Banking in New Zealand
New Zealand has very safe banking options. Find out about banking while you're studying here, including how to send money home. Learn about the major New Zealand banks, so you can research the best bank for you.
Banking in New Zealand
It’s a good idea to open a bank account here rather than keeping large amounts of cash with you (remember, New Zealanders hardly use cash and use their EFTPOS, debit or credit cards for most purchases). Banks often have special accounts for students that offer lower fees and rates. There are five major banks:
Bank opening hours
You'll find bank branches in all major cities and most towns. Most universities will have bank branches on campus. Banks are usually open Monday to Friday, from 9am-4.30pm and also Saturday mornings in some larger cities.
24-hour ATM machines (cash machines) are linked to these banks everywhere, including universities, airports and shopping centres. You’ll need a bank card or credit card to take money out at an ATM.
Tip: You can use your bank card from your home country at most New Zealand ATMs. Just be aware that their exchange rates are often higher, and you might have high fees too. You'll save money by joining a bank here.
Opening a bank account
Opening a bank account in New Zealand is relatively easy. Some things to know:
- Some banks will only open a bank account with students who have a student visa that is valid for six months or longer. It's important to check with the bank directly to see what their requirements are.
- Some banks in New Zealand let you open a bank account online before you arrive. Check their websites directly to find out if this is possible.
You'll need to provide identification and information to open a bank account. Not all banks ask for the same information. Here's what you'll likely need:
- your passport details.
- proof that you’re an enrolled student in New Zealand, such as your Offer of Place or a student identity card.
- proof of your address (check with the bank directly if they need this to be a New Zealand address).
- your Tax Identification Number from your home country (and any other country where you’re a tax resident).
Sending money home
If you need to send money home, talk to your bank about arranging an online international transfer. They'll charge you a fee for this service, but it’ll be cheaper and more secure than using any other method.
You'll also find Western Union(external link that opens in a new tab) (international money transfers) in our major cities.
The cost to send money internationally depends on how much you want to send and where you're sending it. Money can be sent as a ‘cash to cash money transfer’ where no bank accounts are required at either end or using ‘Direct to bank’ where funds can be sent direct to a bank account. The person receiving the money won't pay any fees or charges and the process only takes a few minutes.
How quickly the person receives the money depends on time zones and operating hours in different countries.