Banks and money

Most New Zealanders keep their money in bank accounts, and pay for things using cash, EFTPOS cards,[glossary] cheques or credit cards. Keeping money in bank accounts is a safe and easy way to store your money and earn interest. There’s no need to always carry cash with you. Here are some tips to help you with managing your money:

• Many banks in New Zealand offer special banking packages for international students; this means you get discounted fees for banking services. They’re often the banks with branches on university campuses. Ask the bank if they have a banking package for international students.

 

• Banks charge for their services. Normally you pay a small fee for each transaction on your account or charge standard monthly fees. You’ll need to check for the exact details at the bank you choose.

 

• There are two main types of bank accounts – current accounts and savings accounts. Current accounts are designed for “everyday” use and usually come with a cheque book and an EFTPOS card. Savings accounts are designed for savings and the banks pay interest on any money deposited.

 

• If you want to open a bank account you need to go into any branch. You will be asked for two forms of identifications. One of these should be your passport. You need a fixed address to open an account.

 

• Some banks allow you to open an account and make a deposit before you leave your home country, so that you can make withdrawals and/or use your credit card when you arrive in New Zealand. You usually have to be over 18 years to have a credit card. The most common credit cards are Visa and MasterCard.

 

• Some banks even have special banking teams and a freephone number that can offer help in Asian languages. Contact your bank to see if they offer this service.

 

• Most banks allow you to access your bank accounts over the phone or the Internet 24 hours a day. For example, checking your account balances, transferring money, and paying bills.