New Zealand – Banking

What are the main banks in New Zealand?

New Zealand’s banking landscape is shaped by four dominant institutions — ANZ, ASB, Bank of New Zealand (BNZ), and Westpac — all of which are Australian-owned and collectively responsible for roughly 85% of bank lending across the country. Beyond this Big Four, there are several significant locally based banks serving a variety of customer needs.

ANZ Bank New Zealand — anz.co.nz | Phone: 0800 269 296 (NZ)
ANZ holds the position of New Zealand’s largest bank by both assets and customer numbers, providing a comprehensive suite of financial products spanning retail, commercial, and wealth management services.

ASB Bank (Auckland Savings Bank) — asb.co.nz | Phone: 0800 803 804 (NZ)
A subsidiary of the Commonwealth Bank of Australia, ASB offers a full range of personal and business banking products, as well as insurance and investment services. With more than 300 ATMs and over 100 branches throughout New Zealand, it is a popular choice among newcomers to the country.

Bank of New Zealand (BNZ) — bnz.co.nz | Phone: 0800 275 269 (NZ)
Founded in 1861, BNZ is one of New Zealand’s oldest financial institutions. Operating as a subsidiary of National Australia Bank (NAB), it provides a wide array of accounts, lending products, and wealth management solutions.

Westpac New Zealand — westpac.co.nz | Phone: 0800 400 600 (NZ)
Westpac New Zealand serves approximately 1.5 million customers with personal, business, and corporate financial services. It provides a dedicated Migrant Banking Package aimed at people relocating to the country.

Kiwibank — kiwibank.co.nz | Phone: 0800 113 355 (NZ)
Kiwibank is New Zealand’s largest domestically owned bank, with more than one million customers. Established in 2002 and operated under New Zealand Post, this state-owned institution offers personal banking, business banking, and investment products.

Other notable institutions include TSB Bank (tsb.co.nz), SBS Bank (sbsbank.co.nz), The Co-operative Bank (co-operativebank.co.nz), and Heartland Bank (heartland.co.nz). Every bank operating in New Zealand falls under the regulatory oversight of the Reserve Bank of New Zealand, and a complete register of licensed banks is published on the RBNZ website. Always verify branch locations and contact details directly with each bank, as these can change.

Do any major international banks operate in New Zealand?

A number of international banks have a presence in New Zealand, though they generally do not maintain retail branch networks open to the public. Their operations tend to focus on wholesale banking, corporate finance, or investment services rather than day-to-day personal banking.

Among those with a footprint in the country are Citibank, HSBC, and Bank of India. ICBC New Zealand, headquartered in Auckland, is a subsidiary of Industrial and Commercial Bank of China Ltd. and provides an extensive range of services including personal banking, corporate banking, investment banking, trade finance, and internet and mobile banking platforms.

Rabobank (rabobank.co.nz) also maintains operations in New Zealand, with a primary focus on the agribusiness sector. For most expats requiring everyday banking facilities, the four major banks and Kiwibank remain the most practical choice given their accessible branch networks and digital infrastructure. According to the Reserve Bank of New Zealand, as of November 2025 there are 12 banks incorporated outside New Zealand operating as branches within the country, and under the Deposit Takers Act 2023, these overseas-incorporated branches are not covered by the Depositor Compensation Scheme (DCS).

Always confirm the current retail availability, products, and contact details of any international bank directly with the institution, as international presences and offerings can change. The RBNZ’s register at rbnz.govt.nz provides an authoritative list of all registered banks.

Do banks in New Zealand offer accounts or services specifically for expats?

New Zealand’s banks have considerable experience working with migrants and newcomers, and many employ multilingual advisors to assist those who are relocating. Several of the leading banks have developed tailored products and packages specifically designed for people moving to the country.

Drawing on years of experience serving migrants, Westpac has put together a Migrant Banking Package that covers the core financial needs of expats establishing themselves in New Zealand. Beyond its standard Everyday Account, Westpac provides specialised options for international students and for those migrating to the country on a longer-term basis.

ASB offers a suite of accounts for expats, backed by support from relocation specialists who can assist with accessing the right services. ASB also makes it possible to open a Foreign Currency account, simplifying cross-border financial management without monthly account fees. However, a minimum opening balance is required — for example, a US dollar Foreign Currency account requires a minimum deposit of USD $5,000 (as of the last available information; check current terms directly with ASB).

BNZ has a comprehensive selection of accounts and support services aimed at expats, including wealth management options and multi-currency accounts designed to meet the needs of internationally mobile customers.

Standard everyday accounts in New Zealand generally carry no monthly fee, though some banks charge an annual fee for a debit card linked to an international network. It is always advisable to review the current fee schedule directly with your preferred bank, as terms can vary and are subject to change. For up-to-date comparisons, the Consumer NZ website and the MoneyHub NZ comparison tool are useful resources.

What are typical bank opening hours in New Zealand?

Most bank branches in New Zealand are open Monday to Friday, typically from around 9:00am to 4:30pm or 5:00pm. Branches in shopping centres or busy city locations may also open on Saturdays, generally from around 9:30am to 12:30pm or 1:00pm. Sunday opening is uncommon, though exceptions exist in certain areas. In smaller towns and rural communities, hours may be more limited.

Bank branches can be found in cities and towns throughout New Zealand, and it is worth checking your preferred bank’s website to confirm whether there is a branch convenient to where you will be living. On public holidays, most branches close their doors, although ATM networks continue to operate. Branch hours can differ by region and are subject to change, so it is best to verify these directly with your local branch.

New Zealand’s banking industry has embraced digital technology enthusiastically, meaning that the vast majority of routine banking tasks — such as transferring funds, paying bills, reviewing balances, and managing accounts — can be handled entirely through online or mobile platforms without a branch visit. Telephone banking is also widely available, often with extended hours beyond those of physical branches. New Zealand has over 600 bank branches and over 1,500 bank-owned ATMs (as of 2024), providing solid physical coverage alongside digital channels.

What do expats need to know about the banking system in New Zealand?

New Zealand offers a highly functional and well-regulated banking environment. That said, there are a number of features that may differ from what expats are accustomed to in their home countries, and being aware of these before you arrive can save time and confusion.

Deposit Protection (DCS): The Depositor Compensation Scheme (DCS) came into effect on 1 July 2025, protecting depositors for up to NZD $100,000 in the unlikely event that their bank or other licensed deposit taker fails. The scheme covers money held in standard banking products, including transaction, savings, notice, and term deposit accounts. This is broadly comparable to the FSCS deposit protection scheme in the UK (which protects up to £85,000) or the FDIC in the US (which protects up to USD $250,000 per institution). Overseas-incorporated bank branches operating in New Zealand are not covered by the DCS, so if you bank with a branch of a foreign bank rather than a locally incorporated subsidiary, your deposits may not be protected. Always check coverage status on the RBNZ DCS page.

EFTPOS System: New Zealand operates its own EFTPOS (Electronic Funds at Point of Sale) network that functions independently of international card schemes. International cards such as Visa and Mastercard are not accepted as universally as EFTPOS cards. Every bank account in New Zealand comes with an EFTPOS card, suitable for in-store purchases and ATM withdrawals. For online purchases or payments made over the phone, you will need a Visa or Mastercard debit card, which banks typically deliver within one to two weeks of request.

No Cheques: Cheques are no longer in use in New Zealand and are not legal tender, meaning no cheque book will be issued when you open an account. New Zealand transitioned away from cheques earlier than many other countries — if you are accustomed to paying by cheque, you will need to use electronic transfers for all payments.

IRD Number: You may need an Inland Revenue (IRD) number to open a bank account. An IRD number is unique to each individual and is required for tax-related obligations and entitlements. Applications can be made through Inland Revenue (ird.govt.nz).

Anti-Money Laundering Requirements: New Zealand’s anti-money laundering legislation obliges banks to identify their customers thoroughly. This is most relevant when opening an account, conducting large overseas transfers, or granting another person authority to operate your account. Be prepared to supply more supporting documentation than you might expect in your home country.

Cash Reporting: There are no limits on how much foreign currency you may bring into or take out of New Zealand. However, anyone carrying more than NZD $10,000 in cash — or the equivalent in any other currency — upon entering the country at an airport is required to submit a Border Cash Report.

Credit History: Bringing evidence of your credit history with you to New Zealand is advisable. Obtaining a credit card or securing a loan will require you to have established a credit rating locally. Before relocating, contact some New Zealand banks to find out what evidence of creditworthiness they require so you can prepare the relevant documents in advance. Applying for a credit card usually requires permanent residency, so many expats on shorter visas arrive with a credit card from their home country as a practical alternative.

How Do I Open a Bank Account in New Zealand as an Expat?

Setting up a bank account in New Zealand is a relatively simple process, and several banks give you the option of beginning your application from abroad — you then complete the activation once you are in the country. As a general rule, holding a valid visa to live, work, or study in New Zealand is a prerequisite for opening a local account.

1. Choose a bank and account type. Spend some time comparing the main banks — ANZ, ASB, BNZ, Westpac, and Kiwibank are the institutions most frequently used by expats. Consider what kind of account suits your needs: a straightforward everyday account, a multi-currency option, or a dedicated migrant banking package. You may also want to weigh up whether a traditional bank or a more technology-focused neobank best fits your lifestyle.
2. Check your eligibility. A valid visa to live, work, or study in New Zealand is generally required to open a local bank account. Holders of short-term tourist visas are typically not eligible, whereas non-residents, short-term residents, students, and expats may all qualify depending on the bank. Confirm the specific eligibility criteria with your chosen institution directly.
3. Gather your documents. When opening a bank account in New Zealand you will generally need to provide: a completed application form; valid photo identification such as a passport or national identity card (or a current New Zealand driver’s licence); proof of address issued within the last 12 months; and in some cases, your tax identification number from your home country. Document validity windows may vary between three and six months depending on the bank’s requirements.
4. Apply from overseas (if possible). Many of the major banks allow you to submit your application between 90 and 365 days before you arrive in New Zealand, provided you already hold a valid visa. ASB permits overseas applicants to open an account using a passport, visa, and certified proof of overseas address, with online banking access available before you travel. ANZ offers a comparable pre-arrival service, allowing account setup up to 90 days before your move. BNZ also makes it possible to apply online from abroad if you are immigrating to New Zealand.
5. Apply for an IRD number. You may need an Inland Revenue (IRD) number to open your account. Applications can be submitted through ird.govt.nz. Non-residents are also able to apply for an IRD number — refer to the IRD website for current documentation requirements.
6. Activate your account in person on arrival. Upon arriving in New Zealand, you will most likely need to visit a branch to formally activate your account by verifying your identity and confirming your address. Since you may not have a permanent residential address immediately upon arrival, it is worth discussing your options with the bank in advance to understand how they handle your first few weeks in the country.
7. Receive your card and begin banking. Your EFTPOS card or Visa/Mastercard debit card will either be available for collection at a branch or mailed to your address. All New Zealand bank accounts come with an EFTPOS card for use at ATMs and in stores, and online and mobile banking access is generally available straight away.

Minimum deposit requirements vary across products and can range from NZD $100 to $1,000, though the majority of banks do not impose a minimum opening deposit on standard everyday accounts (as of the last available data; confirm current requirements with individual banks). Opening a personal everyday account in New Zealand is typically free of charge. Always consult the individual bank’s official guidance or the Reserve Bank of New Zealand for current requirements.

What banking and payment apps are widely used in New Zealand?

Card and electronic payments are the norm across New Zealand, with the country embracing cashless transactions enthusiastically. All five major banks provide fully featured mobile apps for both iOS and Android, giving customers the ability to transfer funds, settle bills, check balances, and manage their accounts from anywhere.

Both Google Pay and Apple Pay enjoy broad support in New Zealand. Linking your account to a Flexi Debit Visa enables you to use either platform for contactless purchases. Most major banks support at least one of these payment methods, and tap-to-pay functionality is now standard at the overwhelming majority of retail outlets throughout the country.

Expats interested in alternatives to conventional banking will find international fintech platforms readily available in New Zealand. Both Wise and Revolut allow you to establish a multi-currency account online using identity documents from your home country — such as a passport, national identity card, or driver’s licence — with the entire verification process completed via smartphone. A Wise account lets you hold and convert New Zealand dollars while providing local bank account details, enabling you to send, receive, and manage money much as a local resident would. These platforms can be particularly valuable in the period following arrival, when obtaining a local proof of address to satisfy traditional bank requirements may take time.

PayPal is well established in New Zealand for online transactions and peer-to-peer transfers, especially on Trade Me, the country’s leading online marketplace. Revolut holds a financial services licence in New Zealand and is regulated by the Financial Markets Authority (FMA). Always verify the current regulatory status of any fintech provider you use via the FMA website (fma.govt.nz) or the RBNZ.

How can expats manage money between New Zealand and their home country?

Sending money between New Zealand and another country is straightforward through most banks’ internet banking platforms. However, the fees and exchange rates applied by different providers can differ considerably, making it worthwhile to compare your options — particularly for larger transfers.

A common pitfall for expats is failing to account for the true cost of international transfers. Sending money via a standard SWIFT bank transfer can be surprisingly expensive, especially for smaller amounts, since banks typically apply a fixed transfer fee, may pass on intermediary charges, and often build a margin into the exchange rate they offer.

Specialist international money transfer services — such as Wise, OFX, and Xe Money Transfer — frequently provide more favourable exchange rates and lower total costs than traditional banks for cross-border transactions. Using a foreign exchange specialist means your funds are converted and deposited into the destination account without the hefty bank transfer fees that would otherwise apply. Always compare rates and fees at the time of transfer, as these fluctuate daily.

Cash reporting: There are no restrictions on the amount of foreign currency that may be brought into or taken out of New Zealand. However, any traveller arriving at an airport with NZD $10,000 or more in cash — or the equivalent in any other currency — is required to submit a Border Cash Report. This is a declaration obligation rather than a prohibition, but failure to comply can result in penalties. The relevant form is available from the New Zealand Customs Service at customs.govt.nz.

Tax obligations: New Zealand tax residents are generally required to declare overseas income and may have reporting obligations relating to foreign assets. The country operates a self-assessment tax system administered by Inland Revenue (IRD). Expats holding interests in overseas financial accounts or foreign pension funds are strongly advised to seek guidance from a qualified tax adviser. Consult ird.govt.nz for information on residency status, foreign income rules, and disclosure requirements. New Zealand is also a participant in the OECD’s Common Reporting Standard (CRS), which means financial institutions may exchange account information with tax authorities in other jurisdictions.

Frequently Asked Questions

Can I open a New Zealand bank account before I arrive in the country?

Whether or not you can open an account from abroad depends on the bank. Some do not allow it, some allow you to start the process abroad then finish the activation in New Zealand, and some have accounts that can be opened from abroad with limited features. Major banks including ANZ, ASB, BNZ, and Westpac all offer some form of pre-arrival account opening. Check directly with your chosen bank for current procedures.

Do I need a New Zealand visa to open a bank account?

In general, people need to have a visa to live, work, or study in New Zealand to be able to open a local bank account. Someone on a short-term tourist visa would not be eligible, but non-residents, short-term residents, and students can be eligible, as well as expats. Requirements can vary between banks, so always confirm eligibility with your chosen institution.

Is my money protected if a bank fails in New Zealand?

The Depositor Compensation Scheme (DCS) protects depositors for up to NZD $100,000 in the unlikely event that their bank or other licensed deposit taker fails (as of 2025). You are automatically covered up to $100,000 per depositor, per institution. If you hold multiple accounts with the same institution, your total protection is capped at $100,000. Note that overseas bank branches operating in New Zealand are not covered by the DCS. For full details, visit rbnz.govt.nz/dcs.

What is an IRD number and do I need one to bank in New Zealand?

You may need an Inland Revenue (IRD) number to open a bank account. An IRD number is New Zealand’s equivalent of a tax identification number and is required for employment, filing tax returns, and opening many bank accounts. You can apply through ird.govt.nz. Non-residents can also apply — check the IRD website for current documentation requirements.

Are there any fees for everyday banking in New Zealand?

Almost every bank in New Zealand offers a fee-free bank account option. You will still pay overdraft interest and fees, as well as non-standard fees, but standard accounts offer unlimited withdrawals and deposits and unlimited use of your EFTPOS card. Some banks charge an annual fee for a Visa or Mastercard debit card. Always check the full fee schedule with your chosen bank before opening an account.

What is EFTPOS and how does it differ from a regular debit card?

EFTPOS (Electronic Funds at Point of Sale) is New Zealand’s domestic card payment network. International credit cards like Visa and Mastercard are not as readily accepted as EFTPOS cards. When you open a bank account in New Zealand you will typically be given such a card. These cards are usually free of charge but are only usable in New Zealand or Australia and cannot be used for online payments. To pay online or by phone, you will need to request a Visa or Mastercard debit card from your bank.

Can I use Wise or Revolut instead of a traditional bank account in New Zealand?

For those seeking a more convenient and streamlined process, Wise and Revolut offer a practical alternative. Catering to global customers, it is easy to register and set up an account without the need for extensive documentation or proof of New Zealand residency, making them an appealing choice for expatriates, students, and international travellers alike. However, these services may not offer all the features of a full bank account — such as mortgage eligibility or credit facilities — so many expats use them alongside a local bank account.

Are there any restrictions on sending large sums of money out of New Zealand?

You can transfer money from New Zealand to other countries, and most banks let you do it online using internet banking. There is no restriction on how much foreign currency you can bring into or take out of New Zealand. However, banks are required to report large or suspicious transactions under New Zealand’s anti-money laundering laws, and you must declare cash of NZD $10,000 or more when crossing the border. Tax residents should also consult Inland Revenue regarding any obligations to declare foreign income or assets.