Personal Finance Bank accounts

Guide to ASB Streamline Account (Formerly ASB Tertiary Account) in NZ

Aditya Shrivastava

26.06.24

Read time 2 minutes

The ASB Streamline Account, successor of no longer available ASB Tertiary Account, is a popular banking option provided by ASB Bank for New Zealand residents and students looking for a flexible everyday account. This guide will explore the features, benefits, and highlights of the ASB Streamline Account, as well as introduce the Wise Account as a convenient alternative for international students in New Zealand.

Table of contents
What is the ASB Streamline Account? ASB Stream Features: ASB International Transfers ASB Exchange Rates Using ASB Debit Card Abroad Meet Wise: A convenient NZD alternative

What is the ASB Streamline Account?

The ASB Streamline Account is a transaction account designed for everyday banking needs. It's suitable for a wide range of customers, especially appealing to students with no income because of it's pricing structure.

Key Features:

ASB Bank is one of major banking providers in New Zealand, with widespread ATM network around the country. They offer 24/7 access to your account online or via the ASB app, plus Access to ASB's extensive branch network for in-person banking. Here are the key highlights for the ASB Streamline Account in particular:

Zero monthly monthly base fee: The ASB Streamline Account doesn't charge a monthly maintenance fee.
Electronic transactions: Unlimited free electronic transactions, including EFTPOS, ATM withdrawals at ASB ATMs, and online banking.
ASB Visa Debit Card: Access to a Visa Debit card for easy purchases and withdrawals.
Mobile banking: Use the ASB Mobile Banking app for convenient account management.
Apple Pay and Google Pay: Compatible with digital wallet services for contactless payments.
Foreign Exchange Facility: Convenient option to order foreign exchange and request international transfers.

International Transfers with ASB

While ASB does provide convenient foreign exchange facility with the Streamline account, it is important to understand their foreign exchange fees before directly making an International Money Transfer (IMT) with ASB:

For sending money abroad, ASB charges NZD 30 when making a transfer from their branch, and NZD 5 when transferring online via FastNet Classic.
For receiving money from abroad, ASB charges NZD 15 for international inwards payments received directly by ASB and settles to your NZD account.

ASB Foreign Exchange Rate

ASB Bank published it's own foreign exchange rates and you can use their foreign exchange calculator to see currency conversion.

You'll find that these rates are higher than the mid-market rates you see on Google — and the one used on Wise.

Here is a comparison of international money transfer costs between ASB Bank and Wise:

The true cost of sending USD to INR

As you can see, even with slightly higher transfer fees, Wise can help you save with international transfers by offering currency conversions at mid-market rates without any markups.

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

Using ASB Debit Card Internationally

ASB Bank offers a free Visa Debit Card that you can use overseas anywhere Visa card is accepted. This can seem convenient for ASB account holders when they travel abroad from New Zealand.

However, again, you must be vigilant of the currency conversion rates when using your card internationally:

The exchange rate is selected by Visa — which is not the mid-market rate.
On top of that ASB Visa Debit Card charges an Offshore Service Margins of 2.10% on the converted NZD maount of each transaction.

As an alternative, we invite you to check out Wise card that help you save by converting NZD at the mid-market rate.

Review of Wise Card in NZ 👉

Note that Wise card costs a one-time fee of NZD 14. Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up to date pricing and fee information.

Meet Wise: A convenient alternative for NZD account

The ASB Streamline Account offers a solid banking solution for everyday needs in New Zealand, with the advantage of physical branches and local banking infrastructure. However, for those with international banking needs or those looking for more flexibility in currency management, the Wise Account presents an attractive features:

Multi-currency account: Hold and manage 40+ currencies.
Mid-market exchange rates: Get the mid-market rate with no markups when converting currencies.
Low-cost international transfers: Send money abroad at a with transparents fees.
Wise Debit Card: A linked debit card that automatically uses the best currency in your account.
No monthly fees: Free to open and maintain the account. (Debit card cost a one-time fee of NZD 14).
Local account details: Get local bank account numbers for NZD, AUD, USD, EUR, and more.

Wise Account

*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.