Our guide explain the process to set up your New Zealand bank account hassle-free. Embark on your Kiwi adventure with financial ease! If you’re a backpacker, student visa holder, or work visa holder in New Zealand, unlocking the secrets of opening a bank account is your first step towards seamless living. From navigating account options to understanding the essentials, we’ve got you covered. Say goodbye to financial uncertainties and hello to a banking experience tailored to your journey. Join us as we unfold the gateway to financial convenience for backpackers, students, and work visa holders alike.
Table of Contents
What Documents are required to open an Bank Account in NZ?
Every Bank has different requirement to open an bank account, but it will be relatively easy if you have access to following documents
- Passport of country of your origin
- Valid NZ Visa
- Proof of address; Utility Bill, Bank Letter, Employment Contract
Which are NZ top Bank ?
You will find several local Bank to choose from in NZ. I have outlined the details about some most popular Banks in NZ, including key features and specific offerings that may be advantageous for you.
| Bank | Monthly Fee | Annual Fee for Debit Card | Application Process |
|---|---|---|---|
| ANZ | No fees | No fees | Apply online and verify in person at a branch |
| BNZ | No fees | No fees | Apply online, in-person verification at branch (no appt needed) |
| ASB | No fees (with paperless statements) | NZ$5 every six months | Apply online, verification at branch (hostel addresses not accepted) |
| The Co-Operative Bank | NZ$5 (free with NZ$4,000 daily balance) | NZ$10 per year | – |
| KiwiBank | No fees | NZ$10 one-off fee | Work visas must be over one year, apply online |
| Westpac | No fees | Free for the first year | Requires evidence of employment, apply in person |
What are the steps to Open an Bank Account?
To initiate the account opening process with most prominent New Zealand banks, you will be required to do following steps:
- Head to the particular Bank website and click “Join Now” to start your application
- Follow the online application process, providing all requested personal details and tax information.
- Select your Visa Type, arriving city and IRD number.
- Select your preferred account options.
- Review and submit your application.
NOTE: You will only be able to deposit (no withdrawal) once you receive an confirmation email from Bank. To activate your account, you’ll need to complete identification checks by visiting an Bank branch in New Zealand.
Also Read: Step by Step Process of Opening an account with ANZ Bank
Frequently Asked Questions:
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Can foreigners open bank accounts in New Zealand?
Yes, Foreigner can open an Bank account in NZ. But you will need valid work visa and NZ Proof of address.
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What documents do I need to apply for a bank account?
1. Passport of country of your origin
2. Valid NZ Visa
3. Proof of address; Utility Bill, Bank Letter, Employment Contract -
Do I need an IRD number to open a bank account NZ?
No, as banks allows you some time to provide them IRD number after you open an account with them
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Can you open an NZ Bank Account from overseas?
Yes, you can open an account from overseas. But you can only deposit the money in your account until your account get fully activated.