How to Open a Bank Account in New Zealand: A Step-by-Step Guide

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The Remitly editorial team is a global group of writers and editors passionate about helping Kiwis thrive in New Zealand and beyond.

Key Highlights

Opening a bank account in New Zealand is easy for both people who live there and people who are new to the country.
You can start the application process online, sometimes before you travel to New Zealand.
The big banks, like ANZ and ASB, have everyday accounts. There are zero monthly fees for most of these accounts.
You will need some key documents. These include a proof of ID like your passport, and a proof of address.
After your application is approved, you will get a debit card, usually a Visa Debit card, so you can spend your money easily.
Having an IRD number is very important if you want to manage your money well in New Zealand.

Introduction

Welcome to Aotearoa! If you are moving to or living in New Zealand, you will need to open a New Zealand bank account. This is one of the first things you should do. Having a local bank account is needed so you get paid, pay bills, and look after your money each day. In this guide, you will find all you need to know about how to pick a bank, open your new account, and start using it. This way, it will be easier for you to move your money and begin your new life in New Zealand.

Understanding Bank Accounts in New Zealand

When you open a bank account in New Zealand, you will see that there are many options. The most common one is an everyday account. This is good for your daily spending, and most of these accounts do not have monthly fees. Many banks in New Zealand also give you other choices. You can get a savings account, a credit card, or even a foreign currency account if you need to use money in other countries.

The eligibility criteria are not hard to meet, but they can be a bit different from bank to bank. The application process is made to be easy for everyone. It does not matter if you are a citizen, a resident, or new in New Zealand. When you know these basics, it will help you pick the best account for your financial situation. Now, let’s see what types of accounts are there and learn about the main banks you can use in New Zealand.

Types of Bank Accounts Available

Picking the right account is about how you want to use the money you have. In New Zealand, the banks have many personal account choices. These help with things like daily spending or saving for later.

Many people start with an everyday account. This is where you get money, pay bills, and handle most payments. Everyday accounts often include a debit card or a Mastercard debit card. These cards make it easy to buy what you need, either in shops or online. After getting your everyday account, you can look at other banking options too.

Here are the main types of accounts you’ll see in New Zealand:

Everyday Account: Good for your daily money needs, getting paid, and sorting out bills.
Savings Account: Made for saving up your money. You also get interest on what you save.
Credit Card: Lets you buy now and pay later. Some credit cards come with bonuses or specials.
Foreign Currency Account: Handy when you need to keep, send or use money that is not the New Zealand dollar, such as for foreign currency payments.
Student Accounts: These are made for students in university or other study. You often don’t have to pay fees.
Business Accounts: Perfect if you want to become your own boss and open a business in New Zealand.

There is a New Zealand account for what you need, from every day spending to making overseas payments in another currency.

Main Banks to Consider

New Zealand has several main banks to choose from, each offering competitive products and services. The largest banks have branches and ATMs across the country, along with robust online and mobile banking platforms. The “big four” are ANZ, ASB, BNZ, and Westpac, many of which have roots in Australia.

ANZ and ASB Bank Limited are popular choices, known for their user-friendly digital tools. For example, ASB offers FastNet Classic internet banking, while ANZ provides an easy-to-use goMoney app. Both offer Visa Debit cards (ASB Visa Debit and ANZ Visa Debit card) with their everyday accounts.

Here’s a quick comparison of two major banks in NZ:

Feature	ANZ	ASB Bank Limited
Main Everyday Account	ANZ Go Account	ASB Everyday Account
Monthly Fee	$0	$0
Debit Card	Free ANZ Visa Debit card	$0 annual fee ASB Visa Debit
Online Banking	goMoney App & Internet Banking	FastNet Classic & ASB Mobile App

Eligibility Requirements for Opening a Bank Account

To open a bank account in New Zealand, you have to meet certain eligibility criteria. Everyone must show proof of ID. This can be a passport or a New Zealand driver licence. You will also need proof of your home address.

If you are moving to New Zealand, there are some extra things you have to do. You might have to give your visa details. You may also need proof of your address from your home country, especially if you apply before you get to New Zealand. You need an IRD number as well. This is your tax number in New Zealand. You have to get it so that you can earn interest without paying the highest tax rate. The next sections will go over what residents and non-residents need to do.

Requirements for Residents and Citizens

If you are a New Zealand citizen or you live here and have the right to stay, opening a bank account can be simple. You just need to show your proof of ID and proof of your address. This is because the banks have to check who you are and where you live. They follow these steps to be sure, as the law says they must do this. It’s to help stop money from being used in the wrong way.

You will have to give something that shows who you are. The easiest things you can use for this are a New Zealand passport or an NZ driver licence. It is fine to use your driver licence, but in some banks, they can also want another paper that matches with your name, like a statement from your bank or a recent bill for power.

Banks also want to see proof of your address. The bank will be happy with things like a new electricity bill, a letter that comes from the government, or an agreement that shows you rent your place. It’s good to take your IRD number too, as you’re going to need it if your account pays you any interest. When you have what the bank needs, you can use the bank’s website or a phone app to finish your application process. You only need your NZ ID for that.

Special Considerations for Foreigners and Non-Residents

If you are a foreigner or do not live in the country, you can still open a New Zealand bank account. You will need to do a bit more. Many banks let you begin the application process in your home country. This can help things go well when you come to New Zealand.

The main thing that makes the eligibility criteria different is the paperwork you have to give. You will need to show something that proves you have a right to be in New Zealand, like a visa that is still good. The bank will ask to check your passport and your address in your home country too.

For a non-resident who wants to open a new zealand bank account, you will usually need these things:

Passport: You have to show a passport that is valid now. This is the main way to prove who you are.
Visa: Give a copy of your new zealand visa. It can be a work, student, or resident visa.
Proof of Address: Give a bill for utilities or a bank paper from your home country that shows your home address.
Tax Information: You may need to tell your tax ID number from your home country.

When you get to New Zealand, you will most likely go into a branch in person to finish setting up your bank account. You will be asked to show your original papers there.

What You Need to Get Started

Getting your paperwork together is the first thing to do if you want to open a bank account in New Zealand. The documents you need are much the same at all banks here. You will be asked to show who you are and where you live.

The best way to prove your ID is with your passport. Most banks will want to see this. If you are not living in New Zealand as a resident, you also have to show your visa, because they want to know your right to stay. If you collect these papers before you start the bank account application process, things go much faster and are less stressful.

Let’s look at what you must have. We will also talk a bit about needing a local address.

Essential Documents and Identification

To open a bank account in New Zealand, you need to show some documents to prove who you are and where you live. Having these ready can help get the process done faster. The bank needs your details because they have to follow the rules.

The most important thing is proof of ID. If you live in New Zealand, you can use a New Zealand driver licence. But for most people, and if you are coming from another country, your passport is the best document to use.

Here is a checklist of the documents you will likely need:

Passport: It must be current and valid.
Visa: If you are not a New Zealand or Australian citizen, you need a work, student, or resident visa.
Proof of your address: This could be a power bill, rental agreement, or a letter with your name and address on it.
IRD number: You might not need this to open your account, but you must have it to make sure you are not taxed at the highest rate on the interest you earn.
Proof of overseas address: If you want to open your New Zealand bank account from your home country, you will need to show a power bill or bank statement from there.

Do You Need a New Zealand Address?

A lot of people ask if you need a New Zealand address to open a bank account. The short answer is yes, you will need one later on. New Zealand banks ask for proof of your address because it is needed for safety and follows the law. But, if you are applying from your home country, the process can be more flexible.

Many banks let you start your bank account application before you get to New Zealand. You can use your address in your home country at first. You only need to give them a bank statement or a utility bill from your home country as your first proof of your address.

When you get to New Zealand, you will have to show them proof of your local address. That is needed before your bank account is fully set up and before you get your bank cards. This proof of your address in New Zealand can be a rental agreement, a letter from your job, or a bill in your name. So, you can start opening your bank account without a New Zealand address, but getting one is needed to finish setting up your account.

Step-by-Step Guide to Opening a Bank Account in New Zealand

Now that you know what’s needed, let’s go over how to open your New Zealand bank account. There are three main steps in the application process. You will need to research, apply, and then activate your new account.

You can apply for a new zealand bank account online before you get there, or after you land by going into a branch. The steps stay much the same. First, you choose the bank account you want. Then, you have to get your documents ready. Once you finish, you will be able to use things like a visa debit card, online banking such as Fastnet Classic, and mobile ways to pay like Apple Pay.

Step 1: Research Account Options and Choose Your Bank

The first thing you need to do when opening a new bank account is to look into your choices. There are lots of good banks out there to pick from, like ANZ and ASB. It is a good idea to compare what each offers. This will help you find the one that works best for you and matches what you want to do with your money.

Think about what you need from your bank account. Do you want a bank with no monthly fees? Is having a simple mobile app helpful for you? Maybe you want extra features, like tools to help you save money. Some banks have special deals for students, new people to the country, or people who want to open a business and need help or local business expertise.

When you are looking at your options, make sure to check things like:

Monthly Account Fees: Many banks offer everyday accounts with no monthly fees.
Card Fees: Look at any yearly fees that might come with debit or credit cards.
Digital Services: See how the mobile apps and online banking compare.
Branch Network: If you like talking to someone face-to-face, see if there are branches close to you.
International Services: If you need to send or get money from other countries, look into fees and what they charge for exchange rates.

Step 2: Gather Required Documents and Apply (Online or In Person)

Once you have picked your bank, you can start the application process. Many banks let you do this online. This can be good if you want to start before you get to New Zealand. If you like, you can also go to a branch to apply in person.

Make sure you get all your paperwork ready before you begin. This will help things move faster. The bank needs these papers to check your identity and where you live, because it is the law.

Here’s a simple list of what you need to have:

Your valid passport.
Your New Zealand visa (if you need one).
Proof of your address (from overseas or in New Zealand).
Your IRD number (if you already have it).
Your contact details, like a phone number and an email address.

Once you send your application, the bank will look over your details. They will get in touch with you, usually by email or phone, if they want anything else or to tell you what to do next.

Step 3: Activate Your Account and Access Banking Services

After your application is approved, you need to activate your account as the last step. If you applied online from outside New Zealand, you usually must visit a bank branch when you get to New Zealand. Take your passport, visa, and any other papers with you so the bank can check them. If you are already a resident in New Zealand and you apply online with a local ID, your account can be ready to use within a few business days.

Once your account is active, you will have access to all your banking services. The bank will send you a debit card, which can be a Visa Debit card or a Mastercard, to your New Zealand address. You can then set up online and mobile banking.

Here’s what you can do when your account is working:

Set up online banking: Get login details for ASB’s FastNet Classic internet banking or use the ANZ goMoney app.
Use your debit card: Start shopping and buying things online or in-store.
Set up mobile payments: Add your card to Apple Pay, Google Pay or Fitbit Pay to make payments easier.
Manage your money: Move funds, pay bills, and check your spending. You can also enjoy accounts with no monthly fees.

Conclusion

To sum up, opening a bank account in New Zealand can be easy if you know what steps to take. You just need the right details and the right papers, and you will be able to find a bank account that works for you. Once you have this sorted, you can enjoy all the good things that come with banking in New Zealand. Make sure you do some good research on the banks and bank accounts that are on offer. This will help you make the right choice for your needs. If you want help or more support while you set up your bank account, do not be afraid to ask questions or get guidance so things go smoothly.