When you want to move to New Zealand it is now possible to open a bank account before you arrive in the country. Most international banks have branches in the country and most New Zealand banks have a department which is designed to deal with the issues of expats. Most expats will only be able to open a bank account if they will be in the country for a period of more than 6 months.

In order to open a bank account in New Zealand you will need to take along the required documentation. This will vary depending upon the bank, but all will require ID, usually 2 pieces such as a passport and a driving licence. Other documentation that may be required could include an IRD number (tax number), statements from your bank in your country of origin and proof of your residency status in New Zealand. References from your current bank may also be a good idea as this can help in the future if you wish to apply for a form of credit such as a loan.

When you have been in the country for a while you may be able to apply for credit and the procedure for this will vary with each bank, although you should be in full-time employment and a good credit history.

You may be able to apply online or make an application over the phone to open a bank account before you arrive in the country. The National Bank of New Zealand has freephone numbers for the residents of 22 different countries to make the process easier and will handle transfers into the account before you arrive. When the account has been established you will normally get a letter to confirm the details and when you arrive in New Zealand you will need to go to your branch with your ID to have the account completed.

There are a number of international banks in New Zealand which offer similar services. HSBC and Citibank are familiar to UK and US expats and offer a wide range of banking services. In addition there is also a number of local banks such as Kiwibank and Westpac if you would prefer them.

As with most countries there are different types of accounts available. A current account is used on a day to day basis for general banking such as paying in salaries and paying out for bills and expenses. Cheque accounts are available although not many people are using cheques now. Bills are often paid by direct debit and most account holders have a debit card for shopping. If you pay a cheque into your account most banks will clear this the next day. If the cheque is coming from the same bank then it may be the same day, although this will depend upon the bank. Statements from current accounts are issued monthly.

Savings accounts are also popular and some banks may refer to them as deposit accounts. There are a variety of savings accounts at each bank and the conditions attached to each one will vary, such as the notice period for withdrawals.

Most banks will charge for different transactions and with some accounts there is a monthly fee applied as well as fees for handling cheques, electronic transactions and using the ATM at another bank.

Many people in New Zealand take advantage of online banking for convenience and the banking system in the country is considered to be very secure. Telephone banking is another option for most residents. Debit and credit cards are widely used for everyday transactions. Most banks are open from 9 am to 4.30 pm each day from Monday to Friday. In rural areas opening hours may be limited to part-time although in the cities there may be branches open on a Saturday too.

Useful Resources

The National Bank
New Resident Services
205 Queen Street
PO Box 18
Auckland
New Zealand
Tel: 00 800 1255 1255 (from UK)
Tel: 011 800 1255 1255 (from US)
Email: migratingbanking@nbnz.co.uk
www.nbnz.co.uk

HSBC
PO Box 5947
Wellesley Street
Auckland
New Zealand
Tel: 0800 80 23 80
Email : online form on website
www.hsbc.co.nz

Kiwibank Limited
Private Bag 39888
Wellington Mail Centre
Lower Hutt 5045
Tel: 0800 11 33 55
Email: online form on website
www.kiwibank.co.uk