the bank in person upon your arrival. Complete access to your new bank account will be granted upon the presentation of identification and proof of residency.
The following is a summary of the most frequently used institutions in New Zealand, along with brief information regarding their specific offerings and potential advantages.
ANZ
ANZ⁴ (Australia and New Zealand banking group) is the main banking provider in New Zealand, with a global network of over 800 ATMs and branches.
Subject to satisfying eligibility requirements, they provide expatriates with daily banking, business banking, investments, insurance, foreign exchange, and supplementary services such as credit cards. All accounts are eligible for online banking.
ASB
ASB⁵ (also known as Auckland Savings Bank) offers a variety of accounts for expatriates, including assistance from relocation specialists who can assist you in obtaining the services you require. For those who meet the criteria, student accounts are also accessible. Additionally, there are over 100 branches and 300 ATMs. To submit an application online, please visit their website.
BNZ
BNZ⁶ (Bank of New Zealand) provides a comprehensive array of support services and accounts that are specifically tailored to the needs of expatriates.
Nevertheless, it is important to review the fine print, as they have a substantial minimum balance requirement for certain products. Customers must be at least 18 years of age, and there are more than 250 branches and 650 ATMs in the country.
Westpac
Westpac®⁷ Banking Corporation (more commonly referred to as Westpac) provides a Migrant Banking Package, International Student Account, Investment opportunities, and more than 1400 branches and 400 ATMs located worldwide. All of this is made simple and convenient by online and mobile banking.
Fees and charges for New Zealand banks
Despite the fact that numerous banks offer the ability to establish an account overseas, it is effortless to overlook the associated fees. It is nearly impossible to completely circumvent bank fees; however, anticipating them can undoubtedly mitigate unpleasant surprises.
Reading the minor print is essential for avoiding banking fees and charges. These sum up over time for even the most trivial actions, such as withdrawing money from an ATM. Maintaining an awareness of each expense will guarantee that both you and your wallet remain content.
One of the pitfalls that many travelers encounter is the necessity of sending money abroad, either to or from their New Zealand bank account.
If you are only sending a small quantity of money, a single international bank transfer (using a method called SWIFT) can be particularly expensive due to the fixed transfer fee, intermediary fees, and a markup on the exchange rate that was employed.