BNZ Foreign Currency Account: Features, Fees, and How to Open

Having money in a foreign currency can quickly become expensive if you don’t have the right type of account to help manage it. For New Zealanders who earn overseas income, have financial interests abroad, or manage international expenses, having a foreign currency account can give you more control over your money.

This guide breaks down how BNZ’s Foreign Currency Account works, including the supported currencies, fees and exchange rates involved, and how to open one. We'll also introduce you to the Wise account, that lets you hold and manage 40+ currencies all in one place.

BNZ Foreign Currency Account: Features

BNZ has one type of foreign currency account which allows personal customers to receive, hold and send funds in a single supported foreign currency.¹ It’s designed for people who earn, spend, or manage money across borders, and want more control over when currency conversion happens.

The BNZ Foreign Currency account can be opened in one of 16 currencies, with the foreign currency being held in New Zealand, rather than overseas. At the moment the supported currencies are:

• AUD – Australian Dollar
• CAD – Canadian Dollar
• CHF – Swiss Franc
• DKK – Danish Krone
• EUR – Euro
• GBP – British Pound
• HKD – Hong Kong Dollar
• INR – Indian Rupee
• JPY – Japanese Yen
• NOK – Norwegian Krone
• SEK – Swedish Krona
• SGD – Singapore Dollar
• THB – Thai Baht
• USD – United States Dollar
• WST – Samoan Tālā
• ZAR – South African Rand

The account works alongside your existing New Zealand dollar transaction account, allowing you to transfer funds between NZD and your chosen foreign currency when needed. There’s no minimum account balance, and opportunities to earn interest. While the account doesn’t come with a debit card, it does support international payments.

BNZ Foreign Currency Accounts: Fees and charges

As you would expect, BNZ foreign exchange accounts come with some fees for having and using the account.

To start, there are monthly account maintenance fees which vary depending on the currency.¹ If the average daily account balance is above a set level for the month the maintenance fee will be fully refunded, but that rebate level is set quite high.

These are the fees and rebate level for each currency supported by the BNZ foreign money account.

On top of this there are service fees which are payable when the account is used. Here are some of the main ones to be aware of.²

It’s also worth noting that if an overseas bank charges a fee for processing the international payment, BNZ will cover that fee for personal customers sending the foreign currency via internet banking or the BNZ mobile app.

BNZ Foreign Currency Account’s exchange rate

When converting funds between NZD and your foreign currency account, BNZ uses their own exchange rate.³ This rate includes a margin, which is a fee added to the mid-market rate. If you haven’t heard of that term before, the mid-market exchange rate is the mid-point between the buy and sell prices on the global currency exchange. It’s considered a fair way to decide, and includes no margins or hidden fees.

The margin BNZ applies to the exchange rates they offer varies depending on how much currency is converted, with preferential pricing given to larger amounts.

Here are the NZD thresholds for each tier of BNZ forex pricing.

• 0 NZD- 99,999 NZD
• 100,000 NZD - 249,999 NZD
• 250,000 NZD - 499,999 NZD
• 500,000 NZD - 999,999 NZD
• 1,000,000 NZD - 4,999,999 NZD
• 5,000,000+ NZD

Indicative exchange rates for amounts up to 99,999 NZD can be found on the BNZ website. To help decide how competitive a rate is, it’s worth comparing it to a provider that actually uses the mid-market rate, like Wise.

BNZ Foreign Currency Account’s interest rate

Depending on the currency, some BNZ Foreign Currency accounts can earn interest. The interest rates vary based on the currency and account balance, and can be updated or changed from time to time.

The interest earned is calculated daily, and paid in the account currency. It’s credited on the last day of the month, ready to spend the next day.

How to open a BNZ Foreign Currency Account

To open a BNZ Foreign Currency account you need to already be a customer, and be registered for internet banking.¹ For most people this would mean opening a BNZ transaction account, like the YouMoney everyday spending account.

Once logged into your BNZ internet banking simply choose “Apply Now” from the menu, then follow the prompts to complete an application for a foreign currency account. From there it takes two business days for BNZ to action the request. If approved, your new foreign currency account will be viewable through your internet banking.

Choosing a foreign currency account

The BNZ Foreign Currency account can be a practical choice if you’re already banking with BNZ and don’t mind individual accounts for each currency. It offers access to 16 different currencies, integrates neatly with BNZ online banking, and allows you to delay currency conversion until it suits you.

That said, there are some downsides to consider as well. The account doesn’t come with a debit card, rebate thresholds for monthly fees are quite high, and the margins included in the BNZ’s exchange rate can add up over time, especially if you tend to convert smaller amounts.

If you’re looking for a more flexible way to manage multiple currencies, spend internationally, or convert money using the mid-market rate, it’s worth considering the Wise Account.

Hold and manage 40+ currencies with the Wise account

The Wise account is an easy way to save up to 7x when you send, spend, and withdraw money internationally. Hold and manage 40+ currencies, including NZD, USD, EUR, and more. All you need to do is sign up for a free account to get started, there's no monthly fees either.

You can exchange currencies at the mid-market rate on every conversion — basically the rate you see on Google. And with zero foreign transaction fees, and low, transparent pricing, Wise usually gives you the best value for your money.

You'll get 8+ local account details in NZD and a selection of other global currencies to get paid conveniently to your Wise account. And when it's time to send money abroad, enjoy fast, low-cost transfers to 140+ countries. Plus, you can get a linked Wise debit card for spending internationally at the same great mid-market rate.

When it comes to managing money globally, the Wise account is a handy tool that makes it easier and simpler.

🚀 Open your Wise account