Opening a bank account in New Zealand as an Australian. What to know

Kia Ora! Are you about to pack your bags and trade kangaroos for kiwis across the Tasman? While this international move is just next door, there's still so much to prepare so you start your new life in New Zealand off on the right foot.

Opening a bank account is definitely a top priority, especially if you plan to work. This article will get to know your options in New Zealand and a few key things to keep in mind when choosing an account.

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Can an Australian open an account in New Zealand?

Australians are able to visit, live, study and work in NZ without a visa.¹ This means they can open an account as long as they meet some basic eligibility requirements.²

Similarly, permanent residents in Australia planning to move across the ditch can also open an account but must be granted a New Zealand electronic travel Authority (NZetA) before they arrive.¹

What are the biggest Banks in New Zealand?

Like Australia, there are four main banks among others in the New Zealand banking industry. The four biggest banks are:

• Australia and New Zealand Bank (ANZ bank)
• Bank of New Zealand (BNZ)
• ASB Bank
• Westpac

We'll briefly get to know each of these below.

Australian and New Zealand Bank (ANZ)

ANZ is the oldest bank in New Zealand, operating for over 180 years. Approximately one in two New Zealanders access one of their financial services or products.³

Bank of New Zealand (BNZ)

BNZ opened its doors to customers in 1861 and has since grown to be one NZ largest banks. It is a subsidiary of National Australia Bank (NAB).⁴

ASB Bank

Auckland Saving Bank or ASB has been operating since 1847. ASB was the first bank in NZ to introduce internet banking to its customers.⁵ It is a subsidiary of the Commonwealth Bank of Australia.⁶

Westpac NZ

Westpac New Zealand opened its doors in 1861 and currently offers its range of personal, business and corporate products to 1.5 million New Zealanders.⁷

What is the procedure to open an account in New Zealand

While Australians may not need a NZ visa to open an account, applicants need to be at least 13 years of age.⁸ The procedure to open an account depends on where you are in your moving process.

Before you arrive in New Zealand

Some banks will let you submit an application online or by email anywhere from 60 days² to 180 days before you arrive.⁸ Here are some general steps to apply for an account.²

1. Go to your chosen banks website
2. Search for “migrant banking”
3. Click apply now
4. Fill out an online application form
5. Print your completed forms
6. Gather the required documents
7. Email your application and documents to the bank

One of the benefits to starting your application early is that you’ll be able to start creating a credit history as soon as your account gets approved. However, to activate your account officially, many banks expect you to visit a local branch after you arrive.⁹

After you arrive in New Zealand

The other way to open an account is after you touch down and settle into your new home. Depending on the provider, you can open an account:

• Online
• Over the phone
• In a branch

It is common practice to have to visit a branch to finalise your account even if you do decide to open an account after your arrival.⁹

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

Outside the application form, you’ll need to provide documents that can prove your identity. These can include⁹:

• Australian Passport
• Proof of address in Australia
• Proof of address in New Zealand

Once your identity is verified in a branch, your account is usually activated and opened, unless they require more information from you.

What are the usual bank fees in New Zealand

Fortunately, the fee structure for NZ banks is quite similar to Australian banks except your accounts will be denominated in New Zealand Dollars (NZD). Here’s what fees you can expect for a standard everyday transaction account.

Transaction or fee type	Fee amount
Monthly account keeping	$0 per month¹⁰ to $5 per month¹¹
ATM fees - Domestic	Usually free when withdrawal from specific providers ATM¹¹
ATM fees - International	Varies by provider $0 to $3 per withdrawal Plus foreign currency fee that ranges from 1.3%¹⁰ to 2.25%¹¹ per transaction
Card fees	Initial card usually free
Card replacement fee	$5 per card¹¹
Local transactions	Usually free¹¹
International transfer fee	$0 to $5 per transfer plus potential correspondent bank fee¹⁰

Fees up to date as of 22nd July 2024

Alternative special accounts for foreigners/non-residents

Outside the four big banks in New Zealand, there are around 23 other registered banks, many of which are foreign subsidiaries of large international banks.¹² If you want to keep it truly local, here are some other NZ banks.

Kiwibank

Kiwibank is the largest locally owned bank in New Zealand. It first opened its doors in 2002 and services over 2 million customers. They also offer those looking to move to NZ from Australia the option to open an account through their migrant banking.¹³

The Co-operative bank

Another NZ owned bank, the Co-operative Banks shares its profits with its customers as part shareholders. It has been in operation since 2011 and offers everyday banking, savings, loans and insurance products.¹⁴

Heartland bank

Heartland Bank has been in operation since 1875 and specialises in saving products such as a term deposit with competitive interest rates. In 2024, it was the first New Zealand bank to acquire an Australian bank.¹⁵

Online financial services

If a traditional brick and mortar bank is not quite what you’re looking for, then you can also have a look at some of the digital options to manage your money. Here are some popular ones:

• Revolut
• Emerge
• Debut

If you aren’t sure you’re ready to commit to any of the big banks before you move, you could try Wise. You can open a Wise Account while you’re still in Australia and easily convert your AUD into NZD and hold it in your local Wise NZD account. This is a great option if you want to get a feel for your options once you are in NZ.¹⁶

Are there any Australian banks in New Zealand

All four big banks of Australia have a significant presence in New Zealand. Even if you have an account with any of these banks back in Australia, you will still have to open a new account in New Zealand as you’ll need the account denominated in NZD. Commonwealth Bank offers corporate or institution services and can offer support through their customer service lines to open an ASB account.⁶

FAQ about moving to New Zealand as an Australian

You can never be too prepared, even if you are just moving next door. Here are some extra helpful FAQs for those moving to NZ.

Is it easy for an Australian to move to New Zealand?

Yes it is very easy. Australian citizens have the luxury of being able to visit, live, study and work in New Zealand indefinitely without requiring a visa. Permanent residents of Australia just have one extra step by needing to apply for a NZetA visa before moving. If you are neither an Australian citizen or permanent resident, you’ll likely require a valid visa to move to New Zealand.¹

What sort of bank accounts can you open in New Zealand?

You’ll find that the banking system is very similar to Australia. There are a range of everyday transactions, savings, business and investment accounts available. New Zealand banks also cater accounts to suit varying lifestyles such as being a student or a retiree.⁹

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

While there is nothing stopping you from keeping your accounts back in Australia, making transactions in NZ from your AUD denominated account may incur fees.¹¹ This can quickly add up over time. Secondly, if you are working in New Zealand, having a local currency account in NZ is usually required to receive your salary.

The Wise Account and Debit Card

Opening a bank account overseas can be a bit of a process that’s made more difficult if you aren’t considered a resident yet.

The Wise Account from Wise — while not a bank account — enables you to store 40 international currencies and get local account details for a number of different countries, including AUD, CAD, GBP, NZD, EUR and USD. You can use these to easily transfer your money to Wise or get paid by others. However, do note that features that are offered by traditional bank accounts such as interest, loans and in some countries, deposit protection, will not be available with the Wise account. See how Wise safeguards your money.

You’ll also avoid high international transaction fees and get access to the mid-market rate on all conversions. The best part - you can open and manage your Wise account completely online.

To make everyday spending easier you can order a Wise Debit card for your Wise Account and generate virtual cards as needed. If you have the local currency in your Wise Account the Wise card will use it. If you don’t have local currency converted, it uses smart technology to auto-convert your money at the mid-market rate, for a transparent conversion fee.

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Please see Terms of Use and product availability for your region or visit Wise Fees & Pricing for the most up to date pricing and fee information.

Note! Wise is not a bank and features available with traditional bank accounts, such as interest rates, loans or protection under the Financial Claims Scheme (for deposits up to $250,000AUD), will not be available with the Wise Account. See how Wise safeguards your money.

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Sources:

1. New Zealand immigration
2. Kiwibank open
3. ANZ about
4. ​​BNZ info
5. ASB info
6. Commbank ASB info
7. Westpac NZ about
8. ANZ open
9. Westpac open
10. BNZ fees
11. ANZ fees
12. NZ Bank list
13. Kiwibank history
14. The Co-operative bank info
15. Heartland bank info
16. Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up to date pricing and fee information.

Sources checked on: 22 July 2024