How to Set Up a Bank Account in New Zealand
New Zealand banks are supervised by the Reserve Bank of New Zealand. There are 19 banks registered. They must disclose details of their finances to the Reserve Bank quarterly and must provide a monetary guarantee to their customers, under the New Zealand Deposit Guarantee scheme. Your money is safe in a New Zealand bank account.
If you're moving to or going to work in New Zealand, set up a bank account before you go. It's simple, fast and all your banking requirements will be ready. You can deposit money in advance so you're able to get cash upon arrival.
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Instructions
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Apply online to set up a bank account in New Zealand. Choose a large bank, such as Bank of New Zealand, ASB Bank or ANZ National Bank. All are rated AA by Standard & Poor's (see Resources).
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Check out your chosen bank's website. Investigate the requirements to open a bank account in New Zealand. You don't need to provide identification until you arrive in New Zealand but you will need to make a deposit.
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Click "Apply Now." Complete your expected arrival date and reason for opening a New Zealand bank account. Click "Next." Complete the application form carefully.
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Click "Next" and then enter your destination address, the amount you intend to transfer before arrival and your estimated income in New Zealand.
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Click "Next" to review your application forms. Click "Submit." You will be notified by email with your new account number and banking contact in three to five days. You will be given details about how to transfer money to your account. The exchange rate will be the official rate on the day you make the deposit. There is also a processing fee, varying by bank.
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Make an appointment to visit your appointed banker in New Zealand before you leave. You will need to complete your documentation upon arrival, activate your account and collect bank cards. You will be able to use your account as soon as it is activated.
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Tips & Warnings
Most large banks offer internet and telephone banking facilities, making it easier to manage your account. Contact your bank for information.
Although you can transfer funds to your New Zealand account before you arrive, if you cancel your visit, it may take a while to get your funds back. Money will only be returned to the bank you used to make the original deposit.
Your account will not be activated until you have provided your ID and other documentation (passport, proof of address in New Zealand and evidence of how the account will be funded) to your chosen bank in New Zealand. If you are unable to provide the required documents, you will not have access to any funds already deposited until you can satisfy the bank's requirements. If you are unable to complete the requirements, funds deposited will be returned to the bank you used to make the deposit.
References
Resources
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