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There comes a time when you might need to close your local bank account. This could be because you have found a better alternative or you are moving abroad. If you have a bank account with Kiwibank in New Zealand, and are ready to close it, we have gathered all the information you need to get the process going.
This article will take you through the steps you need to go through to close your Kiwibank account. We will also introduce you to the Wise multi-currency account, an alternative account option where you can send your balance to.
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Before you can close a bank account with Kiwibank, there are a few important steps you need to take to make sure the process can be as streamlined as possible. These are:
- You need to empty your account so that the account balance is at $0. You can do this by transferring to a different account such as a NZD Wise account.
- Make sure you have no fees, loans, overdrafts or uncleared balances owing to Kiwibank
- If you use any investment services with Kiwibank, make sure these are sorted
- If you need any of your past bank statements for the account, Kiwibank recommends you download them before making contact for closing the account.
If you have completed all the above steps, your account is ready to be closed. Below we’ll go through these steps in relation to the account type you have.
Kiwibank makes closing an account simple, this includes closing the Free up Everyday account, or any Kiwibank savings account. The three ways you can close these accounts are¹:
- Log into your Kiwibank internet banking portal and send through a secure mail to reach a Kiwibank representative
- Give Kiwibank a call
- You can drop into a branch and close your account the manual way. Before you do though, you will need to fill out their account closure request form which can be downloadedhere.
Once all requirements are met, your account will be closed straight away.
The most important step when closing your account is emptying the remaining balance. If you need to send the balance overseas, Wise could save you a lot in transfer fees and exchange rates. See for yourself by trying out our fee calculator below.
To close a Kiwibank joint bank account, the procedure is the same as above, except the request must come from the delegated authorised holder for the account.²
If you have a credit card or another sort of bank card connected to the account you are closing, the card will be cancelled upon confirmation of account closure.² Make sure the balance has been zeroed.
It is possible to close your Kiwibank bank account from overseas. If you cannot access your internet banking portal to do this, you can give Kiwibank a call. Just have your access number and account number ready. (Source maybe?)
There are three things that will happen to your Kiwibank everyday or savings account if at least one transaction is not completed per year:
- If you leave your account inactive for 6 months, Kiwibank will stop sending you paper statements for the account.²
- If your account is left inactive for 12 months and has a balance of less than $200 NZD, you will be charged a $30 NZD fee across all inactive accounts.
- If your inactive account has less than $30 NZD, Kiwibank will close the account and take all remaining funds.³
For any cancelled bank cards, it is common practice to destroy and discard them — or return them to the bank if you close your account at a branch.
Kiwibank does not actively disclose if there are any extra fees to close any of their accounts. If you need to transfer money out of the account, there may be transfer fees to pay depending on the account fee schedule.
If you want to talk to Kiwibank for any reason, you can:
- Call 0800 113 355 from within New Zealand
- Call +64 4 473 1133 from overseas
- Find your ideal contact methodhere
Customer service lines are open between 7am and 9pm Monday to Thursday, 7am to 8am Fridays and 8am to 4:30pm weekends and public holidays.
If you are yet to decide where you want to transfer your remaining balance, you can check other popular banks such as Bank of New Zealand, ANZ, or ASB bank. If these aren’t to your taste, you should check out the Wise multi-currency account as a cheap and easy way to keep your money.
As we’ve covered in this article, Kiwibank keeps it simple when it comes to the steps for closing any of their bank accounts. If you need to still send some cash from your Kiwibank account to get the process rolling, consider using the Wise multi-currency account.
Holding your money in the Wise multi-currency account, especially if you are moving abroad, gives you the ability to send, receive hold and convert your NZD using the mid-market exchange rate to any of the 40+ currencies.
You can also opt in to order your own Wise debit card that connects to your Wise multi-currency account to spend your cash in over 200 countries.
- Kiwibankclose account
- Kiwibankjoint account closure, inactive accounts & CCard closure
- Kiwibank inoperative fees
Sources checked on: 14 July 2022
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.
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