Best Business Bank Accounts in New Zealand

Roberto Efflandrin

Owning your own business can be a rewarding venture financially and on a person level. It does come with many decisions including choosing which business bank account is best suited to your situation.

In this article we’ll take a look at some of the top business bank accounts available in New Zealand, and give you a few tips for what to look for when making your decision.

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Discover the Wise Business account

Here are some of the top business bank accounts in New Zealand

In no particular order, here’s a list of banks and services whose business accounts we’ll be delving into.

  • Wise Business Account
  • ANZ NZ Business Current Account
  • BNZ Business First Transact Account
  • Kiwibank Business Edge Account
  • ASB Business Focus Account
  • Westpac NZ Business Transact Account

Wise Business Account

An alternative to the traditional brick and mortar banks, Wise is an authorised online financial services provider that specialises in multi-currency accounts and international transactions. The Wise Business Account provides you business functionality and integrations in a flexible online package. The send money service enables you to easily send and receive money from overseas at the mid-market exchange rate.


This account is great for what type of business

Businesses and freelancers conducting business locally and overseas.

Account Fees:

  • A $40 once of fee to access local and international bank account detail

Main features of this business account

With a Wise Business account you’re able to store over 40 currencies in a single account. You can also gain access to local account details for several of the world's major currencies including NZD, AUD, USD and EUR.

There’s greater flexibility to work with international suppliers as you can pay invoices in over 70 countries.

To streamline the accounting process, the Wise Business account can also be connected to certain accounting programs including Xero.

Pros Cons
  • No hidden fees
  • Foreign exchange at the mid-market exchange rate
  • No minimum balance or monthly account maintenance fees
  • Local account details for overseas locations
  • Comes with multiple business debit cards
  • Cash deposits aren’t possible
  • No overdraft options
  • Online only, no brick and mortar branches

ANZ Business Current Account

Australia and New Zealand Bank is an award winning traditional bank that offers a range of business banking services.¹ When it comes to everyday business banking one of their main offerings is the ANZ Business Current Account.

This account is great for what type of business?

Businesses that primarily operate within New Zealand or start-ups and non-profits looking for account fee relief.

Account Fees:

  • $8.50 monthly account fee²
  • $0.20 per transaction after the free monthly allowance is used

Main features of this business account

The ANZ Business Current Account enables your funds to be managed online, over the phone or in a branch with the support of an ANZ customer service representative.³

It’s possible to make cash deposits and ATM withdrawals and the account has options for overdraft and loans.³

If you run a start-up that’s less than 2 years old, ANZ offers transaction and monthly account fee relief for the first year of service.³ Nonprofits may also be exempt from paying certain fees.

Pros³ Cons²
  • Access to branch services
  • Business overdraft and loans available
  • Fee relief available for eligible start-ups and nonprofits
  • Monthly account fees apply
  • Additional fees for international transfers start at $9

BNZ Business First Transact Account

Bank of New Zealand has been the bank of choice for many New Zealanders since it first opened in 1861.⁴ Today they offer two types of business transaction account.⁵

  • Business First Transact - A general account with three plans available
  • MyMoney for Business - For small businesses with high monthly transactions

Let’s focus on the Business First Transact Account.

This account is great for what type of business?

Businesses of any size that primarily operate within New Zealand.

Account Fees:

  • Monthly account fees⁵
    • No fee for Pay As You Go Plan
    • $10 per month with 40 free transactions for $10 Plan
    • $20 per month with 80 free transactions for $20 Plan

Main features of this business account

The BNZ Business First Transact Account offers 24/7 access to your business funds through their Internet banking portal and Mobile Business Banking app.⁵ You’ll also have access to telephone banking and branch support.

To help with cash flow your business can have a pre-approved overdraft limit allowing you to overdraw anytime.⁵

BNZ do have an option for you to start your application online, making it easier to open a business account if you’re not near a BNZ branch.⁵

  • Choice of monthly plan
  • Overdraft available
  • Application can be started online
  • Account is focused on local transactions
  • May not be suitable for businesses with a high transaction rate
Read more: A guide to business bank accounts with BNZ

Kiwibank Business Edge Account

Kiwibank is a New Zealand bank that openly states that all of their profit stays within the country.⁶ For businesses they offer a range of accounts including the Business Edge Account.⁷

This account is great for what type of business?

Businesses that mainly do electronic transactions.

Account Fees:

  • $5 monthly account management fee⁷
  • $10 per card per annum Visa Debit Card fee

Main features of this business account

The Kiwibank Business Edge Account comes with free electronic transactions (excluding bulk payments) and 25 free in-branch deposits per month.⁷

You get access to a Visa Debit Card or multiple ATM/EFTPOS cards depending on the number of signatories on the account.⁷

To make accounting tasks easier, the Kiwibank Business Edge Account can be integrated with a range of accounting softwares including Xero, MYOB and TenanSee.⁷

ProsCons⁷** **
  • Business debit or ATM/EFTPOS card
  • Accounting software integration possible
  • Overdraft available
  • No account interest
  • Different fees for international transactions
Read more: Business banking with Kiwibank

ASB Business Focus Account

ASB were the first in New Zealand to introduce internet banking and mobile phone payments.⁸ Their everyday transactions account for small businesses is the Business Focus Account.

This account is great for what type of business?

Small businesses that mostly do electronic transactions.

Account Fees:

  • $7.50 monthly base fee⁹
  • $0.20 for inward direct debit payments

Main features of this business account

With a Business Focus Account your monthly base fee gives you access to unlimited basic electronic transactions.⁹

The account can be connected to a FastCash EFTPOS card and the initial card is sent to you for free.⁹

When it comes to accounting software integration, ASB has enabled the Business Focus Account to be connected to Xero and MYOB.⁹

  • Business debit card
  • Overdraft facilities available
  • Some accounting software options
  • No account interest
  • Business turnover is limited to $2 million per year
Read more: Business banking with ASB

Westpac New Zealand Business Transact Account

One of New Zealand’s Big Four banks, Westpac NZ have a range of personal and business products. For everyday business banking they offer the Business Transact Account.

This account is great for what type of business?

Businesses or sole traders that mostly transact within New Zealand.

Account Fees:

  • $7 monthly account maintenance fee¹⁰
  • $0.25 per transaction after the monthly free limit is used

Main features of this business account

Using a Westpac Business Transact Account you can manage your funds 24/7 using their Smart ATMs, Business Online banking or Westpac One.¹⁰

Depending on how your account is set up it’s possible to attach a Mastercard Debit card for easy daily spending.¹⁰

The account comes with optional overdraft and the ability to accept payments in a range of ways including direct debit and through EFTPOS facilities.¹⁰

Pros¹⁰ Cons¹⁰
  • Overdraft facilities
  • No ATM withdrawal fees
  • Fees the same for electronic and manual transactions
  • Limited to 100 free transactions per month
  • Business debit card may not be available

Meet Wise Business: A great PayPal alternative

What you need to open a business account in New Zealand

What you need to open a business bank account in New Zealand varies depending on the bank. Here’s a general idea of what you might need to provide.

  • A New Zealand Business Number (NZBN)
  • ID documents and proof of address for key individuals in the company
  • Contact details for the company
  • The person applying needs to be a key person in the company with the authority to open an account

Things to consider when selecting your next business account

Do you need a business account?

While a business bank account isn’t always legally required, it’s generally a good idea to have as it makes it easier to separate your personal and business financial records.

Account opening deposits?

Some banks will ask you to pay a minimum deposit to be able to open an account with them. Ideally you want to find an account with the services you need and low or no minimum deposit.

What are the fees — local and international transactions

When deciding which business bank account to go with it’s a very good idea to read through the related fee schedules to make sure you know all of the fees that apply to the account. Here’s a few to look out for.

  • Fees for multiple transfers or bulk payments
  • Any differences in fees for local and international transfers
  • What the bank bases their exchange rate on
  • If the bank applies a profit margin to the exchange rate
  • Fees for in-branch services

What are the account limits

Many bank accounts have inbound and outbound transfer limits so aim to find one with a higher limit than you’d generally expect to need for your business endeavours.

Are multiple cards available?

If you have a team of people in your business who you trust with the business debit card, it’s a bonus to find an account that allows for multiple cards to be issued. With multiple cards you don’t need to worry about who needs the card when and it’s generally easier to track who’s spending what.

Can you control your account online?

Many people rely on online banking to manage their accounts. If this sounds like you, it’s a good idea to check what services and transaction types you can access online.

Customer support availability and timeframes

Here’s a few things to consider when it comes to a bank's customer service.

  • When is customer support available?
  • How can you contact customer support?
  • Where is the closest branch?
  • What are the response times like?

In-branch support availability and network size

If you think you’ll need access to branch services you may want to check how many branches there are in your area and what services those branches actually offer.

Credit and overdraft facilities

It’s possible that a situation may arise where your business needs to access a line of credit or go into overdraft. When choosing a business bank account it’s a good idea to look at what they have available, if the amount would be enough for your business and what the approval process entails.

Why not check out the Wise Business account

The Wise Business account is an affordable and secure way to manage your everyday business banking. There’s no monthly account fees to worry about.

As well as doing transactions within New Zealand, you can send and receive money around the globe. There’s no hidden fees and your money is exchanged using the mid-market rate, just like you see on Google.

To make running your business easier, Wise enables you to have multiple business debit cards. You can pay up to 1000 people at one and there’s options for accounting software integration.

If the Wise Business account sounds like it might be the solution for your business banking needs, why not take a look at the account for yourself - you can get started in minutes.

Register your Wise business account
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  1. ANZ - Business
  2. ANZ - Fees and Charges
  3. ANZ - ANZ Business Current account
  4. BNZ - About us
  5. BNZ - Business transaction accounts
  6. Kiwibank - About us
  7. Kiwibank - Business Edge
  8. ASB - About us
  9. ASB - Business Focus account
  10. Westpac - Business Transact account

Sources checked on: 17 June 2022

This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from Wise Payments Limited or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date.

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