Guide to Bank of Baroda NZ: NRI Services, Exchange Rate, Alternatives
Complete guide to Bank of Baroda - New Zealand branch services catering towards NRIs based in NZ. Plus tips on how to save when remitting to India with Wise.
Guide to Bank of India NZ: NRI Services, Exchange Rate, Alternatives
Bank of India is a well-known public-sector bank in India. It has a big overseas footprint and operates in over 20 foreign countries on five continents, including New Zealand.
Bank of India operates the wholly owned subsidiary, Bank of India New Zealand (BOI-NZ), with two branches in the country - one in Auckland and the other at Papatoetoe. BOI-NZ offers customers an extensive range of services, especially for Non-Resident Indians (NRI) living in New Zealand. These services include deposits, loans, and international transfers to India, also called remittances.
Learn more about what BOI-NZ has to offer for NRIs and locals in New Zealand.1
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Bank of India New Zealand Services
While the Bank of India New Zealand offers its services to all NZ citizens, it provides banking solutions specifically for the NRI community. Here is a list of services BOINZ offers:
Local Bank Accounts
BOINZ offers basic banking facilities like savings, current, and term deposit accounts to NRIs in New Zealand. You will get a New Zealand account number, which means the accounts are held in New Zealand dollars, and you can make local currency transfers into them.
Here are a few of the accounts available:
Savings Deposit Account - BOI Star Savings Deposit
Savings deposit accounts are for meeting everyday banking needs. NRIs can open a BOI Star Savings Deposit Account in NZ or US dollars. The minimum balance requirement is NZ$500 or US$500.2
Customers get competitive interest rates on their deposits and four free monthly remittances to any bank branch in India. Indian international students can benefit from a total waiver of all fees and no minimum balance requirement.
Current Account - BOI Star Current Account
A BOI Star Current Account is an option for NRI businesses. Unlike savings deposits, this account is opened in NZ dollars alone. The minimum balance requirement is NZ$5,000.3
Account holders don’t earn interest on any balances in a current account, but they can send two free remittances monthly to any bank branch in India. The number of transactions for current accounts are not restricted.
NRIs can open personal current accounts if needed, too.
Recurring Deposit Account - BOI Star Recurring Deposit Account
Recurring deposit accounts are a good option for customers who wish to contribute small savings every month. NRIs can open a BOI Star Recurring Deposit Account by contributing at least NZ$50 per month. The maximum monthly investment amount is capped at NZ$10,000.
The deposit period can range from one to three years, and you can reinvest or withdraw at maturity.
NRI customers can refer to the BOINZ website for deposit account interest rates. Overdraft facilities or a loan of up to 90% of the deposit amount is also available.
Premature deposit withdrawals are allowed but come with an interest penalty of 1% and a flat fee of NZ$50.4
Term Deposits
BOINZ offers a term deposit where NRIs can invest for a fixed, predetermined term. The account can be held in NZ or U.S. dollars. The rate of interest varies according to the term length. Generally, the interest amount is reinvested throughout and payable with the principal amount on maturity.
Term deposit lengths range from 30 days to five years. You can find the deposit interest rate on the BOINZ website.
Premature deposit withdrawals are allowed with an interest penalty of 1% and a fixed fee of NZ$ 50.5
Non-Resident Accounts
Non-resident Indian (NRI) customers living in New Zealand can open NRI accounts with Bank of India and use a BOINZ account to transfer money from overseas. Here are two popular types of NRI accounts available:
- Non-Resident External (NRE): An NRE account is for income earned abroad. The funds can be transferred to the NRE account from overseas and be repatriated back to your resident country.
- Non-Resident Ordinary (NRO): An NRO account is for income earned within India, like rental income from a property. Accountholders generally keep the funds in Rupees and spend locally as NRO accounts are usually not repatriable - which means the funds can’t be sent overseas to your resident country.
Loans and Advances
BOINZ offers customers home loans, personal loans, and overdraft facilities. You must have an existing banking relationship to open a loan at the bank. The application forms and supporting document details are available on the BOINZ website.
Home Loans - BOI Star Home Loan
NRIs who want to buy a house in New Zealand can apply to BOINZ for a BOI Star Home Loan. The loans have a fixed or floating interest rate option.
Generally, the BOI Star Home Loan is available for up to 80% of the home value in most urban areas, as long as you meet the income requirements. The home loan interest rates can change and are updated regularly.
Customers can obtain BOI Star Home Loan on a revolving credit basis, which means they can take out as much or as little as needed. The loan value depends on the property value.
NRIs can visit either of the two BOINZ branches in New Zealand to apply for the loan or the website to download the application form.6
Personal Loans
Personal loans are available to eligible accountholders for various purposes, such as:7
- Going on vacation
- Special occasions, like wedding
- Purchasing real estate
- Construction of a house or property
- Purchase a vehicle
- Business purposes
- Refinance or consolidating debts
Loans can be taken out on behalf of an individual or business.
Bank of India NZ Remittance
BOINZ offers international transfer facilities, enabling NRIs to remit to India and other countries. You can send four free remittances to India every month, and Bank of India accounts in India can be credited immediately. Same-day credit may be available for other Indian banks as well.
Accountholders can use this application form to send transfers from a BOINZ branch or online.8
Bank of India NZ Exchange Rate for International Transfers
BOINZ applies an exchange rate on all international transfers. The bank sets its own exchange rate, which means it can be higher than the mid-market rate you see on Google. This markup takes a cut of every dollar you transfer, making your transfer more expensive.
For a convenient alternative, we invite you you compare the remittance cost of Bank of India in New Zealand with Wise instead:
Bank of India NZ Contact Details
Bank of India New Zealand has two branches in the country:9
- Auckland Branch - 10, Manukau Road, Epsom, PO Box No: 99491, Auckland 1023. The branch is open from 9.00 AM to 4.30 PM (Monday to Friday).
- Papatoetoe Branch - 31, East Tamaki Road, Papatoetoe, Auckland 2023. The branch is open from 9.00 AM to 4.30 PM (Monday to Friday).
You can use the following phone numbers to contact the branch head office in Auckland and the individual branches.
Alternatives for NRIs in New Zealand
In addition to Bank of India NZ, residents and NRIs can use other banks in New Zealand for current, savings accounts or term deposits. The popular Indian bank, Bank of Baroda, also has a subsidiary in New Zealand.
Indian bank subsidiaries can be a convenient option if you are an NRI and have an existing relationship with the bank back in India. However, others may want to consider a local banks or alternate providers such as Wise that offers convenient international transfer services to send money home.
Wise uses smart tech to make transfers from New Zealand safe, fast, and low-cost. You can send money directly to local bank accounts or UPI accounts in India without any markups on the mid-market rate and transparent costs shows upfront.
Meet Wise: Simplifying financial life for NRIs
NRIs can manage money easier with Wise. With convenient transfers to India, NRIs can send family maintenance, gifts or NRE funding straight to local bank accounts.
To take your money to the next level, take a look at the Wise account available for residents in New Zealand. It is one account where you can hold, send and spend in multiple currencies, including Indian rupees, Euros and US dollars. Plus, with a linked debit card, you can swipe like a local when you visit India or on your next holiday.
Please see the terms of use and product availability for your region or visit Wise fees and pricing for the most up-to-date pricing and fee information.
Sources used for this article:
- Intro to Bank of India New Zealand for NZ NRIs
- BOINZ Savings Accounts
- BOINZ Current Accounts
- BOINZ Recurring Deposit Accounts
- BOINZ Term Deposits
- BOINZ Home Loan
- BOINZ Personal Loans and Overdraft
- BOINZ Remittance and International Transfers
- BOINZ Branches and Contact Details
Sources verified on 10 April 2024.
*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
