How to open a bank account in New Zealand

Opening a bank account in New Zealand: overview

Opening a new bank account in New Zealand is easy once you have all of the documents. You’ll need to follow these steps; some banks will have slightly different requirements, but they’ll confirm what you need to do when you apply.

Research banks and services

Shop around to make sure you’re applying for the right kind of account, and at a company you want to bank with.

Gather all documents and requirements

Make sure that you have all of the documents handy. If you need certified copies of documents, get them stamped and dated by a notary. Keep all of your documents together, in case there are any additional checks.

Check how to apply

The bank’s website will be able to tell you how to apply, what documents you need, what forms you need to fill in, and whether you need an in-person appointment to complete the application.

Fill in forms

Fill in the forms and application, and make your appointment to finalise opening your new account.

Can a foreigner open a bank account in New Zealand?

Yes! Most banks will also let you set up an account before you arrive, though you’ll usually need to attend an in-person appointment to complete your application. Read on to find out how to open a New Zealand bank account from overseas.

Choosing a bank in New Zealand

You may want to consider the type of bank you’re looking for before you open an account. Do you want a more traditional bank, or a neobank with more modern options and perks? Is it important to you that your bank is an ethical one? In which case, you might want to look into a co-operative, credit union, or building society, instead.

Some traditional banks in New Zealand include:

• ANZ

• BNZ

• ASB

• The Co-Operative Bank

• KiwiBank.

Neobanks can have a banking license, or not. It’s worth checking if the bank you’re looking at has a full license in New Zealand (meaning more protection for your money), or not.

There are lots of comparisons online, such as this one, to help you choose the right bank for you to open a bank account with.

Types of bank account

Before you open a bank account in New Zealand, you’ll need to do some research on what you’ll need from a new bank account. There are lots of options for different types of bank accounts, and you can choose who you want to bank with. Some accounts are better suited for students, while some are good for those who will have a regular salary, or who will need to use multiple currencies.

Transaction accounts

These are accounts used for everyday transactions. You can use them for your daily spending, make deposits and withdrawals, and set up direct debits or recurring payments. Transaction accounts usually don’t pay interest, and you may need to pay an account fee.

Electronic accounts

If you mainly use electronic transactions, such as online spending, or using an ATM, this type of account may be a good fit. However, you may have to pay a fee for manual transactions in-branch, or on the phone.

Classic accounts

Classic accounts usually charge an account fee, but no transaction fees for either electronic or manual transactions.

EFTPOS vs Debit card

You’ll receive an EFTPOS (Electronic Funds at Point Of Sale) card, or a Visa or MasterCard debit card, which will either be available at the branch, or will be sent out to you. All banks in New Zealand offer an EFTPOS card with a standard bank account; you can use it at ATMs or in stores. You’ll need a debit card such as a Visa or MasterCard to spend online or over the phone, and these are usually delivered within a week to ten days.

Credit card applications usually require permanent residency in New Zealand, so many travellers on shorter visas bring a credit card from their home country, if they’re able to.

Cheques are no longer used in New Zealand and aren’t legal tender, so you won’t receive a cheque book when opening a bank account.

Do you need an IRD Number to open a bank account in New Zealand?

An IRD number is unique to you, and you’ll need one for any tax-related obligations or entitlements. For instance, if you’re earning in New Zealand, or if you’re receiving any student loans, you’ll need an IRD number.

You don’t need an IRD number to open a bank account but you do need a bank account to get an IRD number. You can apply for an IRD number here.

What documents do I need to open a bank account in New Zealand?

When you arrive in New Zealand, you’ll need to make an appointment with the bank you’ve chosen to open an account with. Even if you’ve set up your account online, you’ll need to go into a branch in person to activate the account so that you can access your money. It’s best to make an appointment as soon as you can, especially if you’re in a busy city, as you don’t want to find yourself unable to access your money! Some banks will have slightly different requirements, but they’ll tell you what you need to bring with you when you make the appointment.

Generally, you’ll need:

• Passport, driving licence, or national ID card

• Visa

• Proof of address

• Utility bill

• Tenancy agreement

• Employer and salary details

Attending an appointment at the bank will mean that your account activation is finalised, and you’ll be able to use your bank account in full. If you had already set up your account online and had a limited access account, you’ll now be able to fully use all of the account functions.

Can I open a New Zealand bank account from Overseas?

Yes, banks in New Zealand will allow you to open a bank account before you arrive in the country. You’ll be able to set up transfers into the account, but it will be a “limited access account.” This means that you won’t be able to access the money in that account until you have activated the account by confirming your identity in person. Setting everything up before you arrive will save you time, but you’ll need to take proof of ID and proof of your address into a branch to finalise opening a bank account in New Zealand.

If you’re opening a bank account in New Zealand from overseas, you’ll need some additional documentation.

This might include:

• Copies of your passport

• Proof of address from your home country

• A migrant banking form

• Evidence of the visa you’re moving to New Zealand with

Identity documents may need to be certified in order to be valid, which means you’ll need to get them officially stamped and signed by an authorised person.

If you’re hoping to open a bank account before you arrive in New Zealand, you’ll also need to remember to allow time for your application to be processed. This can take up to ten days.

Sending money back home with your new bank account

When you’re living overseas, it’s worth checking if there are fees to send money internationally, in case you need to transfer money to friends or family back home. Remember, WorldRemit offers a fast, low-cost money transfer option to send money from New Zealand to almost anywhere in the world. You can sign up here.

Opening a bank account in New Zealand: FAQs

Can I open a NZ bank account online?

You can, but it’s likely that you’ll need to visit a branch to finalise activating your account, unless you are banking with a digital-only company.

How do I transfer money from the UK to a New Zealand bank account?

Once you have a New Zealand bank account, you can transfer money from the UK to NZ. You’ll need to check whether you’ll incur a fee for international transfers when sending money between bank accounts.

You can use WorldRemit to send money to and from New Zealand, to almost anywhere in the world. We try to offer as close to a market exchange rate as possible, and your money is sent in minutes.

How do I get proof of address in New Zealand?

If you’re staying in a hostel, hotel, or AirBnB when you first arrive in New Zealand, you can ask for a letterhead. Make sure to tell the bank before your appointment to open a new account, as it varies from bank to bank as to whether they’ll accept this as proof. You can otherwise use a tenancy agreement, a student housing letter, or a bill as a proof of address. The bank will be able to tell you if other proofs of address will be accepted.

Can I open a New Zealand bank account from Australia?

You can open a bank account in New Zealand from Australia. Banks such as ANZ have subsidiaries in both Australia and New Zealand. If you already have a bank account in Australia, it’s best to speak to your bank about how to open a bank account in New Zealand.

Once your bank account is open, you can use a letter from the bank as proof of address elsewhere.

The contents of this blog post does not constitute legal or financial advice and is provided for general information purposes only. If you require specific legal and / or financial advice you should contact a specialist lawyer or financial advisor. Information true at time of publishing.