Banking in New Zealand
New Zealand has a sophisticated and accessible banking system — and you may be able to open a bank account before you move here.
Choosing who to bank with
All banks must be registered with the Reserve Bank of New Zealand. A list of all banks can be found on their website.
Registered banks in New Zealand — RBNZ
New Zealand also has credit unions and building societies. These are not banks, but they are supervised by the Reserve Bank and offer many similar services.
There are banks in cities and towns throughout the country. It is a good idea to check the bank's website to see if the bank you are considering has a branch in your new hometown.
Banks in New Zealand are experienced in helping migrants, and many of them have multilingual migrant advisors. If needed, check that they speak your language.
About credit unions — New Zealand Companies Office
About building societies — New Zealand Companies Office
Setting up an account before you arrive
Some banks allow you to open a bank account from your home country, although this may depend on your visa and when you will arrive. Check with your preferred bank.
You may need an Inland Revenue (IRD) number to open an account.
You can transfer money into your new account before you arrive in New Zealand.
When you arrive, you will most likely need to activate your New Zealand bank account. To do this, you are often asked to verify your identity and permanent address. As you may not have a permanent address as soon as you arrive, it is a good idea to check with your bank what the options will be for your first few weeks here.
If you set up a bank account before you arrive, you can provide your employer with your bank account number faster. This will make receiving your first pay easier.
Transferring money
You can arrange a transfer of funds through:
- your bank in your home country
- a foreign exchange broker, or
- an online money transfer service.
If you use your bank, you may have to make your first transfer in person for security reasons. It is a good idea to check with the bank before you move to New Zealand.
If you use a foreign exchange broker, once you have transferred your funds to the broker, they will arrange the exchange and deposit the money into your New Zealand bank account. This allows you to avoid international bank transfer fees charged by banks.
You can also transfer money from New Zealand to other countries. Most banks here let you do it online using their internet banking service.
Bringing cash into New Zealand
There is no restriction on how much foreign currency you can bring into, or take out of, New Zealand. However, if you arrive at an airport carrying more than NZD $10,000 in cash (or the equivalent in any currency) you will need to complete a Border Cash Report.
Credit ratings
It is useful to bring evidence of your credit history with you to New Zealand. To get a credit card or borrow money in New Zealand you will need a credit rating. Before you move here, ask some New Zealand banks what evidence of credit worthiness they require and bring any documents with you.
Exchange rates
What the New Zealand dollar is worth in your local currency may vary, owing to our 'floating' exchange rate.
You can check the current value of the New Zealand dollar against your currency and see how it has varied over time on the Reserve Bank website.
Interest rates
Most accounts at New Zealand banks will earn you interest on invested funds. Some types of savings accounts and term deposits will earn interest at a higher rate than others. Check online to compare interest rates between banks.
At some point, you will need to give your bank your tax number. They will need it so that any interest they pay you will be taxed at the correct rate. If they do not have your tax number, they will deduct tax at the highest rate.
Loans and financial advice
Anyone offering you financial advice in New Zealand must be a licensed financial adviser. There are various levels of licensing that allow advisers to provide different sorts of advice.
The government’s Financial Markets Authority (FMA) regulates financial advice. You can find out more about financial advisers on their website.
If you want to borrow money, choose your lender carefully. Not all the organisations offering to lend you money are banks. Some of them charge very high interest rates. Some organisations provide zero interest or low interest schemes, usually if you meet certain eligibility criteria.
Check with a financial adviser or budgeting specialist before you sign any contract. There are budget advisers you can contact all around New Zealand.
Help with financial decision-making — FMA
Banking regulations
New Zealand's anti-money laundering laws mean banks must be able to identify customers clearly.
This will affect you most when you want to open an account, send or receive money from overseas, or give someone else signing authority on your account. You should check what your bank will need you to provide as proof if your identity.
For more information about our money-laundering rules, visit the Banking Ombudsman's website.