Banks In New Zealand

Banking in New Zealand is generally pretty straight forward. Usually you need the following to open a bank account:

• IRD Number
• Two means of identification, one of them with a picture
• Proof of address (e.g. a utility invoice)

Some banks offer accounts for non-resident customers. Please contact the banks for more information.

The following is a list of the major banks in New Zealand:

• ASB
• RaboPlus
• Westpac
• National Bank (this is NOT the central bank of New Zealand)

Interest rates vary between banks, and even for a single bank there are many different offerings. It pays off to compare the products to get the best deal.

Fees

Fees vary depending on the bank and the type of bank account you choose. It pays if you go to their web sites first and familiarize yourself with their account types and fee schedule. Be aware however that not all fees are necessarily mentioned in their fee brochures.

E.g. it can happen that when you order a secure token (kind of a password generator for your key ring) you not only pay NZD 20 for the token (they mention this) but also an additional monthly fee of NZD 1 (they don't mention this). The recommendation is therefore to always ask for the complete fees for every single service they provide. Be insistent.

Money Transfers

Moving money in and out of the country can be done easily with telegraphic transfers. New Zealand has free transfer of capital. The fee is typically NZD 25$ for a transfer from New Zealand to any other OECD country. New Zealand doesn't use yet the IBAN system (IBAN = International Bank Account Number). However, it still pays off to note the IBAN in the transfer form.

A transfer typically takes a few business days depending on the bank you chose and to which country you transfer money. Example: New Zealand to Germany takes between 4 hours and 1 business day. Germany to New Zealand takes up to 3 business days. It appears that banks in New Zealand "work" with your money for another 2 days. It's easy money for them.