Best NZD Account for Expats: Review of top options in New Zealand

If you’re moving to New Zealand to live and work, you’ll need ways to manage your money in NZD conveniently and without excessive fees. Some New Zealand providers do allow you to set up an account ahead of time if you’re moving to the country soon. However, in most cases you’ll need to wait until you’ve physically arrived and can provide a proof of your local address, to get full account services.

If you’re looking to hit the ground running, a non-bank alternative like Wise is worth considering. You can open a Wise account from any of the support countries to get NZD bank details and easy ways to pay and get paid, before you physically relocate. More on that later.

Can Foreigners Open an Account in New Zealand?

Yes. Foreigners legally residing in New Zealand can open an account there with no restrictions. You’ll need to provide some documents - which we’ll look at in a moment - for verification, but you can then choose from the full suite of available products and services.

Where the process can get a little trickier is if you’re an expat looking to open a New Zealand account before you move. In this case, there are a few banks which can help you out with specialist relocation services - but this isn’t universally available, so you’ll need to do a little shopping around.

We’ve touched on a couple of banks with relocation options in this guide - or, for an easier way to hold, exchange, receive, send and spend NZD alongside a great selection of other major currencies, check out Wise. Wise isn’t a bank but does offer powerful multi-currency accounts and cards for people living in New Zealand and many other countries and regions. More on that later.

Documents Required to Open an Account in New Zealand

To open an account in New Zealand you’ll need to provide some documents which usually include:

• Proof of identity - such as your passport
• Proof of address - such as a letter from a government agency or a utility bill in your name
• Visa or proof of legal residence in New Zealand

You’ll also need to provide details of your tax status and residency, and if you’re a US citizen or permanent resident there are a few extra checks to complete.

The process for getting verified depends on the provider you select. Some allow you to complete the verification check digitally by uploading images of your documents. Other banks ask you to go into a branch to show your paperwork in person. In some cases, as a foreigner - and particularly as a non-resident - a trip to the bank will be inevitable as you may not have the standard documents provided by local New Zealanders.

How to open a bank account in New Zealand

It’s sometimes possible to open an account in New Zealand online, but with many provider this may only be a service that’s available for current New Zealand residents. Some, like Kiwibank, do offer an option to open an account before you move. With Kiwibank you’ll need to send the following to the specialist Kiwibank moving to New Zealand email address, to complete your application¹:

• Migrant banking application form
• Overseas tax declaration form
• Certified copy of your passport
• Certified copy of your proof of your residential address in your home country
• Resident or Work Visa

All your documents need to be certified, and may also need to be translated if they’re not originally in English. There are details available on the Kiwibank website showing who can certify documents for you - usually someone like a lawyer, notary public or an accountant. Once your account application is approved you can pay into your new Kiwibank account - but you can not make any withdrawals until you arrive in New Zealand, and visit a Kiwibank branch in person to complete the application process.

For an easier option, consider Wise - a digital first, non-bank alternative with a smooth application, verification and onboarding which you can complete with just your phone.

Sign up for Wise

Best New Zealand Account for Expats

There’s no shortage of banks in New Zealand, so which works best for you might depend on the specific type of account you want, and which options have branch services close to your home or work.

We’ve run through some of the biggest banks in New Zealand here, and compared them against an alternative - Wise. Wise is not a bank but can still be a smart way to manage your money in NZD and 40+ other currencies, wherever in the world you call home. Let’s look at some details:

ANZ

ANZ² offers a full suite of banking products, including everyday accounts, savings accounts and term deposits. Everyday accounts include the Go account which is aimed at people who prefer to bank electronically. There’s no monthly fee for this account and many digital transactions are free - any services where you need to have a team member help you in a branch will come with a cost. Here’s a quick summary of the ANZ features you may choose:

• Everyday, saving and term deposit accounts
• Overdrafts, loans and credit cards
• Specialist accounts for students
• Foreign currency account services
• All everyday accounts come with a debit card for easy spending

Westpac NZ

Westpac³ has products and services which may be suited to expats in New Zealand, including the Westpac Everyday account which is a basic account aimed for day to day use. With the Everyday account most electronic transactions are free, aside from specialist services such as sending international transfers. You’ll be able to add a debit or EFTPOS card depending on your preference and how you need to transact. Here are a few Westpac services which may appeal:

• Bank accounts for everyday use, savings accounts
• Debit, credit and prepaid cards
• Home and personal loans
• Investments and financial advice
• Insurance products
• Private banking services

Kiwibank

Kiwibank⁴ has an excellent range of products and services. For expats, Kiwibank may be especially interesting as you can open their popular Free Up everyday account if you’re moving to New Zealand in the next 60 days. While you will not get full account functionality immediately, this does allow you to get the process started in advance of your move, including making deposits in NZD if you need to. You’ll need to visit a Kiwibank branch in person on arrival in New Zealand to complete the application and get your account fully operational. Here are a few other Kiwibank features and services:

• Everyday, savings and kids accounts available
• Credit and debit cards offered
• Home loans
• Insurance products available
• Investment support and services

BNZ

As one of the largest banks in New Zealand, BNZ⁵ offers pretty much all the financial products and services you can imagine. For our head of head comparison of the best New Zealand expats banks below, we’ve selected the BNZ YouMoney account which is their flagship everyday account with no fixed monthly fee to pay. You can open up to 25 different YouMoney accounts to keep your money organised, and link a debit card to any 2 accounts for spending and withdrawals. Here’s a bit more about what you can do with BNZ in New Zealand:

• Everyday, specialist, savings and term deposit accounts available
• Home and personal loans
• Credit and Visa debit cards available
• Insurance and investment services
• No BNZ fee for international transfers arranged online

ASB

ASB⁶ has a large branch network and also offers specialist relocation support for eligible expats moving to New Zealand. If you’re moving soon, you may be able to apply in advance for an ASB Streamline account - the recommended everyday account - to start to manage your money before you’ve relocated. This account has no monthly costs and offers many free digital transactions. You can also link a payment card to make spending easier. Here are a few of the products and services available from ASB:

• Everyday, saving and deposit accounts
• KiwiSaver and investment
• Loans and mortgages
• Insurance products available
• Personal and business services

Wise Multi-Currency Account: a non-banking alternative

Not sure about which bank to choose? You might find that choosing a non-bank alternative works out cheaper, easier and more flexible.

With Wise you can open an account from more or less wherever you call home, to hold and exchange 40+ currencies including NZD, and get local bank details to receive payments in NZD and select other currencies such as GBP, EUR and AUD. There’s no fee to open a Wise personal account and all currency exchange uses the mid-market exchange rate. If you’re sending international payments frequently, Wise can also help you keep down costs with transfers from just 0.33%.

Here’s a summary of some of the key Wise services for comparison:

• Hold and exchange 40+ currencies
• Get a Wise debit card for spending and withdrawals in 150+ countries
• Send payments to 160+ countries from 0.33%
• Receive payments in major currencies including NZD, AUD, USD and GBP
• All currency exchange uses the mid-market exchange rate
• Business accounts and services available

Comparison of Top Providers for NZ Expats

We’ve looked at some of the most popular New Zealand accounts for expats - now let’s have a reminder, side by side, of how Wise measures up against them. Wise is not a bank but for expats heading to New Zealand it can offer flexible, cheap and easy to use services for managing your money across currencies day to day, with low cost payments, card spending and currency exchange.

Summary

You’ll need ways to manage your money in New Zealand dollars if you’re an expat moving to New Zealand. However, if you’ve not yet relocated - or if you’re a new arrival and don’t have a local proof of address set - getting an account can be challenging.

As an alternative, for easy ways to hold, send, receive, convert and spend NZD alongside many other currencies, consider getting a Wise account before you relocate. You can apply for Wise account from any of the supported countries, with a fully online or in-app application process. Accounts hold NZD as well as 40+ other currencies for convenient money management, even across currencies.