Best Account for International Students in New Zealand [2024]

For international students, opening an account in New Zealand can make it far easier to manage your money in NZD and access local services like a mobile phone contract. But which is the best provider in New Zealand for international students?

Many New Zealand providers have specific student products, or even specific accounts designed for international students moving to the country. Others offer their regular everyday accounts to students, with some extra perks or benefits thrown in. And on top of that, there are also non-bank alternatives like Wise which are cheap, flexible, and can be opened before you even move to New Zealand.

Join us as we explore some popular options for a bank account for international students which can help you do more with your money.

Do International Students need an account in New Zealand?

Getting an account to hold, receive and spend NZD is pretty useful if you’re off to New Zealand to study. It’s also one way you can meet the requirement to show proof of funds for your New Zealand visa.

Once you’re actually in New Zealand, having an account you can use to spend NZD without needing to pay foreign transaction fees can keep down your costs. Plus you might need a local account to get a rental agreement on an apartment, or to take out a contract on a mobile phone for example.

Different providers all have their own features and products for international students, which can make the choice seem a bit overwhelming. This review of the best accounts for international students in New Zealand is here to help.

Requirements for Opening NZ Account

To open an account in New Zealand you’ll generally be asked to provide:

• 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

For student specific accounts, many providers will set their own rules about who can apply for an account, which may vary. It’s important to check you’re eligible for the account you want to apply for as the restrictions may not be familiar.

To give an example for the Westpac international student account, which we’ll look at in more detail later, you’ll need to meet the following eligibility requirements:

• Have a valid student visa and evidence of enrolment at university or similar
• Be studying full-time for six months or longer at an approved tertiary institution
• Have any regular income paid into your student account

Other restrictions may also apply. For example, you may not be eligible to apply for an overdraft or loan as an international student.

Best New Zealand Accounts for International Students

There’s not a single best account for international students in New Zealand. Instead, different providers have their own features and products, including some accounts which are specifically tailored for international students, and others which may offer extra perks for students.

You can also consider of opening an account with a non-bank alternative such as Wise. Wise offers strong international features which can make it a good pick if you’re studying abroad - from holding 40+ currencies in one place, to spending on your Wise card in 150+ countries with the mid-market rate and low fees.

International Student Account: Comparison of Features

Let’s dive right in. Here we’ve compared a few products from top New Zealand providers:

Wise Multi-Currency Account

Wise isn’t a bank but using a Wise multi-currency account can help you keep down the costs of managing your money as an international student. Hold and exchange 40+ currencies including NZD, and receive payments in NZD with local bank details. It’s free to open a Wise personal account, and there’s no Wise fee to receive a payment in NZD. Whenever you need to convert from one currency to another, to send or receive a payment or for card spending, you’ll get the mid-market rate with transparent costs from just 0.33%.

Here’s a summary of some of the key Wise services which could be handy for international students in New Zealand:

• Hold and exchange your home currency and NZD in one account - 40+ currencies supported
• Use your Wise debit card, available for 14 NZD, in 150+ countries when you travel
• 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

Sign up for Wise

ANZ Jumpstart Account

The ANZ Jumpstart account⁶ is suitable for international students who are under 21 years old, or studying full time in an eligible institution. The accounts have very few fees to pay, and you can get a linked debit card to make ATM withdrawals and payments anywhere you see the Visa logo. ANZ Jumpstart accounts only hold NZD, and there’s a fee of 1.3% when you use your card to spend or withdraw a foreign currency. This applies when you travel and when you shop online with retailers based abroad.

Here are a few of the important features of the ANZ Jumpstart account:

• No monthly fee
• No fee for manual or digital transactions
• No ANZ ATM fee (ATM operator might have their own fees)
• 1.3% fee for spending or withdrawing in a foreign currency

Westpac NZ International Student Account

Westpac offers an account which is specifically tailored for international students who have come to New Zealand for 6 months or more⁷. You’ll need to be studying in an approved institution, but can apply for a day to day account which offers low or no fee transactions, and discounts by application for international transfers. As well as your NZD account you can also choose to open a foreign currency account with Westpac to manage your money in your home currency as well.

Here are a few of the key account features which may suit international students in New Zealand:

• No monthly fees, no transaction fees for common digital or manual transactions
• Up to 25% off the exchange cost when sending money abroad (apply in advance for this service)
• Debit card available for spending and withdrawals - fees apply to some cards, but there is a fee free Mastercard option
• 9 NZD unarranged overdraft fee

Kiwibank FreeUp Account

Kiwibank markets its everyday account - the FreeUp account⁸ - as a good option for people moving to New Zealand, including international students aged 18 and older. You can start your application with Kiwibank before you move, which can be an advantage. Submit your request up to 60 days before you move, and then go to a branch on arrival to complete the application process. Before you move you can deposit money to your new NZD account but you can not make withdrawals until you arrive and have your account validated in a branch.

Here are some features of the Kiwibank FreeUp account:

• Open up to 60 days before you move to New Zealand
• No transaction fees if you're under 19
• Electronic transactions are often free, but there’s a 3 NZD fee for any in branch transactions
• Account dormancy fees apply
• 2.5% foreign transaction fee
• 6 NZD overseas ATM fee

BNZ YouMoney Account

BNZ offers its YouMoney everyday account⁹ as a good option for international students, with no ongoing fees and very few transaction fees. To qualify for student benefits you’ll need to be enrolled full or part time in an eligible course and institution, but you may still be able to maintain any benefits for a year or two after graduation if you decide to stay in New Zealand.

Here are some of the key points about the BNZ YouMoney account:

• No ongoing fees
• No fee from BNZ for ATM withdrawals (ATM operators may charge their own fees)
• 2.25% foreign transaction fee
• Student benefits may be available

ASB Streamline Account

ASB offers some people moving to New Zealand the option to begin their account application process in advance of their move. This service is supported by relocation specialists from the bank - but is not always available for international students. Once you have your account all set up there are very few fees to pay, and you can get a debit card to make spending and withdrawals pretty easy to manage.

Here are some important features for the ASB Streamline account¹⁰:

• Some account features may be available for applicants before moving
• No fee to open an account
• No fee from ASB for ATM withdrawals (ATM operators may charge their own fees)
• 3 NZD unarranged overdraft fee
• 2.1% foreign transaction fee

Summary

Having ways to receive, send and spend New Zealand dollars is likely to be essential to allow you to make the most of your time as an international student. While local New Zealand banks do have some great products which might help, you could also consider a non-bank provider like Wise, which lets you get paid in NZD for free, convert currencies with the mid-market rate, and spend globally with your debit card with low fees and great flexibility. Use this guide to weigh up your options from banks and non-bank alternatives, to see which works best for you.