A list of the top banks in New Zealand

Gert Svaiko

27.03.24

5 minute read

Planning a move to New Zealand from the UK? Whether you’re thinking of working, studying or even retiring there, you’ll need to find a way to manage your money in New Zealand dollars (NZD).

It could be useful to open a bank account in New Zealand when or before you arrive. But which bank should you choose? Read on for a rundown of all the best and most expat-friendly banks in the country, from ANZ to Westpac.

Before that, let’s dive into a quick overview of banking in New Zealand.

Banking in New Zealand (an overview)

New Zealand’s well-established banking sector is dominated by four big banks - ANZ, ASB, Bank of New Zealand (BNZ) and Westpac, all of which are Australian-owned. Banks are regulated by the Reserve Bank of New Zealand.

Opening a bank account in New Zealand is pretty straightforward, and a number of banks even let you start the process online from overseas. Then, you’ll simply need to activate your account when you arrive.

The documents you’re likely to need include:¹

Proof of ID - such as your passport, driving licence, or national ID card
A valid work, student or other visa
Proof of address, such as a recent utility bill or tenancy agreement
Details of your work, employer and salary.

Everyday bank accounts in New Zealand tend not to have a monthly fee, although some charge an annual fee for a debit card. Cash withdrawals should be free when using your own bank’s ATMs.

And like banks in many other countries, NZ banks often charge high fees for overseas transfers.

If you need to manage your money internationally and want to save money, check out the Wise account instead.

Learn more about the Wise account 🚀

Top 10 banks in New Zealand

New Zealand has a relatively small but very well established banking sector. As a new customer, you’ll have plenty of trusted banks to choose from.

Here are some of the country’s biggest and most popular banks:²

Bank name	Operational HQ
ANZ New Zealand	Auckland
Westpac	Auckland
Bank of New Zealand (BNZ)	Auckland
ASB Bank	Auckland
Kiwibank	Wellington
TSB Bank	New Plymouth
SBS Bank	Invercargill
Heartland Bank	Auckland
The Co-operative Bank	Wellington
HSBC New Zealand	Auckland

ANZ New Zealand

ANZ is the largest banking provider in New Zealand, with a large network and ATM network. It operates as a subsidiary of ANZ Banking Group, based in Australia.

The bank has a choice of simple everyday accounts, including the digital account ANZ Go which has no monthly or debit card fees.³

ANZ also offers business bank accounts, payment solutions, loans and international services for companies of all sizes.

Westpac

Another of the big four banks in New Zealand, Westpac Banking Corporation (more commonly known as Westpac) offers a range of bank accounts, cards, home loans, insurance and other services for personal customers.

Its Everyday Account has no monthly or electronic transaction fee, although you may pay an annual fee for a debit card.⁴

Westpac also offers services for businesses, including tailored accounts and solutions for particular industries. It offers business accounts, loans, credit cards, payment solutions and much more.

Bank of New Zealand (BNZ)

Owned by National Australia Bank, BNZ was established back in 1861 and now has a wide network of branches and ATMs across New Zealand.

For personal customers, the bank offers a selection of current and savings accounts, plus loans, credit cards, insurance and more. A popular option at BNZ is its YouMoney account, which has no monthly or transaction fees, and comes with a debit card which has no annual fee.⁵

For business customers, BNZ has dedicated services for SMEs, medium to large companies and agribusiness. It offers business accounts, cards, finance and borrowing, payment solutions and more.

ASB Bank

Founded as Auckland Savings Bank, ASB Bank as it is now known is the last of the big four banks in New Zealand. It’s owned by the Commonwealth Bank of Australia (CommBank).

It offers both personal and business banking. For personal customers, one of the most popular accounts at ASB is the Streamline account. Designed for everyday banking, the account has no monthly or transaction fees, and works with the ASB Visa Debit card.⁶

For businesses, ASB Bank has dedicated accounts, cards, loans and more for small businesses, commercial and corporate clients, and rural businesses.

Kiwibank

A proudly local bank, Kiwibank is in fact owned by the New Zealand Government. Based in Wellington, its parent group is the state-owned Kiwi Group Capital Limited (KGC).

Kiwibank offers a choice of everyday and savings accounts for personal customers. A popular choice is the Free Up account, which has no monthly fee or charges for online transactions. It comes with a choice between an EFTPOS or a Visa Debit Card.⁷

Business customers can benefit from a range of accounts, cards, borrowing and investment solutions, payment tools and international services.

auckland-downtown-skyline

TSB Bank

Unrelated to the TSB Bank you may be familiar with in the UK, the former Taranaki Savings Bank is an independent New Zealand-owned bank with a strong focus on customer service.

Personal customers at TSB can choose from a small selection of accounts and cards, plus home loans and investment solutions. The bank’s most popular account is Connect Plus, ideal for everyday money management. It has no account fee, free use of New Zealand bank-owned ATMs and a relatively small minimum deposit.⁸

For business customers, there are a number of solutions and services designed for SMEs, including everyday business accounts.

SBS Bank

Formerly Southland Building Society, SBS is another 100% New Zealand-owned bank. It’s a mutual bank, designed to benefit the community.

SBS Bank offers everyday banking, home loans, insurance and more for personal customers. One of its best current accounts is the Lite account. It’s a digital-only option which has no monthly fees, unlimited electronic transactions and no minimum opening balance. It comes with a debit card.

The bank doesn’t offer products for businesses.

Heartland Bank

Proudly New Zealand owned and operated, Heartland Bank offers reverse mortgages, car loans, home loans and business accounts. It also has savings accounts, including the popular Digital Saver.

Businesses can benefit from a business call account and a range of business loan and finance products.

The Co-operative Bank

The country’s only customer-owned bank, the Co-operative Bank has been operating for over 100 years. It offers a decent choice of everyday bank accounts, credit cards, borrowing and investment solutions.

If you’re looking for a current account, the digital-only Electronic Account could be worth looking at. It has a low monthly fee, unlimited electronic transactions and a debit card (also available for a low annual fee).¹⁰

Like SBS, the Co-operative Bank doesn’t offer any accounts for businesses.

Industrial and Commercial Bank of China (ICBC)

Last on our list is the Industrial and Commercial Bank of China (ICBC), whose New Zealand headquarters is in Auckland.

Despite the bank’s name, it does offer products for personal customers. This includes a Personal Account available in a selection of currencies, which has a small monthly maintenance fee.

ICBC also offers services for corporate and institutional clients, including business accounts, loans and finance.

Best online bank accounts and alternatives in New Zealand

Along with traditional banks, there are also a small number of online banks, money apps and other alternatives operating in New Zealand.

Although there aren’t quite as many as in other countries, as so many of NZ’s biggest banks have rolled out digital-only accounts and feature-packed mobile banking apps.

One of the most popular is Revolut - an all-in-one finance app with a debit card and banking services.

Wise – Money for here, there and everywhere

If you want to send money internationally, or use your debit card when you travel, you could find it expensive with a New Zealand bank.

The good news is that there’s a money-saving alternative available from the money services provider Wise. Open a Wise account, and you can send money worldwide in 40+ currencies for low fees and fair exchange rates. It’s not a bank account but offers many similar features.

You can even get an international debit card for spending in over 150 countries, including New Zealand and the UK. It automatically converts your money to the local currency at the mid-market exchange rate, adding only a low, transparent conversion fee, whenever you spend.

This makes it ideal for travellers, expats, overseas students and anyone else living an international life.

And that’s it - your top 10 list of the best banks in New Zealand, including some info on their most popular current accounts.

Sources used for this article:

WorldRemit - How to open a bank account in New Zealand
Statista - Total assets of leading banks in New Zealand in 2022
ANZ - ANZ Go account
Westpac - Everyday transaction account
BNZ - YouMoney account
ASB - Streamline bank account
Kiwibank - Free Up account
TSB - Connect Plus
SBS Bank - Everyday accounts
The Co-operative Bank - Electronic Account

Sources last checked on 21-Mar-2024.

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