TSB Business banking account. The types, requirements and fees.

Roberto Efflandrin

As a business owner one of the more important decisions you’ll make is choosing who to open your business account with. In New Zealand, there’re many options, including business accounts from TSB Bank Limited.

Founded in 1850 and originally called Taranaki Savings Bank, TSB has a long history in New Zealand. The bank has won multiple awards for its customer service including the Consumer NZ People’s Choice Award for Banking, which it won four years in a row.¹

In this article we’ll take a look at business banking with TSB including the account types, fees and application process. For some context, we’ll also introduce you to the Wise Business account and see how it compares to what TSB are offering.

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Types of business accounts offered by TSB

Here’s an overview of the different New Zealand business bank accounts offered by TSB.

TSB Business Everyday account

This everyday transaction account is aimed at small to medium sized businesses looking for something that can handle all of their business transactions.² We’ll come back to this account later and look at it in more depth.

TSB Business Cheque account

The Business Cheque account is also aimed at small to medium size businesses, but leans more towards those that handle less transactions.² It has a monthly base fee of $3 and a pay-as-you-go activity fee structure.

TSB Business On Call account

For a combined savings and tax provisioning account, TSB offers Business On Call. It’s possible to earn interest on your money from a balance of $1 and it can enable you to get a higher interest rate without having to commit to a long term investment.²

Solicitor accounts

The Solicitor Account is suited to businesses such as real estate agencies and law firms who need to hold money that isn’t for the company, including in the following situation.²

  • Property settlements
  • Acquisitions
  • Mergers
  • Litigation and trust settlements

Term Investments account

If you have some excess cash that you’d like to invest, it could be put into a TSB Term Investment for businesses.² This account offers some flexibility to customers, including the choice of how long you want your money to be invested and how and when you want the interest paid.

Read more: Best Business Bank Accounts in New Zealand

TSB business account fees and costs

As we mentioned before, the TSB Business Everyday is the one we’ll be focusing on.

To start, here’s some of the main fees associated with the TSB Business Everyday account. For a bit of context we’ve compared those fees to the Wise Business account.

Fees* TSB Business Everyday³ Wise Business
Account monthly fees $10 monthly management fee One-time fee of 40 NZD to get NZD and international bank details.
Direct debit payments Yes Yes
Debit cards EFTPOS Card² You can order Wise Business Debit cards for you and your team members
International transfer fee (for a sample amount of $1,000 NZD to GBP) $25 telegraphic transfer fee Small payout fee + 0.45% variable conversion fee (e.g. for a transfer of $1,000 NZD to GBP, the total fee charged is $4.89 NZD) You can make a fee calculation here.
ATM withdrawals Withdrawals from ATMs owned by New Zealand banks are free.

Withdrawals from ATMs not owned by New Zealand banks may incur a service fee.

You can take out money for free twice a month — as long as the total amount is under $350 NZD. After that, there is a $1.50 NZD per transaction fixed fee. If you take out over $350 NZD in one month, there is a 1.75% on the amount exceeding that. See card fees here.

* As seen on 28 October 2022

Sending money overseas or performing international transactions with TSB come with considerable fees to watch out for.

For international payments you might want to consider an alternative such as Wise for Business, which can save you loads on international transfer fees compared to most traditional banks.

You could also take advantage of a Wise Account to receive international payments by ordering up to 10 world currencies’ local account details , store money in 40+ currencies then convert and withdraw as you go via a debit card.

With Wise, the transfer fees are always shown upfront, including what your recipient will receive and you’ll always get the mid-market exchange rate. Just like the one you see on Google.

Wise-bank-account-details

How to apply for this business account?

If you’re considering opening a TSB Business Everyday account then here’s an overview of what you need to know to be able to do it.

How to open a business account with TSB?

TSB offers New Zealand customers a few different options for how to start their business account application.²

  • You’ll need to Message TSB online and wait for dedicated agent to walk you through the process
  • Call 0800 872 226 to speak to a customer service representative
  • Visit a TSB branch in person

At the time of writing TSB did have an online application process but it was limited to certains personal accounts so wasn’t suitable for business customers.

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

Opening a business account generally requires that you provide documentation related to the business, that you are an owner or director of the company and that you can verify your identity.

TSB doesn't specifically state online what they need, whether you’re required to pay a physical visit to a bank branch or if you can open an account from overseas, so that’s something you might want to check with them directly.

Read more: Business banking with Westpac New Zealand.

Which documents do I need to open a TSB business account?

TSB will tell you exactly what you need to open an account with them, but to give you an idea this is what the banks usually ask for from business customers.

  • Name, address and contact information of the business
  • A valid New Zealand Business Number (NZBN)
  • Name, contact details and an official identification document for each of the company’s owners or directors

Can you manage a TSB business account online or on the app?

In short, yes you can.⁴ The only thing to keep in mind is you’ll need to set up TSB Online Banking first so that you can login to the TSB Mobile Banking App.

Do I need to deposit money to open a TSB business account?

TSB doesn't mention needing an initial deposit to open a Business Everyday account.

How long does it take to open this account at TSB?

You’ll have to check with TSB to see what their current processing time is for a new business bank account. Keep in mind that it may take a little longer if you’re unable to provide all the necessary information and documentation during the initial application.

Business support details for TSB.

If you have any questions about the business accounts offered by TSB in New Zealand you can try reaching out to them directly.

  • Call 0800 872 226 from within New Zealand
  • Phone +64 6 968 3700 from overseas
  • Visit a branch in person
  • Send a message through their website

Wise for Business as a smart alternative

When opening a business account it’s a smart idea to check out a few different options and compare the fees, features and application process.

A Wise Business account is a great option if you have clients, suppliers, employees or customers that are located overseas as well as in New Zealand. On top of the international transfer benefits we mentioned earlier, you’ll also get access to a range of other business banking tools including batch payments, accounting software integration, local account details for multiple currencies and team member access controls.

Find out more about how much Wise could save your business, check out the Wise Business account. You can sign up online with a few clicks — in minutes.

Register your Wise business account
in minutes 🚀


Sources:
  1. TSB - Our story
  2. TSB - Business accounts
  3. TSB - Account and Service Fees
  4. TSB - Mobile banking

Sources checked on: 28 October 2022


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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.

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