NZ bank account numbers. All you need to know.
Bank account numbers are as unique as each banking customer. They are also as unique as the bank offering the account attached with the number. Whether you...
How to open a bank account with Auckland Savings Bank (ASB). The requirements, account types and fees.
If you are moving to New Zealand or a local looking to switch banks, there are a few options to choose from in New Zealand. As New Zealand's first savings bank, Auckland Savings Bank or ASB, might have the bank account you are looking for.¹
This article will guide you through what ASB has on offer in terms of personal bank accounts, how to open an account and the costs and fees associated. We’ll also introduce you to Wise, another great alternative if looking to open a bank account in New Zealand.
| 💸 Looking for a stress-free international account, with your very own NZD account details? |
|---|
Learn more about the
Wise Multi-Currency account
Types of accounts
ASB has quite a few personal bank account options in the form of everyday transaction accounts and savings accounts. Let’s check out what's on offer²:
Everyday accounts
ASB has 6 types of everyday bank accounts to choose from. What differentiates them from each other is account holding fees, transaction fees and eligibility requirements to open. The ASB everyday accounts you can choose from include:
- Streamline introduction package
- Streamline account
- Unlimited account
- Omni account
- Headstard account
- ASB foriegn currency account
Savings accounts
As like ASB everyday accounts, there are different features and eligibility requirements for each ASB savings account option. The 4 different ASB savings account options that you can open include:
- Savings on call account
- ASB cash fund
- Savings Plus
- Fast Saver
On top of these, ASB also offers further personal financial products including overdraft accounts, term deposits, graduate packages, tertiary packages and credit card accounts. Moving forward, we will focus only on the more popular bank account types.
How do you open these account types?
If you are looking for a popular account to open with ASB, then the Streamline intro package everyday account is the way to go.³
This account is technically the Streamline account but designed for new customers with added benefits for the first 6 months.⁴ Before we go through the steps, let's go through the eligibility requirements that you must meet to be able to open this account. These are⁵:
- Be a personal customer aged 18 or over
- Have never opened an ASB transaction account prior
If you meet the above requirements, let’s go through how to actually open this account with ASB.
How to open a Streamline intro package account with ASB?
The quickest way to open a Streamline Intro package Account is via their online portal. Before you will be able to begin the actual application process, there are a few things you’ll need to have handy. These include⁶:
- A New Zealand phone number and proof of address
- Your IRD or international tax details
- Proof of ID
Once you have these ready, it only takes 10 minutes to complete the steps to open an account online which are as follows⁶.
- Visit the ASB website
- Choose open account online
- Answer the qualifying questions
- Click get started
- Choose if you want to add on a Savings on call or Fast Saver account
- Fill in the online application form with your personal details
- Choose how you will use the account
- Provide your tax details
- Create your ASB login details for access to Mobile app and Fastnet internet banking
- Review details and submit
In order to activate your account officially after these steps, you will be required to confirm your identity via the ASB app. If you do not have a valid ID and proof of address document, you will need to visit a local branch.⁷
How to open a savings account with ASB?
In order to open a savings account with ASB, you must first open a Streamline Intro package account.³ As mentioned above, if you are eligible to open an account online, you can opt in for a savings account via the Streamline Intro Package everyday account application.
How to open a joint account with ASB?
To open a joint account, ASB recommends you to visit a local branch.³
Costs, running fees that come with the account
As you have just read above, opening a Streamline Intro account with ASB is quick and easy, but you now may be wondering what are the fees and costs associated with holding this account. To best see how this account compares, we’ll do a quick comparison with the Wise multi-currency account, a similar account available that is also quick and easy to open online in New Zealand.
| Fees* | Streamline Intro Package Everyday Account⁸ | Wise Multi-currency Account |
|---|---|---|
| Account monthly fees | None for the first 6 months⁴ After 6 months, account will carry over as the standard Streamline account with a $3.50 NZD fee p/m | None |
| International transfer fee (for a sample amount of 1000 AUD to GBP) | $15 fee (processed via Fastnet portal) for international transfers + potentially subject to charges by overseas banks + exchange rate determined by ASB $30 NZD fee if processed in branch + above fees |
|
| Receiving money from abroad fee | $15 NZD for inward transfers of over $100 NZD | Receive money in EUR, GBP, AUD, NZD, RON, HUF & SGD free of charge Free if receiving USD using ACH transfers or bank debits Per USD wire transfers = $7.50 NZD |
| Card maintenance fees | No fee to order⁴ $5 NZD fee every 6 months | $14 NZD to order the first Wise Debit Mastercard $10 NZD for replacement |
| ATM withdrawals | Free | 2 free ATM withdrawals a month for up to $350 NZD Over 2 withdrawals a month incurs a 1.75% fee each withdrawal + a $1.50 NZD withdrawal fee |
*Reference rate only - actual rate may vary. Information last checked on 16th April 2022
What do I need to open an account? Requirements, documents and what to know.
Below we will answer some other commonly asked questions when it comes to opening an account with ASB.
Which documents do I need to open an account?
The main documents to open an account either online or in person at a local branch is a proof of address document and personal ID. ⁷
Can I open this ASB account from overseas online?
It is possible to open an ASB account from overseas online if you are going to be moving to New zealand in the near future. You will need to make an online enquiry through the ASB website to get connected with an ASB relocation specialist to start the process.⁹
What else do I need to know?
If you are planning to use your account to make foreign transfers regularly, then you are able to opt in for the ASB foreign currency account when opening your Streamline Intro package account. However, you will need to make a minimum deposit to open the account.¹⁰
You can find out more by contacting ASB here.
If you need to contact ASB for any reason at all, you can¹¹:
- Call 0800 803 804
- Call from overseas on +64 9 306 3000
These numbers operate between 8am to 8pm Monday to Friday and 8:30am to 5pm on the weekend NZ time.
Alternatives to ASB
If you haven’t found what you are looking for with ASB, you can check out some other popular New Zealand banks including Kiwibank and Bank of New Zealand (BNZ).
The Wise way
If you are looking for something a bit different, and are planning to spend, send or receive money internationally, then opening an account with Wise might have exactly what you are looking for.
With a Wise multi-currency account, you can get your very own local NZD bank account details, but on top of these, local account details in 9 other major currencies. You can also get a debit card to spend with without any monthly fees.
You can send and spend your cash overseas without the hassle of having multiple bank accounts. On top of this, you don’t need to worry about surprise fees associated with intermediary banks or paying margins on exchange rates as Wise offers transparent, one-time international transfer fees and access to the mid-market exchange rate.
Open your Wise account in minutes
Sources:
- ASB history
- ASB types of accounts
- ASBEasiest account to open, savings account and joint account
- ASB Streamline account
- ASBaccount eligibility
- ASB open an account7 steps
- ASB documents to open and activate
- ASB Streamline fees, International fees and exchange, p.1, p.2, p.3
- ASB moving to NZ
- ASBForeign currency account,
- ASB Contact numbers
Sources checked on: 18 April 2022
*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.
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.
Money without borders
Find out more
ANZ NZ foreign currency account. How it works
Here’s all you need to know about foreign currency accounts with ANZ New Zealand. The fees requirements and foreign exchange rates.
Kiwibank foreign/multi currency account.
Here’s all you need to know about foreign currency accounts with Kiwibank. The fees requirements and foreign exchange rates.
Auckland Savings Bank foreign currency account.
Here’s all you need to know about foreign currency accounts with Auckland Savings Bank. The fees requirements and foreign exchange rates.
How to close your Kiwibank account.
Here’s how to close your Kiwibank account and options to move your money out correctly.
How to open a bank account with Bank of New Zealand (BNZ). The requirements, account types and fees.
Looking for how to open a bank account with BNZ - Bank of New Zealand? We’ve got you covered. Here’s the process, fees and what you need to know.
