New Zealand, a natural paradise with mountains, fjords, volcanoes, and fairytale forests, is considered by many to be the ultimate destination. Every year, tens of thousands of ex-pats flock to the country to take advantage of their Working Holiday Visa program or simply to live in one of the world’s safest and wealthiest countries. There are many other reasons why a person or family might move to New Zealand. In that case, a bank account will be required. The procedure is simple, and you can walk out of most banks with your ATM card. Here’s how to open a bank account in New Zealand, according to our guide.
Can you Open a Bank Account Before Arriving?
Banks in New Zealand may no longer accept those on a working holiday visa to open. Exceptions may also be formed on a case-by-case. So you should contact banks directly to see if you can open a bank account with them. In most cases, you will need to open a bank account.
But, if you got accepted to open a bank account in New Zealand before arrival, the following steps must get taken:
Before Arrival, Open an NZ Bank Account Online
Setting up your bank account from outside the country before entering the country. It is much easier and faster than doing so from New Zealand. Furthermore, it has the potential to earn you interest before entering.
Documents required to open a New Zealand bank account
As long as you have the necessary documentation. Opening a bank account in New Zealand should be simple. These should include at the very least the following:
- Visa (for anyone not from Australia or the UK). Investigate this- there are many visas available that will allow you to open a bank account.
- A utility bill, bank statement, or employment contract can serve as proof of address.
- IRD stands for Inland Revenue Number. This is not a basic need but without it attached to your account. Tax for all interest earned will be at the highest rate of 33 percent.
- Minimum Balance
For non-residents, here’s the IRD Application form.
Can I open a New Zealand bank account online?
My credit score is low, can I still have an account in New Zealand?
Banks In New Zealand
- Go Account has no costs attached.
- No fees, 1.9 percent interest on online accounts.
- There is a NZ$15 fee for setting up these accounts online.
- Putting money from your home country into one of these accounts. It will then be free to transfer your money within New Zealand.
Another large bank is Westpac, which operates in both New Zealand and Australia. Accounts are available in the following categories:
- An electronic Account (ECA) is a paperless account, which means that everything gets done online.
- Unless you are depositing and crediting checks, this account does not charge any fees. As long as you have at least NZ$20,000 in your bank account, there are no costs.
- There is a one-time fee of NZ$10 for a MasterCard debit card in New Zealand.
- Unlimited withdrawals and deposits are available with Online Saver. It also has an annual interest rate of 2.2 percent.
- Online Bonus Saver features a 3.3 percent interest rate and allows for unlimited deposits and withdrawals.
BNZ offers a $5 monthly account with up to 25 sub-accounts and unlimited transactions. The annual charge for a Visa debit card is NZ$10. It’s vital to note that some bank fees may get waived if you’re studying in the country.
On All Account, there is a free account with a 2% interest rate. If you withdraw money from this account, BNZ will charge you NZ$5 until the money gets transferred. to an everyday account or the “You Money Account”, as it is officially named.