Opening a Bank Account

## Opening a Bank Account in New Zealand You'll need a NZ bank account to receive wages and pay bills. ### Main Banks in NZ | Bank | Notes | |------|-------| | **ANZ** | Largest bank, many branches | | **ASB** | Good online banking | | **BNZ** | Bank of New Zealand | | **Westpac** | Many branches | | **Kiwibank** | NZ-owned, often lower fees | | **TSB** | Regional, competitive rates | ### What You Need to Open an Account **Proof of Identity (one of):** - Passport - NZ driver licence - National ID card **Proof of Address (one of):** - Utility bill in your name - Tenancy agreement - Bank statement from overseas - Letter from employer or school **Other Requirements:** - IRD number (you can open account without it, but need to add it later) - NZ phone number helps - Some banks allow overseas address initially ### How to Open an Account **Option 1: Online (before arriving)** Some banks let you start online: - ANZ: Migrant banking package - ASB: Online application - Kiwibank: Online pre-registration **Option 2: In Branch** 1. Find a branch near you 2. Bring all your documents 3. Takes about 30-60 minutes 4. You'll get a card within a few days ### Types of Accounts **Transaction Account:** - For everyday spending - Debit card included - Usually no monthly fees **Savings Account:** - Earns interest - Limited transactions - Good for emergency fund **Term Deposit:** - Lock money for set period - Higher interest rates ### Bank Fees to Know About - Most transaction accounts are fee-free - ATM withdrawals from other banks may cost $1-2 - Overseas transfers have fees - Overdraft fees if you go negative ### EFTPOS and Paywave - EFTPOS is NZ's debit card system - Works almost everywhere - Paywave/contactless up to $200 no PIN needed - Very widely accepted ### Online Banking & Apps All major banks have: - Mobile apps for iOS and Android - Internet banking - Bill payment - Transfer between accounts ### Tips for New Arrivals - Open account as soon as possible - Get your IRD number quickly - Set up online banking immediately - Most employers pay directly to bank - Keep some cash for small purchases - Notify bank if travelling overseas ### Bank Comparison Resources - Sorted.org.nz - compare accounts - Interest.co.nz - compare rates - Consumer NZ - bank reviews