Opening a bank account in New Zealand as a foreigner - Providers, eligibility and more

If you’re planning to spend some time living in New Zealand then setting up a New Zealand bank account can make life easier. Even if you’re not planning to make the move permanent, it allows you to receive payments, pay bills, and make everyday purchases easily and without incurring international transaction fees.

In this guide we’ll look at how you go about opening a bank account in New Zealand as a foreigner, including the eligibility criteria and documentation. We’ll also introduce you to a few potential NZD accounts, including the Wise Account.

Who is eligible to open a local bank account in New Zealand?

While it can vary a bit between banks, 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. What this means is someone on a short term tourist visa wouldn’t be eligible, but non-residents, short-term residents and students can be, as well as expats.

Here’s an idea of some of the visa types that may be acceptable to the banks, provided you can meet their other requirements.

• Fee Paying Student Visa
• Working Holiday Visa
• Exchange Student Visa
• Guardian of a Student Visitor Visa
• Vocational Trainee Student Visa
• Pathway Student Visa

What do you need to open a New Zealand bank account?

As a foreigner, here's an idea of what a New Zealand bank may ask for when you go to open an account.²

• Passport
• A letter from Immigration New Zealand if your visa isn’t attached to your passport
• Proof of a New Zealand address

To know exactly what you’ll need, you’ll have to check with the bank you’re hoping to open an account with.

Best accounts available in New Zealand for foreigners

To get you started on your search for a New Zealand bank account for foreigners, here’s four potential options.

Westpac Everyday Account

For everyday spending Westpac has the Everyday Account. It has no monthly fees and can be connected to a Mastercard debit card or EFTPOS card.³

As well as the standard Everyday Account, Westpac also offers a few tailored options, including one for international students and one for expats migrating to New Zealand.

• Overdraft is available
• Access to the CashNav money management app and other budgeting tools
• Earn Airpoints by spending with the Mastercard Debit card
• Compatible with Apple Pay and Google Pay

Fees:

• Account maintenance - No monthly fees
• Card - EFTPOS cards are free to maintain, Westpac Debit Mastercard has an annual fee of $10, Airpoints Debit Mastercard has an annual fee of $15
• Spending in a foreign currency - 1.95% of the transaction amount
• Sending money abroad - Fixed fee per transfer depending on type, e.g. $5 per transfer when sent to an overseas bank account using online banking

BNZ YouMoney account

At BNZ their everyday account is the YouMoney account.⁵ It also has no monthly account fee and can be connected to a Flexi Debit Visa card. There aren't any tailored versions of the account, although students, graduates and apprentices can gain access to discount loans.

• Open up to 25 YouMoney accounts
• Connect up to two YouMoney to a single Flexi Debit visa card
• Compatible with Apple Pay and Google Pay
• Overdraft can be arranged

Fees:

• Account maintenance - No monthly fees
• Card - Flexi Debit visa card is free to maintain
• Spending in a foreign currency - 2.25% of the NZ dollar value
• Sending money abroad - No fee when sending a foreign currency online and $5 per transaction when sending NZD abroad

ANZ Freedom account

The standard everyday transaction account at ANZ is the ANZ freedom account.⁷ Once opened, it’s possible to maintain the account without any monthly fees and it comes with a free Visa Debit card.

• Customise the debit card with your own photo
• Compatible with Apple Pay, Google Pay, Pay to Mobile and ANZ goMoney

Fees:

• Account maintenance - $5 fee that's waived each month that at least $2500 is deposited into the account
• Card - ANZ Visa debit card is free to maintain
• Spending in a foreign currency - 1.3% of the NZ dollar value
• Sending money abroad - Fixed fee per transfer depending on type, e.g. $5 per transfer when sent to an overseas bank account using online banking.

Wise Account

Unlike the other accounts on this list, the Wise Account is a multi-currency account that allows you to hold 40+ currencies at once. It has no account maintenance fees and you can order a Wise Debit card to use with it.

• Receive payments like a local with local account details in 8+ currencies including AUD, USD, NZD and GBP
• Send money to 140+ countries and track all your transfers through the website or Wise app
• Convert currencies instantly within the app at the mid-market rate
• Compatible with Apple Pay, Google Pay, Garmin Pay, Fitbit Pay and Samsung Pay

Fees:

• Account maintenance - No monthly fees
• Card - Wise Debit card has a one off fee of 14 NZD, virtual cards are free
• Spending in a foreign currency - Variable fee from 0.23% only applied if a currency conversion is needed
• Sending money abroad - Variable fee starting at 0.23%

How to open a bank account as a foreigner

Here’s a general idea of how to open an account in New Zealand as a foreigner.

1. Choose the bank you’d like to open an account with
2. Contact their customer service to confirm you are eligible
3. Submit an application and any required document
4. If necessary, visit a branch in person to activate the account

Can I open a New Zealand bank account from abroad?

Whether or not you can open an account from abroad depends on the bank. Some don’t 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.

The Wise Account is a little different because it can be opened and completely activated online from your home country, no need to wait until you arrive in New Zealand.

Summary

Opening a bank account in New Zealand is possible for foreigners, but comes with some challenges. As you now know, most banks require you to hold a visa they deem valid and you usually need a local address and some supporting documents to get started. There’s also the matter of potentially needing to visit a branch, which could limit your choices depending on which banks have a presence where you live.

If you’re looking for an easier, more flexible option that can be opened before you leave home, the Wise Account is a great alternative, an account you can open for free in minutes. While not a traditional bank, Wise is safe and secure, with an account that will allow you to manage both multiple currencies simply, be it for receiving, sending or receiving money.

🚀 Open a Wise account