Business banking with Bank New Zealand.

Roberto Efflandrin

Choosing the right bank account for your business is a big decision. It’s really important to make sure your new account works the way you need it to, and doesn’t charge eye-watering fees for the everyday banking services you need.

Here, we’ll look at business bank accounts with Bank of New Zealand (BNZ), including the different account types available. Whether you’re a small business or a large organisation, we’ll cover all of the best options – including how to open an account, the documentation you’ll need and the account fees you need to know about.

And if your company trades worldwide, remember that there are other solutions available for international transactions than just a standard business bank account. For example, get a Wise business account and you could find that international transactions may be cheaper than using your bank.

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You’ll get the mid-market rate (with no mark-up) on every transaction, plus low fees and even a linked Mastercard to cover business expenses and cash withdrawals.

But first, let’s explore the business account types on offer at BNZ.

What are the different account types for businesses with BNZ?

BNZ offers savings and everyday transaction accounts to suit different kinds of organisations. These include accounts especially for small businesses, medium and large-sized enterprises and for particular industries too (i.e. agriculture).

Here are the business accounts offered by BNZ¹:

  • Business First Transact transaction account
  • MyMoney for Business transaction account
  • Business First OnCall savings account

Let’s take a look at these accounts in more detail

Business First Transact

The Business First Transact account comes with no monthly base account fee. This is an account that is great for businesses that don’t do too many transactions on a monthly basis. With this account, you pay a $0.20 fee for each electronic transaction you do comes with.¹

You’ll benefit from the following features with the Business First Transact account:

  • 24-hour access via internet, app, telephone banking
  • Business overdraft to help with cash flow fluctuations
  • Access to the linked Flexi Debit for business cards, as well as the Business First/Lite Visa credit cards.

MyMoney for Business account

This account is designed for small and startup businesses, as well as sole traders, who have many electronic transactions to do per month but have an annual turnover of less than $5 million. It aims to make banking simpler and help business owners manage their money with one small monthly fee of $8.50 for unlimited electronic transactions.¹

Key features include:

  • Unlimited transactions (deposits, transfers and withdrawals) for a low monthly fee
  • An overdraft for managing cash flow fluctuations
  • 24-hour access via internet, app, telephone banking
  • Access to the linked Flexi Debit for business cards, as well as the Business First/Lite Visa credit cards.

You can also get a Flexi Debit for Business card connected to the account. If you need it, there’s also a Business First Lite Visa card you can apply for. This is BNZ’s low-rate business credit card designed for smaller organisations and sole traders.

Business First OnCall

This is BNZ’s business savings account that is held alongside one of the everyday transaction accounts mentioned above. You’ll receive interest on your balance (Credit interest rate of 0.80% p.a) and don’t have to pay monthly charges or transaction fees.²

BNZ makes it easy to move money between your transaction and savings accounts, hence, the First OnCall account is not recommended for use to make bulk payments, direct debits or direct debits.

Think of BNZ’s Business First OnCall like a savings account. When used alongside a normal business bank account, it can help to maximise your earnings and put aside funds for equipment purchases, tax payments or other future expenses.

What are the fees for a BNZ business (bank) account?

As well as banking services, fees and charges are arguably the most important thing to research when choosing a new business bank account.

Here’s your at-a-glance guide to the fees for key services for BNZ’s business bank accounts:

Service fees in NZD Business First Transact¹ MyMoney for Business²
Monthly base or account management fee None $8.50
Manual transaction fees - within NZ $1 per manual transaction $1 per manual transaction
Electronic transaction fees - within NZ $0.20 None
Overdraft facility fee 0.15% per month(minimum of $5) 0.15% per month(minimum of $5)
International card transaction fees³
  • Electronic fee charges
  • 2.25% of the NZ dollar value of the withdrawal or purchase
  • Electronic fee charges
  • 2.25% of the NZ dollar value of the withdrawal or purchase
Sending money overseas³
  • $5 Online self service
  • $25 staff assisted Plus potential correspondent bank fees
  • $5 Online self service
  • $25 staff assisted Plus potential correspondent bank fees

Remember that as well as the above, you may also be charged fees for internet banking services, overdraft facilities and other services for some accounts. International ATM providers may also charge a fee for using their services.

Read more: BNZ international transfer: fees, rates and transfer times

With a Wise business account, you can send money at the mid-market rate, with low fees shown upfront. There is also no monthly fee to hold your account and you can get bank details and business cards at a one time charge.

Meet Wise Business: A great PayPal alternative

What are the requirements to open a business bank account with BNZ?

Now that you have an idea of which BNZ business account could be the right pick for your organisation, it’s time to look at the application process.

Here’s a quick look at the documentation you might need to open your account with BNZ:

  • ID for the key people involved in the business – each person will also need to be verified by BNZ either in-person or through an approved certification process
  • Signed Account Operating Authority documents setting out instructions for how the accounts will be accessed
  • Company extract and company constitution (if you have one)
  • Partnership agreement, trust deed or certificate of Incorporation – depending on your business type.
  • Documentation to support your source of funds/wealth – for example, bank statements, payslips, audited company accounts, sale and purchase agreements
  • Tax numbers or documentation if a controlling person in the company is a tax resident in another country.

How to open a BNZ business (bank) account

You can start the application for a BNZ business bank account online, by entering a few essential details into an online form here

This means details about you – as a controlling member of the business who is applying for the account – and of the business itself, such as the business structure, annual turnover and legal trading name.

This part of the process is quick and easy, but your application won’t be completed wholly online. Once you’ve submitted your form, a member of the BNZ business bank account team will get in touch by phone to help you choose the right account and get set up.

During a scheduled call, they will also let you know what documentation from the list above you’ll need to provide.

BNZ business support

If you need any additional information or want to reach out directly to the business support team, you can use these details:

  • Clll BNZ here for generic business assistance 0800 269 763
  • Otherwise, find your specific product contact details on BNZ’s contact us page


Wrapping up

After reading this guide, you should have a clearer idea of the business bank account options available at Bank of New Zealand and what you’ll need to kickstart the application process. There are accounts available for organisations of all sizes, and you can also access specialist solutions and support from BNZ if your business is in a particular industry (i.e. agriculture).

Remember to choose your new account very carefully, as it could have a big impact on the way you run your business and manage its finances. The last thing you want are restrictions, delays or high fees on the banking services your business relies on every day.

The Wise way for your business

Before opening any business account, it’s crucial to check out and compare the fees for the services you plan to use. For example, if you do a lot of business overseas, you’ll need to keep costs down on international transfers.

The Wise Business account is a great alternative for local and international banking, with the ability to pay international invoices, vendors and employees with the mid-market rate.

Find out more about how much Wise could save your business, check out the Wise Business account. You can sign up online with a few clicks — in minutes.

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  1. BZN business account types
  2. BNZ business first oncall savings account
  3. BNZ service fees
    Sources accurate as of 17-Oct-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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