Opening a bank account
Opening a bank account is easy - you do not need to be a resident of New Zealand, or to provide references. Most banks will have an account operating for you within ten days, and often much sooner. To find a bank, look under 'Banks' in the Yellow Pages. You will need to give the bank a permanent address, either residential or a post office box or private bag (see Mail). A hotel or motel address is not acceptable.
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 licence, credit card or passport.
If you earn income, you will need to give the bank an IRD number. To get an IRD number, contact Inland Revenue (IRD), Freephone: 0800 227 774. (For further information, see Government: Paying Tax.)
Bank hours
Banks are normally open from 9:00am to 4:30pm, Monday to Friday. ATMs (Automatic Teller Machines) operate 24 hours a day.
Bank services
In addition to cheque and savings accounts and foreign exchange services, New Zealand banks offer a range of services that include personal loans, home loans, insurance, investment, credit cards, and property and business finance. Foreign exchange services are particularly efficient.
Bank fees
Most banks charge a fee for every transaction made, including ATM transactions, cheques and savings withdrawals. Fees for ATM and EFTPOS (Electronic Funds Transfer at Point of Sale) transactions are normally 15 to 50 cents; 50 cents to $1.25 can be charged for cheque transactions or when dealing with a bank teller in person.
Migrant services
Some major banks offer special services for new migrants, and have multilingual staff who can help with advice and information.
Safe custody
Deposit boxes for the secure storage of personal valuables, such as jewellery and financial and legal papers, are available at most banks for a modest fee.
