Opening a Bank Account in New Zealand: Complete Guide for Migrants (2026)

Opening a bank account is one of the first essential tasks when moving to New Zealand. Whether you're arriving on a work visa, joining family, or starting your new life as a resident, having a local bank account makes everything smoother — from receiving your salary to paying rent and managing day-to-day expenses.

This guide walks you through everything you need to know about banking in New Zealand in 2026, including which banks to consider, what documents you'll need, whether you can open an account from overseas, and practical tips to avoid common mistakes.

Why You Need a New Zealand Bank Account

A local bank account in New Zealand is essential for:

• Receiving your salary or wages
• Paying rent and utilities via automatic payments
• Setting up direct debits for phone, internet, and insurance
• Making everyday purchases with EFTPOS
• Avoiding high international transfer fees
• Building a financial history in New Zealand
• Accessing government services (Working for Families, student allowances, etc.)

Without a local account, you'll face higher fees, limited payment options, and delays in getting paid. As covered in our guide to your first 6 months in New Zealand, opening a bank account should be at the top of your post-arrival checklist.

Main Banks in New Zealand

New Zealand has four major banks, often called "the big four," plus several smaller banks and credit unions. Here's what you need to know about each:

ANZ (Australia and New Zealand Banking Group)

New Zealand's largest bank with the most branches and ATMs nationwide. ANZ is popular with migrants due to:

• Ability to open accounts from overseas (in some cases)
• Wide branch network
• Good mobile banking app
• Established migrant banking services

ASB Bank

Strong reputation for customer service and digital banking. ASB offers:

• User-friendly online banking
• Good mortgage products
• Solid branch presence in main cities

Westpac New Zealand

Another major player with comprehensive services. Westpac provides:

• Extensive branch network
• Range of account types
• Good business banking options

BNZ (Bank of New Zealand)

Known for innovation and digital banking. BNZ features:

• Strong mobile banking platform
• Good customer support
• Competitive rates

Other Options

Kiwibank (NZ Post-owned), TSB Bank, SBS Bank, and Heartland Bank are smaller alternatives that may offer competitive rates and personalized service, though with fewer branches.

Which bank should you choose? Most migrants choose one of the big four for convenience, branch access, and established processes for new arrivals. The differences between them are relatively small — focus on whichever has the best branch locations for you.

Documents Required to Open a Bank Account

New Zealand banks follow strict "Know Your Customer" (KYC) regulations. You'll typically need:

Identification (2 forms required)

Primary ID (at least one):

• Valid passport
• New Zealand driver's licence (if converted already)

Secondary ID (if required):

• Birth certificate
• Overseas driver's licence
• Government-issued ID card

Proof of Address

This is often the tricky part for new arrivals. Banks accept:

• Rental agreement or tenancy agreement
• Utility bill (power, gas, internet) in your name
• Letter from your temporary accommodation provider (hotel, Airbnb, hostel) confirming your address
• Employment contract showing your NZ address

If you've just arrived and don't have these documents yet, some banks will accept a letter from your employer or a statutory declaration confirming your address.

Visa Documentation

You'll need to show proof of your visa status:

• Valid New Zealand visa
• Work visa documentation
• Resident visa
• Evidence of your right to be in New Zealand

Tax Information

• IRD number (if you have one already)
• If you don't have an IRD number yet, you can apply for one at the same time or shortly after opening your account. Understanding the New Zealand tax system and how to get your IRD number is essential for all new migrants

Can You Open a Bank Account From Overseas?

In some cases, yes — but it's not always straightforward.

ANZ International Banking

ANZ offers the most established overseas account opening process for migrants. You may be able to apply from certain countries (UK, Australia, India, South Africa, and others) if you have:

• A valid New Zealand visa
• Proof of travel plans
• Required identification

However, the account may have limited functionality until you arrive in New Zealand and complete identity verification in person.

Other Banks

Westpac, ASB, and BNZ typically require you to visit a branch in person, though policies change regularly. Check their websites for the most current information.

Recommendation

While opening an account from overseas sounds convenient, many migrants find it easier to simply open an account within the first week of arrival. This way, you can bring your documents in person, ask questions, and have the account fully operational immediately.

Before you arrive, make sure you've prepared financially by reading our comprehensive guide on how to budget and save for your move to New Zealand.

Step-by-Step: Opening a Bank Account After Arrival

Step 1: Gather Your Documents

Collect passport, visa, proof of address, and any other ID before visiting the bank. Having everything ready will speed up the process.

Step 2: Choose Your Bank

Research the big four banks and decide which one has branches convenient to your home or workplace. Most migrants choose based on location and branch access.

Step 3: Book an Appointment (Optional but Recommended)

While you can walk into most branches, booking an appointment ensures you won't wait. Many banks let you book online.

Step 4: Visit the Branch

Bring all your documents and be prepared to answer questions about:

• Your employment status
• Source of funds
• Purpose of the account
• Expected account activity

These questions are part of anti-money laundering regulations — answer honestly and you'll be fine.

Step 5: Choose Your Account Type

Most migrants start with:

• Everyday transaction account: For salary deposits, bill payments, and daily spending
• Savings account: Optional but useful for building emergency funds

Ask about fees — many banks offer fee-free transaction accounts if you maintain a minimum balance or have your salary paid into the account.

Step 6: Receive Your EFTPOS Card

Your card will usually arrive by mail within 3-7 business days. You'll receive a separate PIN by mail or via SMS.

Step 7: Set Up Online Banking

Download your bank's mobile app and register for online banking. This allows you to:

• Check balances
• Pay bills
• Transfer money
• Set up automatic payments

Banking Fees in New Zealand (2026)

Banking fees in New Zealand are generally low compared to many countries, but here's what to expect:

Transaction Account Fees

• Many accounts: $0–$5 per month (often waived with regular deposits)
• Some premium accounts: $10–$15 per month

EFTPOS Transactions

• Usually free at your own bank's ATMs
• Other banks' ATMs: $0.50–$2 per transaction

International Transfers

• Bank transfer fees: $15–$30 per transaction
• Currency conversion margins: 1%–3%

For international transfers, consider using services like Wise (formerly TransferWise) or OFX instead of banks — they offer better exchange rates and lower fees.

Overdraft Fees

• Arranged overdraft: Interest rates around 15%–22%
• Unarranged overdraft: Penalty fees of $10–$30 per incident

Banking Tips for New Migrants

1. Apply for Your IRD Number Immediately

You'll need this to avoid being taxed at the highest rate. The bank can help you apply, or you can do it online through the IRD website.

2. Set Up Automatic Payments for Rent

Most landlords in New Zealand expect rent to be paid via automatic payment directly into their account. Set this up as soon as you sign your lease.

3. Use EFTPOS Instead of Credit Cards

New Zealand has a strong debit card culture. EFTPOS is widely accepted and helps you avoid credit card fees and interest charges.

4. Build Your Credit History

As a new migrant, you have no credit history in New Zealand. To build it:

• Pay all bills on time
• Consider getting a small credit card and paying it off monthly
• Avoid payday loans or high-interest credit

Understanding the broader financial landscape is key to managing your money well — check out our detailed breakdown of the cost of living in New Zealand to budget effectively.

5. Understand Kiwi Banking Culture

New Zealand banking is straightforward and digital-first. Most people rarely visit branches, relying instead on mobile banking and online services. ATMs are widely available, and EFTPOS is accepted almost everywhere, including small cafes and markets.

6. Keep Some Cash for Emergencies

While New Zealand is largely cashless, it's wise to keep some cash on hand for emergencies, small market purchases, or places that don't accept cards.

Common Questions About Banking in New Zealand

Do I need a minimum deposit to open an account?

Most banks require no minimum deposit or only a small nominal amount (e.g., $1–$10) to open an account.

Can I open a joint account with my partner?

Yes, joint accounts are common for couples and families. Both parties will need to provide identification and sign the account opening documents.

What happens if I leave New Zealand?

You can keep your account open, but banks may charge additional fees if you become a non-resident. It's best to notify your bank if you plan to leave permanently.

Can I transfer money from my home country easily?

Yes, but bank-to-bank international transfers can be slow and expensive. Services like Wise, OFX, or CurrencyFair offer better rates and faster transfers for sending money to or from New Zealand.

How long does it take to open an account?

If you have all your documents in order, the application process takes about 30-45 minutes in branch. Your account will be active immediately, though your EFTPOS card will arrive by mail within a week.

Final Thoughts

Opening a bank account in New Zealand is straightforward once you have the right documents. It's one of the first steps toward settling into your new life, enabling you to manage your finances, pay bills, and start building your financial foundation in New Zealand.

Make sure to have your identification, proof of address, and visa documents ready before you visit a branch, and don't hesitate to ask questions — New Zealand bank staff are generally helpful and used to working with new migrants.

Banking is just one of many practical tasks you'll need to handle during your first few months. For a complete overview of what to expect and how to prepare, read our comprehensive guide on your first 6 months in New Zealand.