Kiwibank foreign/multi currency account.

Kiwibank is a New Zealand bank that offers customers a range of services and accounts including a foreign currency account. Having a foreign currency account can be handy if you work internationally, have family aboard or want to store foreign currency to pay for purchases overseas, including travel.

In this article we’ll take a look at the Kiwibank Foreign Currency Account, seeing what you need to do to open one and what the associated fees, features and exchange rates are.

We’ll also let you know about Wise, a secure alternative that specialises in currency exchange and international money transfers.

Learn more about the
Wise Multi-Currency account

Intro to the Kiwibank Foreign – multi currency account.

Using a Kiwibank Foreign Currency Account, you can convert and store supported currencies through your internet banking.¹ It’s possible to receive electronic payments from others and you can transfer money out as needed, including to pay for goods and services.

Keep in mind that this account is an online account so it doesn’t have an EFTPOS card to spend or withdrawal foreign currency, and you can’t deposit physical cash into the account either.¹

ASB Foreign Currency Account supported currencies

Here are the 13 currencies that Kiwibank offers foreign currency accounts for.¹

• AUD - Australian Dollar
• GBP - British Pound
• CAD - Canadian Dollar
• EUR - Euro
• HKD - Hong Kong Dollar
• JPY - Japanese Yen
• SGD - Singapore Dollar
• CHF - Swiss France
• USD - US Dollar
• DKK - Danish Krone
• NOK - Norwegian Krone
• ZAR - South African Rand
• SEK - Swedish Krona

While 13 different currencies may seem like a lot, it’s not as many as Wise supports. With Wise you can convert and hold 40+ different currencies including the 13 listed above.

Kiwibank Foreign currency account fees vs Wise

The Kiwibank Foreign Currency Account has a few different fees including some that apply when you send or receive money.

Here’s a quick look at the fees you’re likely to encounter and how they compare to Wise.

* Fees as seen on 27 July 2022

Kiwibank Foreign currency account exchange rates

When Kiwibank converts NZD and foreign currencies they make money on the conversion by applying a markup to the exchange rate.²

Here’s what they claim in the small print:

“When Kiwibank converts foreign currency into New Zealand dollars, or converts New Zealand dollars into foreign currency, or converts one foreign currency into another foreign currency, Kiwibank makes money on the conversion.”

This is different to Wise, which uses the mid-market rate just like you see on Google.

Here’s a comparison of the indicative exchange rate on the Kiwibank website and the rate Wise was offering at the same time if you were to convert NZD to these currencies.

To put the exchange rates and fees into context, here’s an estimate of what you’d be looking at if you were to send $1000 NZD to an AUD account in Australia using your online banking.

How to open a Foreign currency account with Kiwibank

To be eligible to open a foreign currency account with Kiwibank you need to have a Kiwibank everyday account first.¹

Once you have an everyday account, you then need to contact Kiwibank’s international team in order to start the process of opening a foreign currency account.¹ Here's how you can do that.

• Phone 0800 222 490 within New Zealand
• Call +64 4 460 9290 from overseas
• Email international@kiwibank.co.nz

Documents needed to open a multi currency account at Kiwibank

Kiwibank doesn't specifically mention on their website what you’ll need to open a foreign currency account, other than a minimum deposit and a Kiwibank everyday account.

If you need to open a Kiwibank everyday account it’s likely you’ll need to provide some of the following documentation and information.

• Full name
• Residential address
• Contact details
• Proof of ID
• Tax information

Minimum Deposit required to open this account

The minimum deposit to open a Kiwibank Foreign Currency Account is $500 NZD.¹

Contacting Kiwibank

If you have any questions for Kiwibank about their foreign currency account, here’s a few ways you can reach them.

• Visit a branch in person
• Call 0800 113 355 within New Zealand
• Phone +64 4 473 1133 from overseas

A smart alternative - Wise multi currency account

While the Kiwibank Foreign Currency Account is a viable option for New Zealanders looking to store and convert foreign currencies, it may not be right for you based on the fees, exchange rate mark up or inability to connect to a debit card. Let’s take a quick look at Wise as an alternative.

Wise offers a Multi Currency account that you can use to hold and convert 40+ different currencies, all through a single account. For certain currencies including NZD and AUD, you can also get account details that help you to send and receive funds like a local.

You have the option to order a Wise Debit card and generate virtual debit cards for your Multi Currency account. The physical card can be used almost anywhere debit cards are accepted and if a currency exchange is needed, the card takes care of it automatically. This makes daily spending in NZD and supported currencies relatively simple and hassle free.

If it sounds like the Wise Multi Currency might work for you, why not try it out for yourself. With no monthly account fees and an easy online setup, it's worth taking a look.

Register your Wise account in minutes 🚀

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