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...
The Bank of New Zealand - or as it is now more commonly known as - BNZ, opened its doors in 1861, making it one of the oldest operating bank in New Zealand.¹
This article will guide you through what type of bank accounts are available, how to open an account and what the costs associated with a BNZ account are. You will also be introduced to the Wise multi-currency account and its comparable benefits.
|💸 Looking for a stress-free international account, with your very own NZD account details?|
Customers looking to open a BNZ bank account have a choice of a YouMoney everyday spending account or a Rapid Save savings account. Some of the features included for each account will be outlined below.²
- Unlimited withdrawals and transactions
- No monthly account fee
- Can open up 25 accounts
- Account options available for kids, students, graduates, and apprentices
- Own Flexi Visa debit card
- Earn 0.70% p.a interest, no minimum balance
- One free withdrawal a month
BNZ also offers a range of other financial products for business, institutional and private customers.
The main criteria to be able to open a YouMoney or Rapid Save Account is³:
- Be aged 13 and over
- Have a registered RealMe verification account
- Have a New Zealand passport and/or Proof of address in New Zealand
- Have another ID document
Depending how someone fits into these eligibility criteria, will determine the course of action they must take to open an account. The BNZ online application will ask you qualifying question to guide you to which is the easiest way to open an account based on which verification method suits you.⁴
The process to open a YouMoney account or Rapid Save Account with BNZ is the same, but as mentioned, depends on how you can verify your identity. The steps to open an account are as follows.
Only those with a government registered RealMe account will be able to open a YouMoney account or Rapid Save account online completely. The steps are as follows⁵:
- Go to the BNZ website
- Click on the “open an account button” for YouMoney or Rapid Save accounts
- Answer the initial qualifying prompts
- Connect and Verify your identity through your RealMe ID verification
- Verify your address
- Finish the remainder of the online application
- Once complete, you will have access to your new account
If you cannot verify your address during this online application, you will be asked to send a copy to the BNZ team. This can take 1-2 days to approve before your account is officially opened.³
New Zealand passport holders can open a Youmoney or Rapid Save account via⁶:
- Answer the qualifying prompts on BNZ website
- Choosing the “New Zealand passport” under verification prompt
- Provide screenshots of your passport through the online portal
- Receive an email with a unique code
- Bring both the unique code and your passport to a local BNZ branch.
If you have a foreign passport or other forms of ID, these and a Proof of New Zealand address document must be brought to a local branch to open an account.⁷
You can also start an application by calling 0800 275 269, and then take your ID documents and proof of address to a local branch.³
The only way to open a joint account at BNZ is by making an appointment to visit a local branch with all supporting documentation for both parties using the joint account.⁸
Knowing the costs and fees of any bank account is important when determining if an account is right for you and your circumstances. Below we’ll compare the BNZ YouMoney everyday account with another similar account on the market - the Wise multi-currency account.
|Fees||BNZ YouMoney everyday account⁹||Wise multi-currency account|
|Account monthly fees||None²||None (unless holding a balance of 15000 EUR or more)|
|International transfer fee (for a sample amount of 1000 AUD to GBP)||$25 NZD for in branch assisted transfer or |
$5 NZD if organised online
plus a $20 NZD correspondent bank fee to cover any extra intermediary fees on the transfer
|Transfer fee of $5.19 NZD |
Fee breakdown = $4.78 NZD variable fee + $0.41 NZD fixed fee
You can see the calculator here
|Receiving money from abroad fee||$10 NZD||Free to receive money in EUR, GBP, AUD, NZD, RON, HUF & SGD |
Free to receive USD using ACH transfers or bank debits
$7.50 NZD per USD wire transfers
|Card maintenance fees||No charge on first or replacement cards¹⁰||$14 NZD to order a Wise Debit Mastercard |
$10 NZD for replacement card
|ATM withdrawals||Free within New Zealand |
Overseas ATM withdrawals in other currencies are subject to a 2.25% foreign currency service fee
|2 free ATM withdrawals a month for up to $350 NZD |
More than 2 withdrawals a month incurs a 1.75% fee of the total amount each time + a $1.50 NZD withdrawal fee on top
*Reference rate only - actual rate may vary. Information last checked on 11th April 2022
Let's go through some other key information you need to know when opening an account with BNZ.
You will need at minimum a valid passport or combination of identification documents and a New Zealand proof of address document.⁷ The list of accepted documents is available here.
Yes, it is possible to open a Bank of New Zealand account from overseas online and deposit money into the account. However you will only be able to view the money until you activate the account in person once you arrive in New Zealand.¹¹
If you need to ask BNZ any questions, you can contact them by¹²:
- Calling 0800 275 269
- Calling +64 4 931 82091 from overseas
Calling times are between 8am-6pm Monday to Friday, 9am-4pm on Saturday or on public holidays and limited service between 9am-4pm on Sundays.
If opening a bank account with BNZ seems a bit too complicated, then you can also have a look at other large New Zealand banks, ASB or Kiwibank. If you are looking for an account with all the standard local features, and some global ones too, then check out the Wise multi-currency account and see how much you can save when sending, spending and receiving money from abroad.
If you're not sure a BNZ account has all the features you are looking for in a bank account, then you should check out what Wise has to offer. Wise makes it cheap and easy to send money to and from New Zealand, directly from your own Wise NZD account.
With a Wise multi-currency account, you can get your very own local NZD 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.
- BNZ History
- BNZ types of accounts
- BNZ Eligibility to open account
- BNZ initial qualifying prompt
- BNZ steps for RealME ID
- BNZ steps for NZ passport
- BNZ ID requirements
- BNZjoint accounts
- BNZ Fees Guide p.5, p.6
- BNZflexi visa card fees
- BNZ moving to NZ
- BNZ Contact details
Sources checked on: 11 April 2022
This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from Wise Payments Limited or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date.
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