How to open a bank account with Bank of New Zealand (BNZ). The requirements, account types and fees.

Roberto Efflandrin

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?

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Wise Multi-Currency account

Types of accounts

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

YouMoney everyday spending

  • 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

Rapid Save account

  • 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.

How do you open these account types?

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

How to open a YouMoney or Rapid Save account with BNZ?

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.

If you have a registered RealMe account

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:

  1. Go to the BNZ website
  2. Click on the “open an account button” for YouMoney or Rapid Save accounts
  3. Answer the initial qualifying prompts
  4. Connect and Verify your identity through your RealMe ID verification
  5. Verify your address
  6. Finish the remainder of the online application
  7. 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

If you have a New Zealand Passport

New Zealand passport holders can open a Youmoney or Rapid Save account via⁶:

  1. Answer the qualifying prompts on BNZ website
  2. Choosing the “New Zealand passport” under verification prompt
  3. Provide screenshots of your passport through the online portal
  4. Receive an email with a unique code
  5. Bring both the unique code and your passport to a local BNZ branch.

If you have another type of ID document

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

How to open a joint account with the Bank of New Zealand?

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

Cost, running fees that come with the account

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

What do I need to open an account? Requirements, documents and what to know.

Let's go through some other key information you need to know when opening an account with BNZ.

Which documents do I need to open an account?

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.

Can I open a BNZ account from overseas online?

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

You can find out more by contacting Bank of New Zealand here.

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.

Alternatives to the BNZ

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.

The Wise Multi-currency account

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.

Open your Wise account in minutes


  1. BNZ History
  2. BNZ types of accounts
  3. BNZ Eligibility to open account
  4. BNZ initial qualifying prompt
  5. BNZ steps for RealME ID
  6. BNZ steps for NZ passport
  7. BNZ ID requirements
  8. BNZjoint accounts
  9. BNZ Fees Guide p.5, p.6
  10. BNZflexi visa card fees
  11. BNZ moving to NZ
  12. 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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